This paper uses a sample of over 2,500 firms from 27 countries to investigate the relation between ownership structure, analyst following, investor protection and valuation. We find that analysts are less likely to follow firms with potential incentives to withhold or manipulate information,...

We develop and test a model that investigates how controlling shareholders' expropriation incentives affect firm values during crisis and subsequent recovery periods. Consistent with the prediction of our model, we find that during the 1997 Asian financial crisis, Asian firms with weaker...

We examine the wealth effects of three regulatory changes designed to improve minority-shareholder protection in the Chinese stock markets. Using the value of a firm's related-party transactions as an inverse proxy for the quality of corporate governance, we find that firms with weaker...

We identify and analyze a sample of publicly traded Chinese firms that issued loan guarantees to their related parties (usually the controlling block holders), thereby expropriating wealth from minority shareholders. Our results show that the issuance of related guarantees is less likely at...

This study examines how incentive conflicts and the quality of corporate governance practices in Thai family firms influence firm value. We hypothesize that the agency conflicts between majority and minority shareholders in Thai family-controlled and family-managed firms (Type II Agency Problem)...

The number of studies available in India to address issues specific to institutional structure of production are undesirably very limited. A quite of them is at the industry Level and structured in the traditional neo-classical framework where institutional issues are suppressed. Many of them...

SUBJECT AREAS: Banking, Capital Budgeting, Restructuring, Mergers amp; Acquisitions, International Entrepreneurial Finance, Corporate GovernanceHow do financial policy requirements and benefits of ownership concentration affect the need for and process of corporate restructuring? This case...

This article focuses on the investment practices and contract behavior of venture capitalists in relation to their portfolio companies. Using a unique self-collected data set, we provide new evidence on the venture capital industry in Europe and the United States. Important differences are...

For many countries, the most significant barriers to trade in financial assets have been knocked down. Yet, the financial world is not flat because poor governance prevents firms from being widely held and from taking full advantage of financial globalization. Poor governance has implications...

Agency problems are an important determinant of corporate liquidity. For a sample of more than 11,000 firms from 45 countries, we find that corporations in countries where shareholders rights are not well protected hold up to twice as much cash as corporations in countries with good shareholder...