The Brazilian Development Bank (BNDES) is the main financing agent for long term investments in Brazil. Given its relevance, deriving from its large disbursements at subsidized interest rates, the bank could positively influence the corporate governance landscape among large Brazilian companies....

Most Economics and Finance research relegates the possible influence of managers' personal characteristics or "style" over the main corporate policies and firm performance to a secondary level, preferably investigating market, industry or firm characteristics. However, a growing theoretical and...

A poor ethical culture has been considered one of the reasons for the emergence of many corporate governance scandals. In this paper, I investigate the link between two corporate governance mechanisms – the composition of the board of directors and ownership structure – and ethical culture...

This is a PowerPoint presentation that debates the role of institutional investors as relevant shareholders on corporate governance in Brazil. The data provides correlational evidence that the presence of some institutional investors such as largest pension funds and the (Brazilian Development...

This text is a collection of twelve short essays that aim to discuss several recent issues from the corporate governance literature: 1. Anatomy of a disaster: what are the interrelated causes that generate corporate governance collapses around the world? 2. A matter of principles: returning to...

The year 2011 has marked a decade since the Enron collapse, considered the most emblematic corporate scandal worldwide. Despite its importance, few studies provide an integrated analysis of the underlying failures that allowed Enron's debacle, going beyond the traditional view that reduces the...

This paper analyzes the determinants of the differential pricing of equity classes (voting and non-voting shares) or the so-called dual-class premium (DCP) in Brazil from 1995 to 2006 with a focus on two specific corporate governance aspects: i) the granting of tag along rights, a mandatory bid...

This is a PowerPoint presentation that discusses the corporate governance failures behind major corporate scandals of the earlier 21st century. Initially, it details both Enron and Parmalat cases, considered the most emblematic and richer ones from the 2001-2003 period. For each one, I present...