The main objective of this paper is to describe the essential features of large Mexican firms. The observed structure fits with the stylized facts of the business groups found in many developing countries. In particular, there is a high concentration of control rights, not only because of the...

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We analyze how bankruptcy laws affect the general equilibrium interactions between credit and wages. Soft laws reduce the frequency of liquidations and thus ex post inefficiencies, but they worsen credit rationing ex ante. This hinders firm creation and thus depresses labor demand. Rich agents...

In the field of financial regulation, the approval of MiFid directive has been a relevant step in the management of conflict of interests. In the European context, the conflict of interest is an element of the exchange economy; the problem is to define, identify and manage pathological conflicts...

The current crisis has been seen as the result of a “few bad apples”. The paper argues that the crisis is systemic and based on fallacies and misconceptions in the design and function of the economic – corporate system. Organizational and economic theories are based on hypotheses that lead...

How persistent are the effects of legal institutions adopted or inherited in the distant past? A substantial literature argues that legal origins have persistent effects that explain clear differences in investor protections and financial development around the world today (La Porta et al, 1998,...

We test under what circumstances boards discipline managers and whether such interventions improve performance. We exploit exogenous variation due to the staggered adoption of corporate governance laws in formerly Communist countries coupled with detailed ‘hard’ information about the...

Franziska Boneberg behauptet, dass ueber die Haelfte der westdeutschen GmbHs im Dienstleistungssektor mit 500 bis 2000 Beschaeftigten gesetzeswidrig keinen Aufsichtsrat haetten. Die von ihr schlecht dokumentierten Daten stuetzen diese Aussage jedoch nicht, wie an zwei Stichproben gezeigt wird....

In Deutschland sind die Aufsichtsratsbildung sowie die damit einhergehende Arbeitnehmermitbestimmung abhaengig von der Rechtsform und Firmengroesse gesetzlich vorgeschrieben. Die vorliegende Arbeit demonstriert, dass entgegen den rechtskraeftigen Regelungen weniger als die Haelfte aller GmbHs im...