This paper provides a description of an empirical investigation into the disclosure of information concerning the use of derivatives and other financial instruments in corporate annual reports of UK firms following the introduction of Financial Reporting Standard 13 (FRS 13) 'Derivatives and...

The paper shows that, as owners accumulate larger stakes and hence become less risk-tolerant, their incentives to monitor management are attenuated because monitoring shifts some of the firmÂ’s risk from management to owners. This counterbalances the positive effect which more concentrated...

In this paper, we investigate the claim that German banks are special compared to banks in other industrialised economies. We show that banks are of particular importance to the German economy—as financial intermediary, as lender to the corporate sector, and as part of the corporate governance...

This paper provides a rationale for the coexistence of different systems of corporate governance based on the multitude of agency problems typically to be governed within a given firm. Because there are complementarity and substitution relationships between governance instruments, specific...

We examine the impact of board size on firm performance for a large sample of 2746 UK listed firms over 1981-2002. The UK provides an interesting institutional setting, because UK boards play a weak monitoring role and therefore any negative effect of large board size is likely to reflect the...

This paper proposes a simple model to study the relationship between domestic institutions - financial system, corporate governance, and property rights protection - and patterns of international capital flows. It studies conditions under which financial globalization can be a substitute for...

The paper investigates whether the Japanese monetary authorities use post-retirement employment of Ministry of Finance (MoF) and Bank of Japan (BoJ) officials as a policy instrument. The authors also investigate whether industrial groupings (keiretsu) and main banks have monitoring functions....

Major technological, regulatory, and institutional changes have made finance more widely available in recent years, amounting to a bona fide ‘financial revolution’. In this article, we focus on the impact the financial revolution has had on the way firms are (or should be) organized and...

This paper investigates the Chinese mainland Stock Exchanges and their following interconnecting features: savers’ attitude towards stock investments, investors’ trading behaviour and stock returns explanations. We evaluate the effectiveness of the recent efforts made by the Chinese...

This research seeks to discover if there is any relationship between the delay in the publication of the annual financial statements of companies, and their level of corporate governance, assuming that the delay on its liberation would indicate a smaller transparency of the company. For that,...