Investor Protection and Corporate Governance
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TLDR
In this article, the authors argue that the legal approach is a more fruitful way to understand corporate governance and its reform than the conventional distinction between bank-centered and market-centered financial systems, and discuss the possible origins of these differences, summarize their consequences, and assess potential strategies of corporate governance reform.About:
This article is published in Journal of Financial Economics.The article was published on 2000-01-01 and is currently open access. It has received 6387 citations till now. The article focuses on the topics: Corporate governance & Private benefits of control.read more
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Does the Market Value R&D Investment by European Firms? Evidence from a Panel of Manufacturing Firms in France, Germany, and Italy
Bronwyn H. Hall,Raffaele Oriani +1 more
TL;DR: In this article, the relative shadow value of R&D in France and Germany is remarkably similar both to each other and to that in the US or the UK during the same period.
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Corporate Governance, Valuation, and Performance: Evidence from a Voluntary Market Reform in Brazil
TL;DR: In this article, the authors construct a composite index (NM6) that combines six proxies for the main governance practices targeted by Bovespa's reform, and find that higher scores for their index are related to greater market value but not to better operating performance.
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Effects of International Institutional Factors on Earnings Quality of Banks
TL;DR: In this paper, the authors examined the relation between legal, extra-legal and political institutional factors and earnings quality of banks across countries and found that banks in countries with stronger institutions are less likely to report losses, have lower loan loss provisions, and higher balance sheet strength during the 2007-2009 crisis period.
Book
Emerging Markets and Financial Globalization: Sovereign Bond Spreads in 1870-1913 and Today
TL;DR: In this paper, international capital flows in the previous era of globalization are discussed and an overview and outline of the book and its Objectives are presented, along with a few lessons for the future.
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Independent directors and firm performance in family controlled firms: evidence from Indonesia
TL;DR: In this article, the authors analyzed the relationship between board structure and firm performance in family-controlled firms, using a sample of Indonesian non-financial companies, and found that the share of independent directors on the board has an insignificant relationship with firm performance.
References
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Theory of the firm: Managerial behavior, agency costs and ownership structure
TL;DR: In this article, the authors draw on recent progress in the theory of property rights, agency, and finance to develop a theory of ownership structure for the firm, which casts new light on and has implications for a variety of issues in the professional and popular literature.
Journal Article
The Cost of Capital, Corporation Finance and the Theory of Investment
TL;DR: In this article, the effect of financial structure on market valuations has been investigated and a theory of investment of the firm under conditions of uncertainty has been developed for the cost-of-capital problem.
Posted Content
Law and Finance
Rafael La Porta,Rafael La Porta,Florencio Lopez de Silanes,Florencio Lopez de Silanes,Andrei Shleifer,Andrei Shleifer,Robert W. Vishny,Robert W. Vishny +7 more
TL;DR: This paper examined legal rules covering protection of corporate shareholders and creditors, the origin of these rules, and the quality of their enforcement in 49 countries and found that common law countries generally have the best, and French civil law countries the worst, legal protections of investors.
Journal ArticleDOI
Law and Finance
TL;DR: In this article, the authors examined legal rules covering protection of corporate shareholders and creditors, the origin of these rules, and the quality of their enforcement in 49 countries and found that common-law countries generally have the strongest, and French civil law countries the weakest, legal protections of investors, with German- and Scandinavian-civil law countries located in the middle.
Posted Content
A Survey of Corporate Governance
TL;DR: The authors surveys research on corporate governance, with special attention to the importance of legal protection of investors and of ownership concentration in corporate governance systems around the world, and presents a survey of the literature.