Journal ArticleDOI
Tunneling, propping, and expropriation: Evidence from connected party transactions in Hong Kong
TLDR
In this paper, the authors examine a sample of connected transactions between Hong Kong listed companies and their controlling shareholders and find limited evidence that firms undertaking connected transactions trade at discounted valuations prior to the expropriation.About:
This article is published in Journal of Financial Economics.The article was published on 2006-11-01. It has received 606 citations till now. The article focuses on the topics: Expropriation.read more
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Tunneling through intercorporate loans: The China experience☆
TL;DR: Li et al. as mentioned in this paper investigated a particularly brazen form of corporate abuse, in which controlling shareholders use intercorporate loans to siphon billions of RMB from hundreds of Chinese listed companies during the 1996-2006 period.
Journal ArticleDOI
Business Groups in Emerging Markets: Paragons or Parasites?
TL;DR: A review of the existing literature on groups can be found in this paper, where the authors point out important biases in the literature including the avoidance of a serious discussion of the origins of business groups, and the unfounded assumption that rentseeking is the only feasible political economy equilibrium in an interaction between groups and the government.
Journal ArticleDOI
Business Groups in Emerging Markets: Paragons or Parasites?
Tarun Khanna,Yishay Yafeh +1 more
TL;DR: In this article, a business group taxonomy is proposed, which is used to formulate hypotheses and present evidence about the reasons for the formation, prevalence, and evolution of groups in different environments.
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Propping through related party transactions
Ming Jian,T.J. Wong +1 more
TL;DR: Li et al. as mentioned in this paper found that abnormal related sales are not entirely accrual-based but can be cash-based as well, and they serve as a substitute rather than complement to accruals management for meeting earnings targets.
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Family control, board independence and earnings management: Evidence based on Hong Kong firms
TL;DR: In this article, independent corporate boards of Hong Kong firms provide effective monitoring of earnings management, which suggests that despite differences in institutional environments, corporate board independence is important to ensure high-quality financial reporting.
References
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A Heteroskedasticity-Consistent Covariance Matrix Estimator and a Direct Test for Heteroskedasticity
TL;DR: In this article, a parameter covariance matrix estimator which is consistent even when the disturbances of a linear regression model are heteroskedastic is presented, which does not depend on a formal model of the structure of the heteroSkewedness.
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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.
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A Survey of Corporate Governance
Andrei Shleifer,Robert W. Vishny +1 more
TL;DR: Corporate Governance as mentioned in this paper 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 shows that most advanced market economies have solved the problem of corporate governance at least reasonably well, in that they have assured the flows of enormous amounts of capital to firms, and actual repatriation of profits to the providers of finance.
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Corporate Ownership Around the World
TL;DR: In this paper, the authors use data on ownership structures of large corporations in 27 wealthy economies to identify the ultimate controlling shareholders of these firms, and they find that, except in economies with very good shareholder protection, relatively few firms are widely held, in contrast to Berle and Means's image of ownership of the modern corporation.
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Using daily stock returns: The case of event studies
TL;DR: In this paper, the authors examine properties of daily stock returns and how the particular characteristics of these data affect event study methodologies and show that recognition of autocorrelation in daily excess returns and changes in their variance conditional on an event can sometimes be advantageous.