Corporate Governance Enforcement And Financial Development
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Corporate Governance Enforcement And Financial Development
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Author : Chen Ding
language : en
Publisher: Edward Elgar Publishing
Release Date : 2013-01-01
Corporate Governance Enforcement And Financial Development written by Chen Ding and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-01-01 with Law categories.
ÔDing ChenÕs detailed institutional analysis of the development of the Chinese stock market brings the question of enforcement to centre stage. In doing so, she not only introduces readers to the particularities of the Chinese system; she also sheds new light on conventional debates about the law and economics of corporate governance.Õ Ð Andrew Johnston, University of Sheffield, UK ÔIn this book Dr Ding Chen has made an important theoretical contribution to our understanding of corporate governance in transitional economies and of corporate governance in China especially. Drawing upon the insights of New Institutional Economics theory she examines the interplay between formal and informal enforcement mechanisms relating to corporate governance in China. To support this argument the book breaks new ground by providing a comprehensive examination of enforcement actions in ChinaÕs stock market; her findings are at variance from conclusions found in other research, such as in the law and finance literature. Rather than simply imitating the dominant Anglo-American model of corporate governance, she argues that local conditions will greatly affect the choice of the most appropriate governance models. This has been especially so in China.Õ Ð Roman Tomasic, University of South Australia and Durham Law School, UK This important new book attempts to establish a fresh conceptual framework for the study of corporate governance by employing the new institutional economics of contract enforcement. This framework helps to clarify two critical issues including the role of law in financial development and whether there is an optimal corporate governance model that should be followed by countries attempting to develop their own stock markets. Applying this novel framework, the author conducts a comprehensive study on Chinese corporate governance and discovers that the Chinese stock market has rapidly expanded even in the absence of any effective institutions. She provides a credible explanation to this ÔChina puzzleÕ by arguing that the growth of the stock market is mainly driven by state guarantees, institutional rent seeking by state-owned companies, financial repression and investorsÕ speculation. Indeed, there is probably nowhere better to look than ChinaÕs stock market to assess the limits of the gradualist approach to financial development. As the book explains, the potential efficiency gains that could be created by a healthy, well-functioning stock market have been completely outweighed by the consideration of maintaining the existing political system. This book will appeal to scholars and students of economics and law with an interest in corporate governance, Chinese economic development and new institutional economics.
Corporate Governance Enforcement And Financial Development
DOWNLOAD
Author : Chen Ding
language : en
Publisher:
Release Date : 2013
Corporate Governance Enforcement And Financial Development written by Chen Ding and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013 with Corporate governance categories.
Ding Chen's detailed institutional analysis of the development of the Chinese stock market brings the question of enforcement to centre stage. In doing so, she not only introduces readers to the particularities of the Chinese system; she also sheds new light on conventional debates about the law and economics of corporate governance. Andrew Johnston, University of Sheffield, UK In this book Dr Ding Chen has made an important theoretical contribution to our understanding of corporate governance in transitional economies and of corporate governance in China especially. Drawing upon the insights of New Institutional Economics theory she examines the interplay between formal and informal enforcement mechanisms relating to corporate governance in China. To support this argument the book breaks new ground by providing a comprehensive examination of enforcement actions in China's stock market; her findings are at variance from conclusions found in other research, such as in the law and finance literature. Rather than simply imitating the dominant Anglo-American model of corporate governance, she argues that local conditions will greatly affect the choice of the most appropriate governance models. This has been especially so in China. Roman Tomasic, University of South Australia and Durham Law School, UK This important new book attempts to establish a fresh conceptual framework for the study of corporate governance by employing the new institutional economics of contract enforcement. This framework helps to clarify two critical issues including the role of law in financial development and whether there is an optimal corporate governance model that should be followed by countries attempting to develop their own stock markets. Applying this novel framework, the author conducts a comprehensive study on Chinese corporate governance and discovers that the Chinese stock market has rapidly expanded even in the absence of any effective institutions. She provides a credible explanation to this China puzzle by arguing that the growth of the stock market is mainly driven by state guarantees, institutional rent seeking by state-owned companies, financial repression and investors speculation. Indeed, there is probably nowhere better to look than China's stock market to assess the limits of the gradualist approach to financial development. As the book explains, the potential efficiency gains that could be created by a healthy, well-functioning stock market have been completely outweighed by the consideration of maintaining the existing political system. This book will appeal to scholars and students of economics and law with an interest in corporate governance, Chinese economic development and new institutional economics.--
Enforcement And Corporate Governance
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Author : Erik Berglöf
language : en
Publisher: World Bank Publications
Release Date : 2004
Enforcement And Corporate Governance written by Erik Berglöf and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004 with Corporate governance categories.
Abstract: "Enforcement more than regulations, laws-on-the-books, or voluntary codes is key to effective corporate governance, at least in transition and developing countries. Corporate governance and enforcement mechanisms are intimately linked as they affect firms' ability to commit to their stakeholders, in particular to external investors. Berglof and Claessens provide a framework for understanding these links and how they are shaped by countries' institutional contexts. When the general enforcement environment is weak and specific enforcement mechanisms function poorly, as in many developing and transition countries, few of the traditional corporate governance mechanisms are effective. The principal consequence in these countries is a large blockholder, but there are important potential costs to this mechanism. A range of private and public enforcement 'tools' can help reduce these costs and reinforce other supplementary corporate governance mechanisms. The limited empirical evidence suggests that private tools are more effective than public forms of enforcement in the typical environment of most developing and transition countries. However, public enforcement is necessary regardless, and private enforcement mechanisms often require public laws to function. Furthermore, in some countries at least, bottom-up, private-led tools preceded and even shaped public laws. Political economy constraints resulting from the intermingling of business and politics, however, often prevent improvements in the general enforcement environment, and adoption and implementation of public laws in these countries. This paper a product of the Global Corporate Governance Forum, Corporate Governance Department is part of a larger effort in the department to help improve the understanding of corporate governance reform in developing countries"--World Bank web site.
Legal Institutions And Financial Development
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Author : Thorsten Beck
language : en
Publisher: World Bank Publications
Release Date : 2003
Legal Institutions And Financial Development written by Thorsten Beck and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003 with Banks and banking categories.
"Why do some countries have growth-enhancing financial systems, while others do not? Why have some countries developed the necessary investor protection laws and contract-enforcement mechanisms to support financial institutions and markets, while others have not? This paper reviews existing research on the role of legal institutions in shaping financial development"--National Bureau of Economic Research web site
Public Enforcement And Corporate Governance In Asia Guidance And Good Practices
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Author : OECD
language : en
Publisher: OECD Publishing
Release Date : 2014-09-10
Public Enforcement And Corporate Governance In Asia Guidance And Good Practices written by OECD and has been published by OECD Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-09-10 with categories.
This book presents a study of the corporate governance legal framework and enforcement by capital market regulators in participating Asian jurisdictions.
Financial Sector Governance
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Author : Robert E. Litan
language : en
Publisher: Brookings Institution Press
Release Date : 2004-05-13
Financial Sector Governance written by Robert E. Litan and has been published by Brookings Institution Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004-05-13 with Political Science categories.
A financial system is only as strong as the governing practices and institutions of its participants. The challenge to build efficient and accountable financial institutions that promote confidence is a problem that private financial sector executives and policymakers confront together. In this context, Financial Sector Governance takes a clinical approach to addressing the challenges in emerging and developed markets in each industry: capital markets, private banks, state-owned banks, asset management companies, public pension funds, and mutual funds. It also explores the linkages between public and private sector governance, and the policy implications for strengthening both sides. Financial Sector Governance emerges from the fourth annual Financial Markets and Development conference, organized by the World Bank, the International Monetary Fund and the Brookings Institution, during which participants from the public and private financial sectors of emerging and developed markets contribute to an expanding dialogue addressing key policy concerns.
Redesigning Financial Regulation
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Author : Justin O'Brien
language : en
Publisher: John Wiley & Sons
Release Date : 2006-11-02
Redesigning Financial Regulation written by Justin O'Brien and has been published by John Wiley & Sons this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006-11-02 with Business & Economics categories.
At the height of the 1990s boom, Jack Grubman, one of the most successful analysts in Wall Street proclaimed ‘what used to be conflicts of interest are now synergies’. This myopia contributed dramatically to the elevation of a culture in which greed was deified, oversight denigrated and misfeasance justified. Since the fall of the markets and the implosion of confidence in the American corporate business model, one man has proved instrumental in deconstructing the rhetoric of the 1990s: Eliot Spitzer, the combative Attorney General of New York. In the process, his innovative application of state law has reconfigured the governance of Wall Street. Over the past three years the pursuit of transparency and accountability in the structure of the markets has propelled Spitzer to the forefront of regulatory policy. His investigations into tainted analyst research, the mutual funds industry, the governance of the New York Stock Exchange and the insurance industry have focused attention not just on corrupted individuals but also the complicity of the financial structure itself. Spitzer exploited the inherent conflicts of interest to the full, forcing regulators to adopt a much more proactive approach and creating a national platform for his own wider political ambitions. Now holding the Democratic nomination for the Governorship of New York, Spitzer has begun a path for higher national office. This groundbreaking book features exclusive access with many of the key actors in these changes to the governance of Wall Street. It examines how Eliot Spitzer exploited gaps in the regulatory framework to capture the corporate reform agenda and explores the implications of his actions on policy formation and recalibration. Key incidents include: changing the terms of reference governing analyst research; the defenestration of Dick Grasso’s tenure over the NYSE (which is now being heard in state court in New York); and the battles for control between the former Chairman of the Securities Exchange Commission, Harvey Pitt, and Spitzer. The book details not only the contested, contingent and interdependent connections between the American political and financial systems but reveals how Spitzer’s manipulation of those connections have proved instrumental in enhancing his own wider political ambitions.
Experiments In Financial Democracy
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Author : Aldo Musacchio
language : en
Publisher: Cambridge University Press
Release Date : 2009-09-14
Experiments In Financial Democracy written by Aldo Musacchio and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-09-14 with Business & Economics categories.
A detailed historical description of the evolution of corporate governance and stock markets in Brazil in the late nineteenth and twentieth centuries.
Enforcement Of Corporate Governance In Asia
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Author :
language : en
Publisher: Org. for Economic Cooperation & Development
Release Date : 2007
Enforcement Of Corporate Governance In Asia written by and has been published by Org. for Economic Cooperation & Development this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007 with Corporate governance categories.
Over the past few years, most Asian jurisdictions have substantially revamped their laws, regulations and other corporate governance norms. However, enforcement remains a significant challenge and ldquo;an unfinished agendardquo;. This publication offers a unique snapshot of how corporate governance is being enforced in Asia. it provides policy makers, judges, investors, board members and stakeholders with cases studies and analysis that illustrate how regulators deal with enforcement in practice.
Corporate Governance And Development
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Author : Thankom Arun
language : en
Publisher: Edward Elgar Publishing
Release Date : 2009-01-01
Corporate Governance And Development written by Thankom Arun and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-01-01 with Business & Economics categories.
This book analyses the complex relationship between corporate governance and economic development by focusing on the reform of corporate governance, the role of the legal system, and the interconnections with the financial system. Corporate governance has a central role to play in helping to increase the flow and lower the cost of the financial capital that firms need to finance their investment activity. The importance of this role has grown considerably in recent years, and the findings of this book emphasize that the standard of corporate governance matters significantly for developing countries. The editors rediscover that improved corporate governance can contribute to sustained productivity growth and stability of institutions. This timely and insightful book offers a one-stop reference guide for practitioners, academics, researchers, donor agencies and those who are interested in understanding the multi-dimensional and interdisciplinary aspects of corporate governance.