Investor Protection And Corporate Control
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Investor Protection And Corporate Governance
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Author : Alberto Chong
language : en
Publisher: World Bank Publications
Release Date : 2007-06-26
Investor Protection And Corporate Governance written by Alberto Chong 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 2007-06-26 with Business & Economics categories.
'Investor Protection and Corporate Governance' analyzes the impact of corporate governance on firm performance and valuation. Using unique datasets gathered at the firm-level the first such data in the region and results from a homogeneous corporate governance questionnaire, the book examines corporate governance characteristics, ownership structures, dividend policies, and performance measures. The book's analysis reveals the very high levels of ownership and voting rights concentrations and monolithic governance structures in the largest samples of Latin American companies up to now, and new data emphasize the importance of specific characteristics of the investor protection regimes in several Latin American countries. By and large, those firms with better governance measures across several dimensions are granted higher valuations and thus lower cost of capital. This title will be useful to researchers, policy makers, government officials, and other professionals involved in corporate governance, economic policy, and business finance, law, and management.
Corporate Governance In Banking And Investor Protection
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Author : Belén Díaz Díaz
language : en
Publisher: Springer
Release Date : 2018-01-02
Corporate Governance In Banking And Investor Protection written by Belén Díaz Díaz and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-01-02 with Business & Economics categories.
This book explores the status quo of corporate governance in banking and investor protection from both theoretical and practical perspectives. Bringing together original conclusions with a regional and international focus, it provides a timely and comprehensive overview of the effectiveness of corporate governance in the financial sector and an assessment of investor protection. It also includes a number of examples and case studies to illustrate the findings. The book compares corporate governance in the banking and financial industries before and after the financial crisis, and helps to evaluate the effect of the recommendations and regulations that have been developed in the interim.
Investor Protection And Corporate Governance
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Author :
language : en
Publisher:
Release Date : 2001
Investor Protection And Corporate Governance written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001 with Corporate governance categories.
Investor Protection And Corporate Governance
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Author : Mark L. DeFond
language : en
Publisher:
Release Date : 2007
Investor Protection And Corporate Governance written by Mark L. DeFond and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007 with categories.
Recent research asserts that an essential feature of good corporate governance is strong investor protection, where investor protection is defined as both (1) the extent of the laws that protect investors' rights and (2) the strength of the legal institutions that facilitate law enforcement. The purpose of this study is to test whether the two components of investor protection are associated with an important role of good corporate governance: identifying and terminating poorly performing CEOs. Our tests find no relation between CEO turnover and firm performance in countries with extensive laws protecting investors. However, we find that CEO turnover is associated with poor firm performance in countries with strong law enforcement institutions. We also find that in countries with strong law enforcement, CEO turnover is associated with poor stock returns when stock prices are more informative, and with poor earnings otherwise. Further, our findings are robust to controlling for the influence of public opinion, the effects of block-holders, the level of financial market development, a country's legal origin, and several alternative research design specifications.Our results suggest that strong law enforcement institutions are important in fostering corporate governance mechanisms that eliminate unfit CEOs, but that extensive laws are not. This finding is consistent with: (1) limited investor protection laws being capable of cultivating good corporate governance as long as law enforcement institutions are strong; and (2) insiders (including directors and CEOs) in countries with weak law enforcement being more likely to engage in collusive behavior to expropriate shareholder wealth, thereby reducing directors' incentives to dismiss poorly performing CEOs. More generally these findings suggest that good corporate governance requires law enforcement institutions capable of protecting shareholders' property rights (i.e. protecting shareholders from expropriation by insiders), but does not require extensive shareholder protection laws.
Challenges In Securities Markets Regulation
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Author : Pablo Casós
language : en
Publisher:
Release Date : 2015
Challenges In Securities Markets Regulation written by Pablo Casós and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015 with categories.
Corporate Governance Investor Protection And Performance In Emerging Markets
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Author : Leora Klapper
language : en
Publisher:
Release Date : 2002
Corporate Governance Investor Protection And Performance In Emerging Markets written by Leora Klapper and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002 with Business enterprises categories.
Investor Protection And Corporate Control
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Author : Borja Larrain
language : en
Publisher:
Release Date : 2017
Investor Protection And Corporate Control written by Borja Larrain and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017 with categories.
We argue that investor protection changes the relative importance of productivity and scale as drivers of corporate control transfers. Using a large sample of European firms we find that control transfers are more correlated with increasing profitability and less correlated with increasing size when investor protection is strong. This suggests that improving productivity is more important as a driver of acquisitions when investor protection is strong, and alleviating financial constraints or empire building are more important when investor protection is weak. Our evidence is consistent with the idea that good investor protection promotes a more productive use of corporate assets.
Trends In Corporate Governance And Investor Protection
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Author : Louis Loss
language : en
Publisher:
Release Date : 1981
Trends In Corporate Governance And Investor Protection written by Louis Loss and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1981 with Corporation law categories.
Investor Protection And The Transfer Of Corporate Control
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Author : Nhut H. Nguyen
language : en
Publisher:
Release Date : 2008
Investor Protection And The Transfer Of Corporate Control written by Nhut H. Nguyen and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008 with categories.
In this paper, I use a sample of completed control transfers for listed firms from 1990 through 2003 to examine the relation between investor protection and the choice of acquisition form across 49 countries. I find that the proportion of partial acquisitions (as opposed to full acquisitions) is negatively correlated with the degree of investor protection in the target country. That is, acquirers are more likely to bid for a fraction of the target's equity if legal protection of investor rights is poor in the target country. My results hold for all deals and deals that involve foreign acquirers. In addition, I find that foreign acquirers are more likely to be involved in partial acquisitions than in mergers of domestic targets if they are from countries with weak investor protection. Finally, my results show that given the degree of investor protection in the target country, a deal is more likely a partial acquisition if the target firm's corporate governance is poor.
Shareholder Driven Corporate Governance
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Author : Anita Anand
language : en
Publisher: Oxford University Press, USA
Release Date : 2020
Shareholder Driven Corporate Governance written by Anita Anand and has been published by Oxford University Press, USA this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020 with Business & Economics categories.
"This is a book about the ways in which capital markets have come to be shaped by the ubiquity of sophisticated investors. In particular, the majority of today's investors have the economic might and technical capacity to play a role in the decision-making of the corporations in which they invest. This brings with it a host of benefits, such as better corporate strategy and mechanisms to ameliorate the moral hazard that can exist when the people who bear the risk of corporate activity are different than those who make decisions. It also poses regulatory challenges, and a key element of this book is an examination of the ways in which our thinking about corporations and capital markets must change to reflect the prevalence of sophisticated shareholders"--