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| Author | : Alberto Chong |
| Publisher | : World Bank Publications |
| Total Pages | : 584 |
| Release | : 2007-06-26 |
| Genre | : Business & Economics |
| ISBN | : 0821369148 |
Download Investor Protection and Corporate Governance Book in PDF, ePub and Kindle
'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.
| Author | : |
| Publisher | : |
| Total Pages | : 39 |
| Release | : 2001 |
| Genre | : Corporate governance |
| ISBN | : |
Download Investor Protection and Corporate Governance Book in PDF, ePub and Kindle
| Author | : Belén Díaz Díaz |
| Publisher | : Springer |
| Total Pages | : 348 |
| Release | : 2018-01-02 |
| Genre | : Business & Economics |
| ISBN | : 3319700073 |
Download Corporate Governance in Banking and Investor Protection Book in PDF, ePub and Kindle
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.
| Author | : Mark L. DeFond |
| Publisher | : |
| Total Pages | : 64 |
| Release | : 2007 |
| Genre | : |
| ISBN | : |
Download Investor Protection and Corporate Governance Book in PDF, ePub and Kindle
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.
| Author | : Louis Loss |
| Publisher | : |
| Total Pages | : 76 |
| Release | : 1981 |
| Genre | : Corporation law |
| ISBN | : |
Download Trends in Corporate Governance and Investor Protection Book in PDF, ePub and Kindle
| Author | : Anita Indira Anand |
| Publisher | : Oxford University Press |
| Total Pages | : 187 |
| Release | : 2020-02-01 |
| Genre | : Law |
| ISBN | : 0190096551 |
Download Shareholder-driven Corporate Governance Book in PDF, ePub and Kindle
How effectively can governing mechanisms forged before the surge of activist investment continue to protect shareholders and efficiently order capital markets? This is a pressing question for scholars and practitioners of corporate law, as well as for market participants generally. In order to illuminate the extent to which the growing trend of shareholder activism calls for a new understanding of the kind of shareholder-corporate relations the law should facilitate, this book introduces the concept of shareholder-driven corporate governance. This concept refers to the evident phenomenon of shareholder involvement in corporate governance and offers a normative endorsement of this development. In order to secure the benefits of investors' increasing involvement in corporate affairs, regulatory regimes must grapple with a number of considerations. This book is based on the idea that shareholder corporate governance is a welcome development, but that it does not come without regulatory challenges. For one, it requires rejecting the idea that well-ordered capital markets can be achieved through corporate law which is subservient to private ordering. The mandatory character of, for example, securities regulation is vital to fostering shareholder involvement in corporate affairs. Defenders of shareholder corporate governance must also confront the matter of "wolf packs," or loosely formed bands of investors who defy existing regulatory categories but nonetheless exert collective influence. Regulation that is sensitive to both the inadequacies of past approaches to corporate-shareholder relations and the novel challenges posed by increasing shareholder activism will be able to harness activism, allowing capital markets to flourish.
| Author | : Pablo Casós |
| Publisher | : |
| Total Pages | : 94 |
| Release | : 2015 |
| Genre | : |
| ISBN | : 9783902109767 |
Download Challenges in Securities Markets Regulation Book in PDF, ePub and Kindle
| Author | : Leora Klapper |
| Publisher | : |
| Total Pages | : 40 |
| Release | : 2002 |
| Genre | : Business enterprises |
| ISBN | : |
Download Corporate Governance, Investor Protection, and Performance in Emerging Markets Book in PDF, ePub and Kindle
| Author | : Pieter Alexander van der Schee |
| Publisher | : Eleven International Publishing |
| Total Pages | : 0 |
| Release | : 2011 |
| Genre | : Securities |
| ISBN | : 9789089744562 |
Download Regulation of Issuers and Investor Protection in the US and EU Book in PDF, ePub and Kindle
Since the 17th century, when corporations started to finance their businesses by issuing securities to investors in the open market, the appearance of misleading prospectuses and/or intermediate information to the market has led regulators to promulgate preventive and repressive rules to mitigate such abuses. This occurred both during the South Sea Bubble (1719) and the Great Crash (1929). More recently, the series of corporate scandals (2002-2003) similarly resulted in pressure on regulators and gatekeepers to introduce enhanced investor protection and market regulation, coinciding with the already ongoing worldwide debate on corporate governance. This study focuses on a comparative analysis of the remarkably different regulatory responses that were established on both sides of the Atlantic Ocean. The book reveals the divergent regulatory policies that were followed to answer the question of whether investors should primarily be protected 'as shareholders' by corporate law or by securities law and market regulation. It offers a useful, analytical, comparative tool for evaluating current corporate and securities law, as well as for assessing the need for, and design of, new regulatory responses. The book will contribute to a better understanding of the key regulatory issues facing lawmakers today. History does not stop and a variety of new questions will ultimately emerge. It underscores that finding clear and efficient regulatory responses to new developments should start with a proper analysis of the aims and means of securities and corporate law.
| Author | : Anita Anand |
| Publisher | : Oxford University Press, USA |
| Total Pages | : 187 |
| Release | : 2020 |
| Genre | : Business & Economics |
| ISBN | : 0190096535 |
Download Shareholder-Driven Corporate Governance Book in PDF, ePub and Kindle
"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"--
