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Corporate Governance Investor Protection And Performance In Emerging Markets
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Book Synopsis Corporate Governance, Investor Protection and Performance in Emerging Markets by : Leora F. Klapper
Download or read book Corporate Governance, Investor Protection and Performance in Emerging Markets written by Leora F. Klapper and published by . This book was released on 2004 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: Recent research studying the link between law and finance has concentrated on country-level investor protection measures and focused on differences in legal systems across countries and legal families. Klapper and Love extend this literature and provide a study of firm-level corporate governance practices across emerging markets and a greater understanding of the environments under which corporate governance matters more. Their empirical tests show that better corporate governance is highly correlated with better operating performance and market valuation. More important, the authors provide evidence showing that firm-level corporate governance provisions matter more in countries with weak legal environments. These results suggest that firms can partially compensate for ineffective laws and enforcement by establishing good corporate governance and providing credible investor protection. The authors' tests also show that firm-level governance and performance is lower in countries with weak legal environments, suggesting that improving the legal system should remain a priority for policymakers.This paper - a product of Finance, Development Research Group - is part of a larger effort in the group to study corporate governance around the world.
Book Synopsis Corporate Governance, Investor Protection, and Performance in Emerging Markets by : Leora F. Klapper
Download or read book Corporate Governance, Investor Protection, and Performance in Emerging Markets written by Leora F. Klapper and published by . This book was released on 2013 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Recent research studying the link between law, and finance has concentrated on country-level investor protection measures, and focused on differences in legal systems across countries, and legal families. The authors extend this literature, and provide a study of firm-level corporate governance practices across emerging markets, and a greater understanding of the environments under which corporate governance matters more. Their empirical tests show that better corporate governance is highly correlated with better operating performance, and market valuation. More important, the authors provide evidence showing that firm-level corporate governance provisions, matter more in countries with weak legal environments. These results suggest that firms can partially compensate for ineffective laws, and enforcement by establishing good governance, and providing credible investor protection. The authors' tests also show that firm-level governance, and performance is lower in countries with weak legal environments, suggesting that improving the legal system, should remain a priority for policymakers.
Book Synopsis Corporate Governance in Emerging Markets by : Sabri Boubaker
Download or read book Corporate Governance in Emerging Markets written by Sabri Boubaker and published by Springer Science & Business Media. This book was released on 2014-04-01 with total page 625 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book fills the gap between theories and practices of corporate governance in emerging markets by providing the reader with an in-depth understanding of governance mechanisms, practices and cases in these markets. It is an invaluable resource not only for academic researchers and graduate students in law, economics, management and finance but also for people practicing governance such as lawmakers, policymakers and international organizations promoting best governance practices in emerging countries. Investors can benefit from this book to better understand of these markets and to make judicious investment decisions.
Book Synopsis Investor Protection and Corporate Governance by : Alberto Chong
Download or read book Investor Protection and Corporate Governance written by Alberto Chong and published by World Bank Publications. This book was released on 2007-06-26 with total page 584 pages. Available in PDF, EPUB and Kindle. Book excerpt: '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.
Book Synopsis Long Term Operating Performance of Acquiring Firms in Emerging Markets by : Tze-Yu Yen
Download or read book Long Term Operating Performance of Acquiring Firms in Emerging Markets written by Tze-Yu Yen and published by . This book was released on 2017 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper determines the effect of ownership structure, governance mechanisms, and legal systems on long term operating performance of acquiring firms in emerging countries. The current work investigates the performance of sixty-nine merger and acquisition deals in emerging market countries. The major finding is that the acquiring firms with controlling shareholders (especially holding ownership between 25%-30%) improve post acquisition operating performance over three years after transaction. Board composition indexes for acquiring firms in emerging countries are more influential to post acquisition performance than those of CEO position and block-holders. Value creating deals associate with higher quality accounting standards and superior investor protection of emerging market countries. Too strong legal enforcement seemingly leads to greater value destruction, and legal origin has a varying influence on corporate performance. However, significant superior investment performance does not exist in acquiring firms from emerging countries classified as English legal origin but in those classified as German legal origin.
Book Synopsis Global Corporate Governance by : Donald H. Chew
Download or read book Global Corporate Governance written by Donald H. Chew and published by Columbia University Press. This book was released on 2009-08-24 with total page 393 pages. Available in PDF, EPUB and Kindle. Book excerpt: Effective corporate governance, or the set of controls and incentives that drive top management, originates both outside and inside the firm and assures investors who hope to commit their capital. Essential when buying stocks in one's own country, effective corporate governance is even more important abroad, where information can be less reliable and investor influence (or protection) more limited. In this collection of articles from the Journal of Applied Corporate Finance, more than thirty leading scholars and practitioners discuss the possibilities and limitations of global corporate finance and governance systems, whether in Europe and North America or in the emerging markets of Israel, India, Korea, and South Africa. Essays discuss the political roots of American corporate finance; the structural and financial variations between international corporations; control premiums and the effectiveness of corporate governance systems; debt, folklore, and cross-country differences in financial structures; the driving forces behind the East Asian Financial Crisis of 1997; corporate ownership and control in India, Germany, France, and the United Kingdom; financial and economic lessons of Italy's privatization program; changes in Korean corporate governance; sovereign wealth funds; and the new organization of Canadian business trusts. A special roundtable discussion addresses shareholder activism in the U.K.
Book Synopsis Handbook on Emerging Issues in Corporate Governance by : Alireza Tourani-Rad
Download or read book Handbook on Emerging Issues in Corporate Governance written by Alireza Tourani-Rad and published by World Scientific. This book was released on 2011 with total page 316 pages. Available in PDF, EPUB and Kindle. Book excerpt: The book highlights emerging topics in key areas of corporate governance with special emphasis on traditionally unexplored issues. It also aims to stimulate thinking and debate on vital aspects of practice and approaches to corporate governance. The topics covered in this book deal with timely subjects, written by eminent academics and renowned professionals with outstanding expertise in their respective fields, who bring to fore the latest theories and provide an up-to-date overview of the extant literature on each topic. More importantly, they draw readers attention to implications for future research and developments. The book not only contributes to the academic literature but also improves the decision making of regulators and investors.
Book Synopsis Private Information Trading and Corporate Governance in Emerging Markets by : Olesya V. Grishchenko
Download or read book Private Information Trading and Corporate Governance in Emerging Markets written by Olesya V. Grishchenko and published by . This book was released on 2008 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: We apply the theoretical framework of Llorente, Michaely, Saar, and Wang(2002) to analyze the relation between daily volume and first-order return autocorrelationfor individual stocks in emerging markets. We find strong evidence of return continuation following high volume days, suggesting the presence of private information trading formany emerging market stocks. We discover that private information trading is especially strong around major corporate event dates. In addition, we find stocks that provide better investor protection and information disclosure exhibit less private information trading.These results suggest return autocorrelation and trading volume carry useful informationabout corporate governance in emerging market.
Book Synopsis Corporate governance and regulation : can there be too much of a good thing? by : Stijn Claessens
Download or read book Corporate governance and regulation : can there be too much of a good thing? written by Stijn Claessens and published by World Bank Publications. This book was released on 2007 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: Abstract: For a large number of companies from different countries, the authors analyze how company corporate governance practices and country regulatory regimes interact in terms of company valuation. They confirm that corporate governance plays a crucial role in efficient company monitoring and shareholder protection, and consequently positively impacts valuation. They find substitution in valuation impact between corporate governance measures at the company and country level, with a possibility of over-regulation. Corporate governance appears more valuable for companies that rely heavily on external financing, consistent with the hypothesis that the main role of corporate governance is to protect external financiers.
Book Synopsis Corporate Governance in Banking and Investor Protection by : Belén Díaz Díaz
Download or read book Corporate Governance in Banking and Investor Protection written by Belén Díaz Díaz and published by Springer. This book was released on 2019-06-06 with total page 326 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Firm Investments and Corporate Governance in Asian Emerging Markets by : Tanweer Hasan
Download or read book Firm Investments and Corporate Governance in Asian Emerging Markets written by Tanweer Hasan and published by . This book was released on 2016 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt: The quality of corporate governance has been shown to have wide-ranging implications, e.g., on the performance of stock markets and on exchange rates. This study investigates whether the quality of corporate governance in a country impacts investment decisions made at the micro level of the firm. The study focuses on Asian emerging markets since they have widely varying standards of corporate governance. Based on eight measures of corporate governance, four aggregate indices of corporate governance (business environment, legal environment, investor rights, and an overall measure) are developed for seven countries in the sample drawing on data from published sources. The results indicate that improvements in corporate governance mitigate the dependency of firm investments on their internal resources and facilitate access by firms to capital markets.
Book Synopsis Institutional Investors In Global Capital Markets by : Narjess Boubakri
Download or read book Institutional Investors In Global Capital Markets written by Narjess Boubakri and published by Emerald Group Publishing. This book was released on 2011-09-27 with total page 402 pages. Available in PDF, EPUB and Kindle. Book excerpt: Examines various issues concerning the strategies of institutional investors, the role of institutional investors in corporate governance, their impact on local and international capital markets, as well as the emergence of sovereign and other asset management funds and their interactions with micro and macro economic and market environments.
Book Synopsis Challenges in Securities Markets Regulation by : Pablo Casós
Download or read book Challenges in Securities Markets Regulation written by Pablo Casós and published by . This book was released on 2015 with total page 94 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Corporate Governance Regimes by : Joseph McCahery
Download or read book Corporate Governance Regimes written by Joseph McCahery and published by Oxford University Press, USA. This book was released on 2002 with total page 728 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume provides an up-to-the-minute survey of the field of corporate governance, focusing particularly on issues of convergence and diversity. A number of topics are discussed including bankruptcy procedures, initial public offerings, the role of large stakes, comparative corporate governance, and institutional investors.
Book Synopsis Portfolio Preferences of Foreign Institutional Investors by : Reena Aggarwal
Download or read book Portfolio Preferences of Foreign Institutional Investors written by Reena Aggarwal and published by World Bank Publications. This book was released on 2003 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Economic Structure of Corporate Law by : Frank H. Easterbrook
Download or read book The Economic Structure of Corporate Law written by Frank H. Easterbrook and published by Harvard University Press. This book was released on 1996 with total page 386 pages. Available in PDF, EPUB and Kindle. Book excerpt: This text argues that the rules and practices of corporate law mimic contractual provisions that parties involved in corporate enterprise would reach if they always bargained at zero cost and flawlessly enforced their agreements. It states that corporate l
Book Synopsis Survey Says ... by : Vikramaditya Khanna
Download or read book Survey Says ... written by Vikramaditya Khanna and published by . This book was released on 2017 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Financial crises have a way of bringing corporate governance to the foreground. For interested parties wanting to know more, there is an impressive body of research that looks at companies and the connection between strong governance and better performance. However, the existing literature only goes so far. It does not look at whether the level and quality of firm-level corporate governance plays a role as large-scale investors consider investment decisions in emerging markets. This study of emerging market investors sheds light on this issue and reveals that emerging market investors care deeply about corporate governance. The findings have significant implications, not only for the emerging markets business and finance community, but for policy makers, academics, the media, as well as for development finance institutions focused on sustainable economic development in these countries. For more publications on IFC Sustainability please visit www.ifc.org/sustainabilitypublications.
