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Results 1 - 10
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21
Law and finance
- Journal of Political Economy
, 1998
"... This paper examines legal rules covering protection of corporate shareholders and creditors, the origin of these rules, and the qual-ity of their enforcement in 49 countries. The results show that common-law countries generally have the strongest, and French-civil-law countries the weakest, legal pr ..."
Abstract
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Cited by 1530 (21 self)
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protections of investors, with German- and Scandinavian-civil-law countries located in the mid-dle. We also find that concentration of ownership of shares in the largest public companies is negatively related to investor protec-tions, consistent with the hypothesis that small, diversified share
Custodians, and Other
, 2009
"... Countless treatises have been written on hedge fund fraud, due diligence, and ways to ensure that a Madoff-type event doesn’t happen again. The consensus is that, ultimately, investor protec tion can be distilled into two words: due diligence. Institutional investors have become particularly attuned ..."
Abstract
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Countless treatises have been written on hedge fund fraud, due diligence, and ways to ensure that a Madoff-type event doesn’t happen again. The consensus is that, ultimately, investor protec tion can be distilled into two words: due diligence. Institutional investors have become particularly
To steal or not to steal: firm attributes, legal environment, and valuation
- Journal of Finance
, 2005
"... Data on corporate governance and disclosure practices reveal wide within-country variation that decreases with the strength of investors ’ legal protection. A simple model identifies three firm attributes related to that variation: investment oppor-tunities, external financing, and ownership structu ..."
Abstract
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Cited by 219 (8 self)
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Data on corporate governance and disclosure practices reveal wide within-country variation that decreases with the strength of investors ’ legal protection. A simple model identifies three firm attributes related to that variation: investment oppor-tunities, external financing, and ownership
Labor and Corporate Governance: International Evidence from Restructuring Decisions
"... Our results highlight the importance of interaction among management, labor, and investors in shaping corporate governance. We find that strong union laws protect not only workers but also underperforming managers. Weak investor protection com-bined with strong union laws are conducive to worker–man ..."
Abstract
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Cited by 24 (4 self)
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to more layoffs. Strong union laws are less effec-tive in preventing layoffs when financial leverage is high. MUCH OF THE RESEARCH IN LAW AND FINANCE FOCUSES on the role of legal protec-tion of investors in shaping corporate governance.1 However, investors are but one of many stakeholders. Other
This paper was previously titled ‘‘International Evidence on the Association between Excess Auditor Remuneration and the Implied Required Rate of Return.’ ’ We thank an anonymous reviewer,
"... This study examines the relation between excess auditor remuneration and the implied required rate of return (IRR hereafter) on equity capital in global markets. We conjecture that when auditor remuneration is excessively large, investors may perceive the auditor to be economically bonded to the cli ..."
Abstract
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This study examines the relation between excess auditor remuneration and the implied required rate of return (IRR hereafter) on equity capital in global markets. We conjecture that when auditor remuneration is excessively large, investors may perceive the auditor to be economically bonded
for their helpful comments. We are also grateful for comments and discussions from Heitor Almeida,
"... Better investor protection could lead corporations to undertake riskier but value-enhancing investments. For example, better investor protection mitigates the taking of private benefits leading to excess risk-avoidance. Further, in better investor protection environments, stakeholders like creditors ..."
Abstract
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Better investor protection could lead corporations to undertake riskier but value-enhancing investments. For example, better investor protection mitigates the taking of private benefits leading to excess risk-avoidance. Further, in better investor protection environments, stakeholders like
Leader Survival, Regime Type and Bilateral Investment Treaties∗
, 2014
"... The accumulation of capital is essential for economic development, but investors face risk when committing their capital to productive use. Bilateral Investment Treaties (BITs) help devel-oping country leaders commit to limit their expropriation. Democratic states with functional domestic courts, st ..."
Abstract
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, strong reputations and transparency in policymaking all make commitments to protect foreign investment credible. Autocratic countries, where the domestic rule of law, or the independence of the courts cannot be relied upon suffer from a weak reputation for protec-tion of foreign investment
Preliminary draft
, 2006
"... Finland experienced an extremely severe economic depression in the early 1990s, when the GDP per capita decreased by 14 % over three years. In the midst of this crisis significant new legislation was passed that increased shareholder protection while decreasing the protection of creditors. We show t ..."
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that the introduction of these new laws resulted in positive abnormal stock returns. The new laws also lead to increases in firms ’ Tobin’s q, especially for more levered firms. The re-sults suggest that i) changes in investor protection lead to higher corporate valua-tions and not vice versa, ii) dilution of creditor
FOREIGN INVESTMENT OR DEVELOPMENT? COMPARING CANADIAN AND BRAZILIAN APPROACHES TO INVESTMENT PROTECTION
"... Submetido em 12 de fevereiro e aprovado em 17 de março de 2013 Abstract: This article compares Canada and Brazil’s approaches to regulating fo-reign investment. Despite having a similar economic structure, the two countries have divergent approaches to the regulation of foreign direct investment tha ..."
Abstract
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that have been shaped by their long-term foreign policy patterns. While Canada has tended to promote a high level of protection for foreign investors, Brazil has preferred to defend its policy autonomy as part of a wider strategy of state-led industrializa-tion. The article concludes by suggesting
Draft for discussion. Preliminary and incomplete.
, 2003
"... The law and
nance literature tries to explain international di¤erences in the development of
nancial systems analyzing the role of legal insitu-tions. In this framework the level of investor protection shaped by law and the quality of enforcement supplied by the judicial system inuence directly ch ..."
Abstract
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The law and
nance literature tries to explain international di¤erences in the development of
nancial systems analyzing the role of legal insitu-tions. In this framework the level of investor protection shaped by law and the quality of enforcement supplied by the judicial system inuence directly
Results 1 - 10
of
21
