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Law and finance

by Rafael La Porta, Florencio Lopez-de-silanes, Andrei Shleifer, Robert W. Vishny, Bernard Black, Bertyl G. Bylund, Francesco Denozza, Yoshikata Fukui, Zvi Griliches, Oliver Hart, Martin Hellwig, James Hines, Louis Kaplow, Raghu Rajan, Roberta Romano, Rolf Skog, Eddy Wymeersch, Luigi Zingales - 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 - Cited by 1530 (21 self) - Add to MetaCart
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

by Prime Brokers, Service Providers, Learned From Hedge, Penny P Cagan , 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 ..."
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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

by Art Durnev, E. Han Kim, La Porta, Florencio Lopez-de-silanes, Vojislav Maksimovic, John Mcconnell, Todd Mitton - 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 - Cited by 219 (8 self) - Add to MetaCart
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

by Julian Atanassov, E. Han Kim
"... 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 - Cited by 24 (4 self) - Add to MetaCart
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,

by Tony Kang, Wayne B. Thomas, Yong Keun Yoo, Holly Ashbaugh, Donal Byard, Paul Chaney, Zhihong Chen, Mark Clatworthy, Gus De Franco, Paquita Friday, Stephan Holl, Clive Lennox, Sue Mccracken, Shiva Shivakumar, Heidi V, Larry Weiss
"... 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 ..."
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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,

by Kose John, Lubomir Litov, Bernard Yeung, Yakov Amihud, David Backus, Matt Clayton, Art Durnev, Phil Dybvig, Bill Greene, Jianping Mei, Todd Milbourn, All Morck, Holger Mueller, Stew Myers, Darius Palia, Enrico Perotti, Annette Poulson, S. Abraham Ravid, Joshua Ron
"... 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 ..."
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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∗

by Eric Arias, James R. Hollyer, B. Peter Rosendorff , 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 ..."
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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

by Timo Korkeamäki, Yrjö Koskinen, Tuomas Takalo , 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

by Investimento Estrangeiro, Ou Desenvolvimen, Canadenses Para, A Proteção, Do Investimento, Paul Alexander Haslam
"... 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 ..."
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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.

by Americo Todisco , 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 ..."
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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
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