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作者：Johnson, S; Boone, P; Breach, A; Friedman, E
作者单位：Massachusetts Institute of Technology (MIT); Rutgers University System; Rutgers University New Brunswick
摘要：The Asian Crisis of 1997-98 affected all the emerging markets open to capital flows. Measures of corporate governance, particularly the effectiveness of protection for minority shareholders, explain the extent of exchange rate depreciation and stock market decline better than do standard macroeconomic measures. A possible explanation is that in countries with weak corporate governance, worse economic prospects result in more expropriation by managers and thus a larger fall in asset prices. (C)...
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作者：Wurgler, J
作者单位：Yale University
摘要：Financial markets appear to improve the allocation of capital. Across 65 countries, those with developed financial sectors increase investment more in their growing industries, and decrease investment more in their declining industries, than those with undeveloped financial sectors. The efficiency of capital allocation is negatively correlated with the extent of state ownership in the economy, positively correlated with the amount of firm-specific information in domestic stock returns, and pos...
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作者：Beck, T; Levine, R; Loayza, N
作者单位：The World Bank; University of Minnesota System; University of Minnesota Twin Cities
摘要：This paper evaluates the empirical relation between the level of financial intermediary development and (i) economic growth, (ii) total Factor productivity growth, (iii) physical capital accumulation, and (iv) private savings rates. We use (a) a pure cross-country instrumental variable estimator to extract the exogenous component of financial intermediary development, and (b) a new panel technique that controls for biases associated with simultaneity and unobserved country-specific effects. Af...
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作者：Morck, R; Yeung, B; Yu, W
作者单位：University of Alberta; New York University; Hong Kong Polytechnic University
摘要：Stock prices move together more in poor economies than in rich economies. This finding is not due to market size and is only partially explained by higher fundamentals correlation in low-income economies. However, measures of property rights do explain this difference. The systematic component of returns variation is large in emerging markets, and appears unrelated to fundamentals co-movement, consistent with noise trader risk. Among developed economy stock markets, higher firm-specific return...
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作者：Claessens, S; Djankov, S; Lang, LHP
作者单位：The World Bank; Chinese University of Hong Kong
摘要：We examine the separation of ownership and control for 2,980 corporations in nine East Asian countries. In all countries, voting rights frequently exceed cash-flow rights via pyramid structures and cross-holdings. The separation of ownership and control is most pronounced among family-controlled firms and small firms. More than two-thirds of firms are controlled by a single shareholder. Managers of closely held firms tend to be relatives of the controlling shareholder's family. Older firms are...
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作者：La Porta, R; Lopez-De-Silanes, F; Shleifer, A; Vishny, R
作者单位：Harvard University; Harvard University; University of Chicago
摘要：Recent research has documented large differences among countries in ownership concentration in publicly traded firms, in the breadth and depth of capital markets, in dividend policies, and in the access of firms to external finance. A common element to the explanations of these differences is how well investors, both shareholders and creditors, are protected by law from expropriation by the managers and controlling shareholders of firms. We describe the differences in laws and the effectivenes...
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作者：Schwert, GW
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作者：Bennedsen, M; Wolfenzon, D
作者单位：University of Michigan System; University of Michigan; University of Copenhagen
摘要：We analyze a closely held corporation characterized by the absence of a resale market for its shares. We show that the founder of the firm can optimally choose an ownership structure with several large shareholders to force them to form coalitions to obtain control. By grouping member cash flows, a coalition internalizes to a larger extent the consequences of its actions and hence takes more efficient actions than would any of its individual members. The model has implications for the optimal ...
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作者：Henry, PB
作者单位：Stanford University
摘要：Stock market liberalizations lead private investment booms. In a sample of Il developing countries that liberalized their stock markets, 9 experience growth rates of private investment above their non-liberalization median in the first year after liberalizing. In the second and third years after liberalization, this number is 10 of 11 and 8 of 11, respectively. The mean growth rate of private investment in the three years immediately following stock market liberalization exceeds the sample mea...
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作者：Gorton, G; Schmid, FA
作者单位：University of Pennsylvania; National Bureau of Economic Research; Federal Reserve System - USA
摘要：We empirically investigate the influence of German universal banks on the performance of German firms. We take into account banks' control rights from equity ownership, banks' proxy-voting rights, and the concentration of control rights from equity ownership (which includes complex forms such as pyramids, cross-shareholdings, and stocks with multiple votes). We also account for voting restrictions and the German codetermination system (under which employees of large firms have control rights t...
