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Corporate Governance and Collusive Behaviour

Buccirossi, Paolo; Spagnolo, Giancarlo - C.E.P.R. Discussion Papers - 2007

This chapter examines the relationship between corporate governance and competition, particularly with regard to cartel formation, and discusses how corporate governance and firm agency problems affect optimal law enforcement against cartels, both in terms of sanctions and leniency policies....

Persistent link: https://www.econbiz.de/10005498010

The Brain Gain of Corporate Boards: A Natural Experiment from China

Giannetti, Mariassunta; Liao, Guanmin; Yu, Xiaoyun - C.E.P.R. Discussion Papers - 2012

We study the impact of directors with foreign experience on firms in emerging markets. To establish causality, we use a unique dataset from China and exploit that at different times, Chinese provinces introduced policies to attract highly talented emigrants. These policies led to an exogenous...

Persistent link: https://www.econbiz.de/10011084604

Corruption as a Barrier to Entry: Theory and Evidence

Campos, Nauro F; Estrin, Saul; Proto, Eugenio - C.E.P.R. Discussion Papers - 2010

Conventional wisdom depicts corruption as a tax on incumbent firms. This paper challenges this view in two ways. First …, by arguing that corruption matters not so much because of the value of the bribe ("tax"), but because of another less … studied feature of corruption, namely bribe unavoidability. Second, we argue that the social costs of corruption arise not …

Persistent link: https://www.econbiz.de/10008682881

Cross-Country Determinants of Mergers and Acquisitions

Rossi, Stefano; Volpin, Paolo - C.E.P.R. Discussion Papers - 2003

This Paper studies the determinants of mergers and acquisitions around the world during the 1990s by focusing on differences in laws and regulation across countries. We find that the volume of M&A activity and the premium paid are significantly larger in countries with better investor...

Persistent link: https://www.econbiz.de/10005788892

Domestic Institutions and the Bypass Effect of Financial Globalization

Ju, Jiandong; Wei, Shang-Jin - C.E.P.R. Discussion Papers - 2007

This paper proposes a simple model to study the relationship between domestic institutions - financial system, corporate governance, and property rights protection - and patterns of international capital flows. It studies conditions under which financial globalization can be a substitute for...

Persistent link: https://www.econbiz.de/10005789081

Shareholder Protection, Stock Market Development and Politics

Pagano, Marco; Volpin, Paolo - C.E.P.R. Discussion Papers - 2005

This paper presents a political economy model where there is mutual feedback between investor protection and stock market development. Better investor protection induces companies to issue more equity and thereby leads to a broader stock market. In turn, equity issuance expands the shareholder...

Persistent link: https://www.econbiz.de/10005789093

Monitoring the Monitors: Amakudari and the Ex-Post Monitoring of Private Banks

Hassink, Wolter; van Rixtel, Adrian - C.E.P.R. Discussion Papers - 1998

(MoF) and Bank of Japan (BoJ) officials as a policy instrument. The authors also investigate whether industrial groupings … private banks is positively related to specific main bank relationships. The hypothesis of monitoring by keiretsu is rejected …

Persistent link: https://www.econbiz.de/10005789103

The Influence of the Financial Revolution on the Nature of Firms

Rajan, Raghuram G; Zingales, Luigi - C.E.P.R. Discussion Papers - 2001

Major technological, regulatory, and institutional changes have made finance more widely available in recent years, amounting to a bona fide ‘financial revolution’. In this article, we focus on the impact the financial revolution has had on the way firms are (or should be) organized and...

Persistent link: https://www.econbiz.de/10005789143

Innovation and Competitive Pressure

Vives, Xavier - C.E.P.R. Discussion Papers - 2004

I analyse the effects of competition on R&D effort (in a non-tournament context) and obtain robust results that hold for a variety of market structures, including markets with and without barriers to entry and markets characterized by either price or quantity competition. The approach...

Persistent link: https://www.econbiz.de/10005791300

Rhineland Exit?

Bovenberg, A Lans; Teulings, Coen N - C.E.P.R. Discussion Papers - 2008

We argue in favour of the shareholder model of the firm for three main reasons. First, serving multiple stakeholders leads to ill-defined property rights. What sounds like a fair compromise between stakeholders can easily evolve in a permanent struggle about the ultimate goal of the company....

Persistent link: https://www.econbiz.de/10005791558