We compare the objectives, processes and outcomes of different approaches adopted by BOVESPA and ISE (Istanbul Stock Exchange) for differentiating better governed firms listed on their respective boards. Novo Mercado of BOVESPA, launched at the end of December 2000, was able to attract over 30...

This paper reviews recent research on corporate governance, with a special focus on emerging markets. It finds that better corporate governance benefit firms through greater access to financing, lower cost of capital, better performance, and more favorable treatment of all stakeholders. Numerous...

One of the most conspicuous features of mergers is that they come in waves, and that these waves are correlated with increases in share prices and price/earnings ratios. We test four hypotheses that have been advanced to explain merger waves: the industry shocks, q-, overvaluation and managerial...

This paper presents empirical evidence about the ability of event studies to capture future mergers' profitability measured by accounting data. We use a sample of large horizontal concentrations during the period 1990-2002 involving 459 firms either as merging firms or competitors, and contrast...

We investigate the gender wage gap in top corporate jobs for 2000-2004. We find that female managers receive 24.0% less in total compensation than their male colleagues. When we control for personal, firm and industry characteristics, this difference reduces to 15.9%. Controlling for...

We analyze the impact of corporate governance institutions and ownership structures on company returns on investment by using a sample of more than 19,000 companies from 61 countries across the world. We show that the origin of a country's legal system proves to be the most important...

We analyze the impact of corporate governance institutions and ownership structures on company returns on investment by using a sample of more than 19,000 companies from 61 countries across the world. We show that the origin of a country's legal system proves to be the most important. Companies...

We use investment-cash flow regressions to show that both asymmetric-information and agency problems are more severe in Continental Europe than in the Anglo-Saxon countries leading to too little investment by firms with attractive investment opportunities and too much by those with poor...

Bu çalışma uluslararası kurumsal yatırımcıların 60’dan fazla ülkede yatırım yaptıkları şirketlerin genel kurullara katılma ve vekaleten oy verme oranlarını yatırımcı haklarının korunması, saydamlık ve kamuyu aydınlatma gibi göstergelerle ilişkilendirmektedir....