This paper investigates what predicts changes in corporate governance in emerging markets. To conduct this study we utilize a unique data set from AllianceBernstein that consists of monthly firm-level corporate governance ratings for 24 emerging market countries for almost seven years. Since the...

On July 15, 2008, the US Securities and Exchange Commission announced temporary restrictions on naked short sales of the stocks of 19 financial firms. The restrictions offer a unique empirical setting to test Miller?s (1977) conjecture that short-sale constraints result in overpriced securities...