eBook

Investor protection and corporate governance : firm-level evidence across Latin America

Chong, Alberto, Shleifer, Andrei, López-de-Silanes, Florencio

2007,2011

Overview

'Investor Protection and Corporate Governance' analyzes the impact of corporate governance on firm performance and valuation. Using unique datasets gathered at the firm-level—the first such data in the region—and results from a homogeneous corporate governance questionnaire, the book examines corporate governance characteristics, ownership structures, dividend policies, and performance measures. The book's analysis reveals the very high levels of ownership and voting rights concentrations and monolithic governance structures in the largest samples of Latin American companies up to now, and new data emphasize the importance of specific characteristics of the investor protection regimes in several Latin American countries. By and large, those firms with better governance measures across several dimensions are granted higher valuations and thus lower cost of capital. This title will be useful to researchers, policy makers, government officials, and other professionals involved in corporate governance, economic policy, and business finance, law, and management.

• Publisher: Inter-American Development Bank,World Bank,Stanford University Press,World Bank Publications,The World Bank,Washington, DC: Inter-American Development Bank,Washington, DC: World Bank,Palo Alto, CA: Stanford University Press,Stanford Univ. Pr. [u.a.]
• Subject: ACCESS TO CAPITAL / ACCESS TO CAPITAL MARKETS / ACCOUNTING / ACCOUNTING STANDARDS / ACTIVE MARKETS / ADR / AGENCY COSTS / AGENCY PROBLEMS / AUDIT COMMITTEES / BALANCE SHEET / BANKRUPTCY / BANKRUPTCY LAW / BOOK VALUE / BUSINESS & ECONOMICS / Business Development / CAPITAL FLIGHT / CAPITAL FLOWS / CAPITAL MARKET / CAPITAL MARKETS / CAPITAL STRUCTURE / CASH DIVIDENDS / CASH FLOW / CASH FLOWS / CHECKS / CIVIL LAW / COMMERCIAL LAWS / COMMON LAW / COMPANY LAWS / COMPETITIVE BIDDING / CONFLICTS OF INTEREST / CONFLICTS OF INTERESTS / COPYRIGHT CLEARANCE / COPYRIGHT CLEARANCE CENTER / CORPORATE CHARTERS / CORPORATE DISCLOSURE / CORPORATE GOVERNANCE / CORPORATE GOVERNANCE REFORM / CORPORATE INSIDERS / CORPORATE LAW / CORPORATE OWNERSHIP / COST OF CAPITAL / CREDITOR / CREDITOR RIGHTS / CREDITORS / CURRENCY / CURRENCY DEVALUATIONS / DEBT / DEBTORS / DEMOCRACY / DEPENDENT / DEPOSITARY RECEIPT / DEPOSITARY RECEIPTS / DEVELOPING ECONOMIES / DEVELOPMENT BANK / DIRECT OWNERSHIP / DISCLOSURE REQUIREMENTS / DISCLOSURE STANDARDS / DISPUTE RESOLUTION / DIVIDEND / DIVIDEND PAYMENTS / DIVIDEND PAYOUT / DIVIDEND POLICIES / ECONOMIC IMBALANCES / EMERGING MARKET / EMERGING MARKETS / ENFORCEMENT MECHANISMS / ENFORCEMENT OF LAWS / EQUITY FINANCING / EQUITY FIRM / EQUITY MARKETS / EXPROPRIATION / EXPROPRIATIONS / EXTERNAL FINANCE / EXTERNAL FINANCING / FINANCIAL ANALYSIS / FINANCIAL CONTRACTS / FINANCIAL CRISES / FINANCIAL DEVELOPMENT / FINANCIAL INFORMATION / FINANCIAL MARKET / FINANCIAL MARKET DEVELOPMENT / financial market regulation / FINANCIAL MARKETS / FINANCIAL PROBLEMS / FINANCIAL REFORM / FINANCIAL STABILITY / FINANCIAL SUPPORT / Firm theory / FIRM VALUATION / firm value / FIRM-LEVEL CORPORATE GOVERNANCE / FOREIGN COMPANIES / FOREIGN EXCHANGES / FOREIGN INVESTORS / FREE TRADE / FREE TRADE AGREEMENT / GLOBAL MARKET / GOVERNANCE INDEX / GOVERNANCE MEASURE / GOVERNANCE MEASURES / GOVERNANCE MECHANISMS / GOVERNANCE PRACTICES / GOVERNANCE STRUCTURES / GOVERNMENT DEFICITS / GRANT FUNDING / GROSS DOMESTIC PRODUCT / GROSS NATIONAL PRODUCT / GROWTH RATE / HOME MARKET / INCOME / INITIAL PUBLIC OFFERING / INSIDER TRADING / INSTITUTIONAL ENVIRONMENT / INSTITUTIONAL FRAMEWORK / INSTITUTIONAL INVESTORS / INSTITUTIONAL REFORM / INSURANCE / INTEREST RATE / INTERNATIONAL BANK / INTERNATIONAL MARKETS / Investment / Investment planning / Investments / INVESTOR PROTECTION / Investors / IPO / ISSUANCE / JUDGEMENT / JUDICIAL SYSTEM / LADF / Latin America / Latin American Development Forum / LAW ENFORCEMENT / LEGAL ENFORCEMENT / LEGAL JURISDICTIONS / LEGAL ORIGIN / LEGAL ORIGINS / LEGAL PROTECTION / LEGAL REFORM / LEGAL REFORMS / LEGAL SYSTEM / LEVERAGE / LIABILITY / LIQUIDITY / LOCAL MARKETS / LOW-INCOME COUNTRIES / MACROECONOMIC ENVIRONMENT / MACROECONOMIC INSTABILITY / MACROECONOMIC STABILITY / MACROECONOMIC VARIABLES / MARKET CAPITALIZATION / MARKET INTEGRATION / MARKET LAW / MARKET MECHANISMS / MARKET PARTICIPANTS / MARKET PERFORMANCE / MARKET REGULATOR / MARKET REGULATORS / MARKET VALUATION / MARKET VALUE / MINORITY INVESTORS / MINORITY SHAREHOLDERS / NATIONAL SECURITIES / NET CAPITAL / OUTPUT / OUTSIDE INVESTORS / ownership policies / OWNERSHIP STRUCTURE / OWNERSHIP STRUCTURES / PAYMENT OF DIVIDENDS / payout policies / PAYOUT RATIOS / PERFORMANCE MEASURES / POLITICAL RISK / POLITICAL STABILITY / PREEMPTIVE RIGHTS / PRIVATE CREDIT / PRIVATE ENFORCEMENT / PRIVATE SECTOR DEVELOPMENT / PROPORTIONAL REPRESENTATION / PROTECTION OF INVESTORS / PROTECTION TO INVESTORS / PROXY BY MAIL / PUBLIC ENFORCEMENT / PUBLIC OFFERINGS / PUBLIC POLICY / REGULATORY ENVIRONMENT / REPUTATION / REPUTATIONS / RETURN / RETURN ON ASSETS / RETURNS / RISK OF CONTRACT REPUDIATION / RISK OF EXPROPRIATION / RULE OF LAW / SAVINGS / SCANDALS / SECURITIES / SECURITIES LAW / SECURITIES LAWS / SECURITIES REGULATIONS / SECURITY MARKET / SHAREHOLDER / SHAREHOLDER PROTECTION / SHAREHOLDER PROTECTIONS / SHAREHOLDER RIGHTS / SHAREHOLDERS / SOCIAL DEVELOPMENT / SOCIAL ISSUES / STOCK EXCHANGE / STOCK EXCHANGES / STOCK MARKET / STOCK MARKET CAPITALIZATION / STOCK MARKET DEVELOPMENT / STOCK MARKETS / STOCK TRADING / STOCKS / TRADING ACTIVITY / TRADING VALUE / TRADING VOLUME / TRANSACTION / TRANSPARENCY / TURNOVER / TURNOVERS / UNDERWRITERS / VALUATION / VALUATIONS
• ISBN: 9780821369135, 082136913X, 9780821369142, 0821369148