Investor Protection and Corporate Governance : Firm-Level Evidence Across Latin America
This book holds that the crucial failure of corporate governance is the expropriation of outside investors, be they shareholders or creditors, by those who are in control of firms. The problem of expropriation, also known as tunneling, often takes...
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| Format: | Publication |
| Language: | English en_US |
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Palo Alto, CA: Stanford University Press
2012
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| Online Access: | http://documents.worldbank.org/curated/en/2007/01/8094370/investor-protection-corporate-governance-firm-level-evidence-across-latin-america http://hdl.handle.net/10986/6769 |
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okr-10986-6769 |
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| recordtype |
oai_dc |
| repository_type |
Digital Repository |
| institution_category |
Foreign Institution |
| institution |
Digital Repositories |
| building |
World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English en_US |
| topic |
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 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 MARKETS FINANCIAL PROBLEMS FINANCIAL REFORM FINANCIAL STABILITY FINANCIAL SUPPORT FIRM VALUATION 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 INVESTOR PROTECTION IPO ISSUANCE JUDGEMENT JUDICIAL SYSTEM 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 STRUCTURE OWNERSHIP STRUCTURES PAYMENT OF DIVIDENDS 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 |
| spellingShingle |
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 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 MARKETS FINANCIAL PROBLEMS FINANCIAL REFORM FINANCIAL STABILITY FINANCIAL SUPPORT FIRM VALUATION 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 INVESTOR PROTECTION IPO ISSUANCE JUDGEMENT JUDICIAL SYSTEM 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 STRUCTURE OWNERSHIP STRUCTURES PAYMENT OF DIVIDENDS 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 Chong, Alberto López-de-Silanes, Florencio Investor Protection and Corporate Governance : Firm-Level Evidence Across Latin America |
| geographic_facet |
Latin America & Caribbean |
| relation |
Latin American Development Forum |
| description |
This book holds that the crucial failure
of corporate governance is the expropriation of outside
investors, be they shareholders or creditors, by those who
are in control of firms. The problem of expropriation, also
known as tunneling, often takes on enormous proportions.
Billions of dollars of wealth are siphoned away from outside
investors to controlling shareholders and their private
company allies. The expropriation prevents investors from
devoting funds in the corporate sector, thus leading to low
valuations of corporate assets, stunted capital markets, and
slowed economic growth. Low valuations and underdeveloped
financial markets are only two of the symptoms of investor
expropriation. Other symptoms include concentrated corporate
ownership, large spreads between cash flow ownership and the
voting rights of dominant shareholders, pyramids, and low
dividend payments. When financial markets exhibit these
symptoms, the likely underlying problem is investor
expropriation. The essays collected in this volume put
together a compelling picture showing that many of the
symptoms of investor expropriation and poor corporate
governance are present in Latin America. The evidence is
loud and clear in every chapter of this book. But there are
also benefits to collecting this detailed proof. The
evidence suggests recipes for improvement as well. The
message of this book is as unambiguous as is its analysis: a
critical goal in the agenda of financial reform in Latin
America must be improvement in corporate governance through
legal reform. |
| format |
Publications & Research :: Publication |
| author |
Chong, Alberto López-de-Silanes, Florencio |
| author_facet |
Chong, Alberto López-de-Silanes, Florencio |
| author_sort |
Chong, Alberto |
| title |
Investor Protection and Corporate Governance : Firm-Level Evidence Across Latin America |
| title_short |
Investor Protection and Corporate Governance : Firm-Level Evidence Across Latin America |
| title_full |
Investor Protection and Corporate Governance : Firm-Level Evidence Across Latin America |
| title_fullStr |
Investor Protection and Corporate Governance : Firm-Level Evidence Across Latin America |
| title_full_unstemmed |
Investor Protection and Corporate Governance : Firm-Level Evidence Across Latin America |
| title_sort |
investor protection and corporate governance : firm-level evidence across latin america |
| publisher |
Palo Alto, CA: Stanford University Press |
| publishDate |
2012 |
| url |
http://documents.worldbank.org/curated/en/2007/01/8094370/investor-protection-corporate-governance-firm-level-evidence-across-latin-america http://hdl.handle.net/10986/6769 |
| _version_ |
1764398447586181120 |
| spelling |
okr-10986-67692021-04-23T14:02:26Z Investor Protection and Corporate Governance : Firm-Level Evidence Across Latin America Chong, Alberto López-de-Silanes, Florencio 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 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 MARKETS FINANCIAL PROBLEMS FINANCIAL REFORM FINANCIAL STABILITY FINANCIAL SUPPORT FIRM VALUATION 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 INVESTOR PROTECTION IPO ISSUANCE JUDGEMENT JUDICIAL SYSTEM 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 STRUCTURE OWNERSHIP STRUCTURES PAYMENT OF DIVIDENDS 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 This book holds that the crucial failure of corporate governance is the expropriation of outside investors, be they shareholders or creditors, by those who are in control of firms. The problem of expropriation, also known as tunneling, often takes on enormous proportions. Billions of dollars of wealth are siphoned away from outside investors to controlling shareholders and their private company allies. The expropriation prevents investors from devoting funds in the corporate sector, thus leading to low valuations of corporate assets, stunted capital markets, and slowed economic growth. Low valuations and underdeveloped financial markets are only two of the symptoms of investor expropriation. Other symptoms include concentrated corporate ownership, large spreads between cash flow ownership and the voting rights of dominant shareholders, pyramids, and low dividend payments. When financial markets exhibit these symptoms, the likely underlying problem is investor expropriation. The essays collected in this volume put together a compelling picture showing that many of the symptoms of investor expropriation and poor corporate governance are present in Latin America. The evidence is loud and clear in every chapter of this book. But there are also benefits to collecting this detailed proof. The evidence suggests recipes for improvement as well. The message of this book is as unambiguous as is its analysis: a critical goal in the agenda of financial reform in Latin America must be improvement in corporate governance through legal reform. 2012-05-31T18:38:05Z 2012-05-31T18:38:05Z 2007 http://documents.worldbank.org/curated/en/2007/01/8094370/investor-protection-corporate-governance-firm-level-evidence-across-latin-america 978-0-8213-6913-5 http://hdl.handle.net/10986/6769 English en_US Latin American Development Forum CC BY-NC-ND 3.0 IGO http://creativecommons.org/licenses/by-nc-nd/3.0/igo Inter-American Development Bank Palo Alto, CA: Stanford University Press Washington, DC: World Bank Washington, DC: Inter-American Development Bank Publications & Research :: Publication Publications & Research :: Publication Latin America & Caribbean |