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Corporate Governance and Corporate Finance
Pt. 1. Alternative perspectives on corporate governance systems -- pt. 2. Equity ownership structure and control -- pt. 3. Corporate governance, underperformance and management turnover -- pt. 4. Directors' remuneration -- pt. 5. Governance, performance and financial strategy -- pt. 6. On takeover as disciplinary mechanism.
The Grabbing Hand
In many countries, public sector institutions impose heavy burdens on economic life. As a consequence of predatory policies, entrepreneurship lingers and economies stagnate. The authors of this collection describe many of these pathologies of a "grabbing hand" government, and examine their consequences for growth.
A Reader in International Corporate Finance
A Reader in International Corporate Finance offers an overview of current thinking on six topics: law and finance, corporate governance, banking, capital markets, capital structure and financing constraints, and the political economy of finance. This collection of 23 of the most influential articles published in the period 2000-2006 reflects two new trends:interest in international aspects of corporate finance, particularly specific to emerging markets, awareness of the importance of institutions in explaining global differences in corporate finance."In the last decade, financial economis.
Korean Crisis and Recovery
Edited by David T. Coe and Se-Jik Kim, this volume contains papers presented at a May 2001 conference in Seoul sponsored by the IMF and the Korea Institute for International Economic Policy on the Korean Crisis and Recovery. The papers examine the response to the 1997 crisis, its long-term impact on growth, and the state of financial and corporate sector reforms. Authors include academics, Korean policymakers, and IMF and World Bank staff involved in the Korean program.
Public Versus Private Ownership
Disappointment with insider trading in Russia, with voucher privatization in the Czech Republic, and with the privatization of infrastructure in many developing countries in many developing countries has spawned new critiques of privatization. How do theory and empirical evidence answer the much-debated questions, which is more important to performance, competition or private ownership? Are state enterprises more subject to welfare-reducing interventions by government than private firms are? Do state enterprises suffer more from problems of corporate governance?
The New Comparative Economics
Abstract: In recent years, comparative economics experienced a revival, with a new focus on comparing capitalist economies. The theme of the new research is that institutions exert a profound influence on economic development. The authors argue that, to understand capitalist institutions, one needs to understand the basic tradeoff between the costs of disorder and those of dictatorship. They then apply this logic to study the structure of efficient institutions, the consequences of colonial transplantation, and the politics of institutional choice. This paper"a product of the Private Sector Advisory Department, Private Sector Development Vice Presidency"is part of a larger effort to understand institutional differences in the regulation of business.
Growth and Empowerment
Despite significant gains in promoting economic growth and living conditions (or "human progress") globally over the last twenty-five years, much of the developing world remains plagued by poverty and its attendant problems, including high rates of child mortality, illiteracy, environmental degradation, and war. In Growth and Empowerment, Nicholas Stern, Jean-Jacques Dethier, and F. Halsey Rogers propose a new strategy for development. Drawing on many years of work in development economics—in academia, in the field, and at international institutions such as the World Bank—the authors base their strategy on two interrelated approaches: building a climate that encourages investment and gro...
Hedge Funds and Financial Markets
Hedge funds have started to play an important role in financial markets during the last decade. They have affected important aspects of financial intermediation such as asset allocation decisions and corporate governance. Julian Holler provides an excellent theoretical and empirical analysis of these issues. His analysis offers strong support that hedge funds enable investors to improve asset allocation decisions. Consequently, hedge funds are an interesting alternative asset class for institutional investors. In contrast to results for the U.S. capital market his research provides evidence that hedge fund activism does not persistently increase the value of firms in Germany. This result suggests that the institutional environment has a strong influence on the effectiveness of corporate governance mechanisms.
From Mao to Market
Andrew Wedemen argues that China succeeded in moving from a Maoist command economy to a market economy because the central government failed to prevent local governments from forcing prices to market levels. Having partially decontrolled the economy in the early 1980s, economic reformers baulked at price reform, opting instead for a hybrid system wherein commodities had two prices, one fixed and one floating. Depressed fixed prices led to 'resource wars', as localities battled each other for control over undervalued commodities while inflated consumer goods prices fuelled a headlong investment boom that saturated markets and led to the erection of import barriers. Although local rent seeking and protectionism appeared to carve up the economy, in reality they had not only pushed prices to market levels and cleared the way for sweeping reforms in the 1980s, they had also pushed China past the 'pitfalls' of reform that entrapped other socialist economies.
Capitalism and Islam in the Making of Modern Bahrain
In recent decades, the culture, society, politics, and economics of Bahrain have been transformed, driving its global ambitions while retaining to a degree the rule of law and cosmopolitanism. Islam and Capitalism in the Making of Modern Bahrain examines the transformation of Bahrain from the 1930s, from a regional trading port and then an important oil producer into the financial hub for the Gulf and into a global centre of Islamic finance. It focuses on the changes and tensions that transformation brought to Bahrain's political, legal, economic, religious, and social structures. In this book, Rajeswary Brown explores the rising force of youth populism driven by the persistence of poverty and unemployment, notably among rural Shi'ite communities and unemployed middle-class youth, as well as examining Bahrain's skillful reconciliation of the demands of Islamic faith, expressed in the Sharia, to the requirements of modern financial capitalism. In this, Bahrain's experience can be set against the modern history of much of the rest of the Middle East, most strikingly with respect to the position of Islamic charities, notably in Syria, comparisons of which are fully explored here.
