The negative relationship between stock market P/E ratios and government bond yields seems to have become conventional wisdom among practitioners. However, limited empirical evidence and a misleading suggestion that the model originated in the Fed are used to support the model's plausibility. This article argues that the Fed model is flawed from a theoretical standpoint and reports evidence from 20 countries that seriously questions its empirical merits. Despite its widespread use and acceptance, the Fed model is found to be a failure both as a normative and as a positive model of equity pricing.
{"title":"The Fed Model: The Bad, the Worse, and the Ugly","authors":"Javier Estrada","doi":"10.2139/ssrn.877245","DOIUrl":"https://doi.org/10.2139/ssrn.877245","url":null,"abstract":"The negative relationship between stock market P/E ratios and government bond yields seems to have become conventional wisdom among practitioners. However, limited empirical evidence and a misleading suggestion that the model originated in the Fed are used to support the model's plausibility. This article argues that the Fed model is flawed from a theoretical standpoint and reports evidence from 20 countries that seriously questions its empirical merits. Despite its widespread use and acceptance, the Fed model is found to be a failure both as a normative and as a positive model of equity pricing.","PeriodicalId":163698,"journal":{"name":"Institutional & Transition Economics eJournal","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2006-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133801328","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Increasingly, companies have sought to harness the power of word-of-mouth communication by enlisting consumers to talk about brands, products, and services within their peer networks. Whether those consumers are paid by, or voluntarily affiliate with, a marketing organization, or are part of the companys existing customer database, ethical concerns about their word-of-mouth practices have been raised by various social critics, especially in terms of whether or not the consumers disclose their participation in the organized program/campaign when talking with others. Further, various marketing agencies have different visions of whether or not disclosure represents an ethical imperative or if it even makes good business sense. To test whether or not disclosing corporate affiliation has any practical business advantages, Northeastern University partnered with BzzAgent, Inc., a leading word-of-mouth marketing organization, to better understand the role of disclosure in everyday and campaign-related word-of-mouth communication episodes. A novel dyadic design was employed to capture multi-party perspectives on the same episodes. Specific questions to which we sought answers included how many people affiliated with the marketing organization actually disclosed their affiliation, how they did so, what information about the marketing organization they shared, and whether or not the disclosure led to differences in the following key outcome measures: the credibility effect of word-of-mouth, as well as inquiry, use, purchase, and pass-along/relay intentions and behaviors. Key findings include: For approximately 75% of the conversational partners (the people with whom the word-of-mouth marketing agents engaged in word-of-mouth communication) it did not matter that they were talking with someone affiliated with a marketing organization. Instead what mattered was that they trusted the agent was providing an honest opinion, felt the agent had their best interests at heart, and were providing relevant and valuable information. None of the key outcome metrics (credibility, inquiry, use, purchase, and pass-along/relay) were negatively affected by the agent disclosing their affiliation. In fact, the pass-along/relay rate (the number of people a person told after speaking with a word-of-mouth marketing agent) actually increased when the conversational partner was aware they were talking with a participant in an organized word-of-mouth marketing program. In over 75% of the cases where a person learned about a brand or product from another source of information (such as a print, radio, TV, or web advertisement), talking with the marketing agent increased the believability of that other source of information. This finding was also unaffected by agent disclosure. Prior to the enforcement of the word-of-mouth marketing organization's disclosure policy (where agents were required to disclose their affiliation in episodes involving an organized word-of-mouth campai
{"title":"To Tell or Not to Tell? Assessing the Practical Effects of Disclosure for Word-of-Mouth Marketing Agents and Their Conversational Partners","authors":"W. J. Carl","doi":"10.2139/SSRN.877760","DOIUrl":"https://doi.org/10.2139/SSRN.877760","url":null,"abstract":"Increasingly, companies have sought to harness the power of word-of-mouth communication by enlisting consumers to talk about brands, products, and services within their peer networks. Whether those consumers are paid by, or voluntarily affiliate with, a marketing organization, or are part of the companys existing customer database, ethical concerns about their word-of-mouth practices have been raised by various social critics, especially in terms of whether or not the consumers disclose their participation in the organized program/campaign when talking with others. Further, various marketing agencies have different visions of whether or not disclosure represents an ethical imperative or if it even makes good business sense. To test whether or not disclosing corporate affiliation has any practical business advantages, Northeastern University partnered with BzzAgent, Inc., a leading word-of-mouth marketing organization, to better understand the role of disclosure in everyday and campaign-related word-of-mouth communication episodes. A novel dyadic design was employed to capture multi-party perspectives on the same episodes. Specific questions to which we sought answers included how many people affiliated with the marketing organization actually disclosed their affiliation, how they did so, what information about the marketing organization they shared, and whether or not the disclosure led to differences in the following key outcome measures: the credibility effect of word-of-mouth, as well as inquiry, use, purchase, and pass-along/relay intentions and behaviors. Key findings include: For approximately 75% of the conversational partners (the people with whom the word-of-mouth marketing agents engaged in word-of-mouth communication) it did not matter that they were talking with someone affiliated with a marketing organization. Instead what mattered was that they trusted the agent was providing an honest opinion, felt the agent had their best interests at heart, and were providing relevant and valuable information. None of the key outcome metrics (credibility, inquiry, use, purchase, and pass-along/relay) were negatively affected by the agent disclosing their affiliation. In fact, the pass-along/relay rate (the number of people a person told after speaking with a word-of-mouth marketing agent) actually increased when the conversational partner was aware they were talking with a participant in an organized word-of-mouth marketing program. In over 75% of the cases where a person learned about a brand or product from another source of information (such as a print, radio, TV, or web advertisement), talking with the marketing agent increased the believability of that other source of information. This finding was also unaffected by agent disclosure. Prior to the enforcement of the word-of-mouth marketing organization's disclosure policy (where agents were required to disclose their affiliation in episodes involving an organized word-of-mouth campai","PeriodicalId":163698,"journal":{"name":"Institutional & Transition Economics eJournal","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2006-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132723327","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Decomposing inequality indices across household groups or income sources is useful in estimating the contribution of each component to total inequality. This can help policy makers draw efficient policies to reduce disparities in the distribution of incomes using targeting tools. Decomposing relative inequality indices, such as the Gini coefficient, is not a simple procedure since, in many cases, the functional form of inequality indices is not additively separable in incomes. More importantly, for some of the indices on which this decomposition can be performed, the interpretation of the decomposition components is often not well founded. In this paper, we use the Shapley value as well as analytical approaches to perform the decomposition of the Gini coefficient and generalize it, in some cases, to the decomposition of other inequality indices. For the analytical approach, our aim is to extend the same interpretation, attributed to the Gini coefficient, to that of the contribution components.
{"title":"On the Decomposition of the Gini Coefficient: An Exact Approach, with an Illustration Using Cameroonian Data","authors":"A. Araar","doi":"10.2139/ssrn.877147","DOIUrl":"https://doi.org/10.2139/ssrn.877147","url":null,"abstract":"Decomposing inequality indices across household groups or income sources is useful in estimating the contribution of each component to total inequality. This can help policy makers draw efficient policies to reduce disparities in the distribution of incomes using targeting tools. Decomposing relative inequality indices, such as the Gini coefficient, is not a simple procedure since, in many cases, the functional form of inequality indices is not additively separable in incomes. More importantly, for some of the indices on which this decomposition can be performed, the interpretation of the decomposition components is often not well founded. In this paper, we use the Shapley value as well as analytical approaches to perform the decomposition of the Gini coefficient and generalize it, in some cases, to the decomposition of other inequality indices. For the analytical approach, our aim is to extend the same interpretation, attributed to the Gini coefficient, to that of the contribution components.","PeriodicalId":163698,"journal":{"name":"Institutional & Transition Economics eJournal","volume":"22 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2006-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125132193","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper looks at the validity of a conventional hypothesis about corruption on the basis of new data. The basic import of this hypothesis is that corruption should decline with economic development. The data seem to indicate that important qualifications need to be made about this hypothesis. Moreover, a theory formed on the basis of an empirically proven and theoretically plausible positive association between product variety and economic development and standard demand analysis seems to indicate that the generality of this hypothesis is in considerable doubt.
{"title":"Corruption Reexamined","authors":"S. Mitra","doi":"10.2139/ssrn.872485","DOIUrl":"https://doi.org/10.2139/ssrn.872485","url":null,"abstract":"This paper looks at the validity of a conventional hypothesis about corruption on the basis of new data. The basic import of this hypothesis is that corruption should decline with economic development. The data seem to indicate that important qualifications need to be made about this hypothesis. Moreover, a theory formed on the basis of an empirically proven and theoretically plausible positive association between product variety and economic development and standard demand analysis seems to indicate that the generality of this hypothesis is in considerable doubt.","PeriodicalId":163698,"journal":{"name":"Institutional & Transition Economics eJournal","volume":"49 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2005-12-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"117090106","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
In the 1990s the UN Security Council accreted new functions and responsibilities: to administer territories, establish tribunals to try individuals for war crimes, delineate borders, decide on questions of compensation, and determine juridically-salient facts. This paper considers the relevant resolutions, but argues that until 2001, these activities were linked directly to a territorially-specific international conflict aimed at restoring peace and order. With SC-Resolution 1373(2001) the Security Council created general and abstract obligations in the field of counter-terrorism that, under Chapter VII of the Charter, are immediately binding on all States. While one such legislative act could be considered an aberration, the acceptance of SC-1373 by the states, and the prevailing political dynamic, has prompted the Council to engage in more of this generally-applicable non-localized law-making. Resolution 1540 (2004) on obligations of all states concerning weapons of mass destruction, has provoked much more intense reactions. This paper analyzes the implications of these two resolutions, and argues that continuation of this trend may have significant consequences for the creation of international law. Traditionally, states have the freedom to choose whether they wish to be bound by a norm: they can choose not to sign treaties or they can persistently object to the formation of custom. The creation of international law also relies on the principle of legal equality of the states creating the norm. General legislation by the Council via Chapter VII of the Charter supersedes both these principles. This paper assesses advantages and disadvantages of such lawmaking by the Council as well as possible remedies for potential problems.
{"title":"The Security Council as World Legislator?: Theory, Practice and Consequences of an Expanding World Power","authors":"Axel Marschik","doi":"10.2139/SSRN.871758","DOIUrl":"https://doi.org/10.2139/SSRN.871758","url":null,"abstract":"In the 1990s the UN Security Council accreted new functions and responsibilities: to administer territories, establish tribunals to try individuals for war crimes, delineate borders, decide on questions of compensation, and determine juridically-salient facts. This paper considers the relevant resolutions, but argues that until 2001, these activities were linked directly to a territorially-specific international conflict aimed at restoring peace and order. With SC-Resolution 1373(2001) the Security Council created general and abstract obligations in the field of counter-terrorism that, under Chapter VII of the Charter, are immediately binding on all States. While one such legislative act could be considered an aberration, the acceptance of SC-1373 by the states, and the prevailing political dynamic, has prompted the Council to engage in more of this generally-applicable non-localized law-making. Resolution 1540 (2004) on obligations of all states concerning weapons of mass destruction, has provoked much more intense reactions. This paper analyzes the implications of these two resolutions, and argues that continuation of this trend may have significant consequences for the creation of international law. Traditionally, states have the freedom to choose whether they wish to be bound by a norm: they can choose not to sign treaties or they can persistently object to the formation of custom. The creation of international law also relies on the principle of legal equality of the states creating the norm. General legislation by the Council via Chapter VII of the Charter supersedes both these principles. This paper assesses advantages and disadvantages of such lawmaking by the Council as well as possible remedies for potential problems.","PeriodicalId":163698,"journal":{"name":"Institutional & Transition Economics eJournal","volume":"67 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2005-12-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116818549","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Only 1% of the world's chess grandmasters are women. This underrepresentation is unlikely to be caused by discrimination, since chess ratings objectively reflect competitive results. Using data on the ratings of 250,000 tournament players over 13 years, we investigate several potential explanations for the male domination of elite chess. We find that: (1) the ratings of men are higher on average than those of women, but no more variable; (2) matched boys and girls improve and drop out at equal rates, but boys begin chess competition in greater numbers and at higher performance levels than girls; (3) in locales where at least 50% of the new young players are girls, their initial ratings are not lower than those of boys. We conclude that the greater number of men at the highest levels in chess can be explained by the greater number of boys who enter chess at the lowest levels.
{"title":"Sex Differences in Intellectual Performance: Analysis of a Large Cohort of Competitive Chess Players","authors":"C. Chabris, M. Glickman","doi":"10.2139/ssrn.871186","DOIUrl":"https://doi.org/10.2139/ssrn.871186","url":null,"abstract":"Only 1% of the world's chess grandmasters are women. This underrepresentation is unlikely to be caused by discrimination, since chess ratings objectively reflect competitive results. Using data on the ratings of 250,000 tournament players over 13 years, we investigate several potential explanations for the male domination of elite chess. We find that: (1) the ratings of men are higher on average than those of women, but no more variable; (2) matched boys and girls improve and drop out at equal rates, but boys begin chess competition in greater numbers and at higher performance levels than girls; (3) in locales where at least 50% of the new young players are girls, their initial ratings are not lower than those of boys. We conclude that the greater number of men at the highest levels in chess can be explained by the greater number of boys who enter chess at the lowest levels.","PeriodicalId":163698,"journal":{"name":"Institutional & Transition Economics eJournal","volume":"258 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2005-12-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"117348365","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Democratic societies are challenged by various violent and organized groups, be they terrorists, gangs or organized hooligans. In exchange for offering an identity, leaders in such groups typically require members to be violent. We introduce a simple model to capture these stylized facts, and then study the effects of policing. We find that an increase in the marginal cost of violence always reduces violence, while increasing the indiscriminate fixed cost may backfire and result in smaller and more violent groups.
{"title":"Violent Groups and Police Tactics: Should Tear Gas Make Crime Preventers Cry?","authors":"Panu Poutvaara, Mikael Priks","doi":"10.2139/ssrn.876560","DOIUrl":"https://doi.org/10.2139/ssrn.876560","url":null,"abstract":"Democratic societies are challenged by various violent and organized groups, be they terrorists, gangs or organized hooligans. In exchange for offering an identity, leaders in such groups typically require members to be violent. We introduce a simple model to capture these stylized facts, and then study the effects of policing. We find that an increase in the marginal cost of violence always reduces violence, while increasing the indiscriminate fixed cost may backfire and result in smaller and more violent groups.","PeriodicalId":163698,"journal":{"name":"Institutional & Transition Economics eJournal","volume":"36 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2005-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116253644","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2005-12-01DOI: 10.1111/J.1467-937X.2009.00554.X
P. Bolton, Antoine Faure-Grimaud
We propose a model of costly decision making based on time-costs of deliberating current and future decisions. We model an individual decision-maker's thinking process as a thought-experiment that takes time, and lets the decision maker 'think ahead' about future decision problems in yet unrealized states of nature. By formulating an intertemporal, state-contingent, planning problem which may involve costly deliberation in every state of nature, and by letting the decision maker deliberate ahead of the realization of a state, we attempt to capture the basic observation that individuals generally do not think through a complete action plan. Instead, individuals prioritize their thinking and leave deliberations on less important decisions to the time or event when they arise. Copyright 2009, Wiley-Blackwell.
{"title":"Thinking Ahead: The Decision Problem","authors":"P. Bolton, Antoine Faure-Grimaud","doi":"10.1111/J.1467-937X.2009.00554.X","DOIUrl":"https://doi.org/10.1111/J.1467-937X.2009.00554.X","url":null,"abstract":"We propose a model of costly decision making based on time-costs of deliberating current and future decisions. We model an individual decision-maker's thinking process as a thought-experiment that takes time, and lets the decision maker 'think ahead' about future decision problems in yet unrealized states of nature. By formulating an intertemporal, state-contingent, planning problem which may involve costly deliberation in every state of nature, and by letting the decision maker deliberate ahead of the realization of a state, we attempt to capture the basic observation that individuals generally do not think through a complete action plan. Instead, individuals prioritize their thinking and leave deliberations on less important decisions to the time or event when they arise. Copyright 2009, Wiley-Blackwell.","PeriodicalId":163698,"journal":{"name":"Institutional & Transition Economics eJournal","volume":"26 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2005-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124226670","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
In this note we show that tax-rate elasticities of Foreign Direct Investment (FDI) to Central and East European Countries (CEECs) derived from statutory corporate income tax rates (STRs) are likely to be flawed. From a conceptual point of view STRs are problematic as they neither capture tax base effects, nor effects of the home country, the international or the supranational tax laws on the corporate tax burden. Concerning FDI, from an empirical point of view STRs are questionable as their behavior over time and between country-pairs may be very different from that of the conceptually superior bilateral corporate effective average tax rates (BCEATRs). We compare the variability of STRs and BCEATRs of seven major home countries of FDI in eight major CEEC host countries during the period 1995-2005 via Levene-tests, using a unique dataset. Results confirm that using STRs instead of BCEATRs in empirical investigations of FDI is likely to result in too low tax-rate elasticities.
{"title":"A Note on the Appropriate Measure of Tax Burden on Foreign Direct Investment to the Ceecs","authors":"C. Bellak, Markus Leibrecht","doi":"10.2139/ssrn.875525","DOIUrl":"https://doi.org/10.2139/ssrn.875525","url":null,"abstract":"In this note we show that tax-rate elasticities of Foreign Direct Investment (FDI) to Central and East European Countries (CEECs) derived from statutory corporate income tax rates (STRs) are likely to be flawed. From a conceptual point of view STRs are problematic as they neither capture tax base effects, nor effects of the home country, the international or the supranational tax laws on the corporate tax burden. Concerning FDI, from an empirical point of view STRs are questionable as their behavior over time and between country-pairs may be very different from that of the conceptually superior bilateral corporate effective average tax rates (BCEATRs). We compare the variability of STRs and BCEATRs of seven major home countries of FDI in eight major CEEC host countries during the period 1995-2005 via Levene-tests, using a unique dataset. Results confirm that using STRs instead of BCEATRs in empirical investigations of FDI is likely to result in too low tax-rate elasticities.","PeriodicalId":163698,"journal":{"name":"Institutional & Transition Economics eJournal","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2005-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129114394","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Corporate governance is essential for establishing an attractive investment climate characterised by competitive companies and an efficient capital market. This paper examines the impact of four corporate governance programmes to perceived auditor independence from the perspective of Malaysian auditors, loan officers and senior managers of public listed companies. Questionnaire and interview surveys were employed to seek the respondent's perceptions on these issues. It is found that auditor independence would be safeguarded on the following issues: the compliance with the Financial Reporting Standards (FRS) of the Malaysian Accounting Standard Board (MASB) was legally mandated, the establishment of the Malaysian Institute of Corporate Governance (MICG), the establishment of the Minority Shareholders Watchdog Group (MSWG) and the implementation of mandatory director accreditation training programme (MDATP).
{"title":"The Impact of Selected Corporate Governance Programmes to Auditor Independence: Some Evidence from Malaysia","authors":"Zulkarnain Muhamad Sori, Yusuf Karbhari","doi":"10.2139/ssrn.871139","DOIUrl":"https://doi.org/10.2139/ssrn.871139","url":null,"abstract":"Corporate governance is essential for establishing an attractive investment climate characterised by competitive companies and an efficient capital market. This paper examines the impact of four corporate governance programmes to perceived auditor independence from the perspective of Malaysian auditors, loan officers and senior managers of public listed companies. Questionnaire and interview surveys were employed to seek the respondent's perceptions on these issues. It is found that auditor independence would be safeguarded on the following issues: the compliance with the Financial Reporting Standards (FRS) of the Malaysian Accounting Standard Board (MASB) was legally mandated, the establishment of the Malaysian Institute of Corporate Governance (MICG), the establishment of the Minority Shareholders Watchdog Group (MSWG) and the implementation of mandatory director accreditation training programme (MDATP).","PeriodicalId":163698,"journal":{"name":"Institutional & Transition Economics eJournal","volume":"31 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2005-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126739652","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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