We examine whether home country investor protection and ownership structure affect cross-listed firms' compliance with SOX-mandated internal control deficiency (ICD) disclosures. We develop a proxy for the likelihood of cross-listed firms' ICD misreporting during the Section 302 reporting regime. For cross-listed firms domiciled in weak investor protection countries, we have three main findings. First, firms whose managers control their firms and have voting rights in excess of cash flow rights are more likely to misreport ICD than other firms during the Section 302 reporting regime. Second, there is a positive association between the likelihood of ICD misreporting and voluntary deregistration from the SEC prior to the Section 404 effective date. Third, for firms that chose not to deregister, there is a positive association between the likelihood of ICD misreporting and the reporting of previously undisclosed ICDs during the Section 404 reporting regime. We do not find similar evidence for cross-listed firms domiciled in strong investor protection countries. Our findings are consistent with the hypothesis that, for cross-listed firms domiciled in weak investor protection countries, managers who have the ability and incentive to expropriate outside minority shareholders are reluctant to disclose ICDs in order to protect their private control benefits. The results of our study should be of interest to regulators who wish to identify noncompliant firms for closer supervision, investors who wish to identify ex ante red flags for poor financial disclosure quality, and researchers who wish to understand the economic forces governing cross-listed firms' financial disclosure behavior.
{"title":"Home Country Investor Protection, Ownership Structure and Cross-listed Firms’ Compliance with SOX-mandated Internal Control Deficiency Disclosures","authors":"G. Gong, B. Ke, Yong Yu","doi":"10.2139/ssrn.1624186","DOIUrl":"https://doi.org/10.2139/ssrn.1624186","url":null,"abstract":"We examine whether home country investor protection and ownership structure affect cross-listed firms' compliance with SOX-mandated internal control deficiency (ICD) disclosures. We develop a proxy for the likelihood of cross-listed firms' ICD misreporting during the Section 302 reporting regime. For cross-listed firms domiciled in weak investor protection countries, we have three main findings. First, firms whose managers control their firms and have voting rights in excess of cash flow rights are more likely to misreport ICD than other firms during the Section 302 reporting regime. Second, there is a positive association between the likelihood of ICD misreporting and voluntary deregistration from the SEC prior to the Section 404 effective date. Third, for firms that chose not to deregister, there is a positive association between the likelihood of ICD misreporting and the reporting of previously undisclosed ICDs during the Section 404 reporting regime. We do not find similar evidence for cross-listed firms domiciled in strong investor protection countries. Our findings are consistent with the hypothesis that, for cross-listed firms domiciled in weak investor protection countries, managers who have the ability and incentive to expropriate outside minority shareholders are reluctant to disclose ICDs in order to protect their private control benefits. The results of our study should be of interest to regulators who wish to identify noncompliant firms for closer supervision, investors who wish to identify ex ante red flags for poor financial disclosure quality, and researchers who wish to understand the economic forces governing cross-listed firms' financial disclosure behavior.","PeriodicalId":188920,"journal":{"name":"INTL: Managing in Emerging Markets (Topic)","volume":"25 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-08-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"117257589","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}
Against the background of the recent discussion whether the smoothing behavior of the Fed detected by empirical Taylor rules is indeed a fact or rather a statistically fiction, this paper re-examines the empirical evidence for interest rate smoothing for the case of the ECB. Based on data representing true ECB behavior, our findings reject the hypothesis of no smoothing but also find a role of serially correlated shocks. The degree of smoothing is estimated in the range of [0:40;0:82], reflecting model uncertainty with respect to the output gap and indicating a rather moderate extent of partial adjustment. Moreover, we find a significant reaction to the output gap. In contrast, the reaction coefficient for current inflation is insignificant, while it is highly significant for the one-year-ahead forecast of the ECB’s Survey of Professional Forecasters.
在最近讨论由经验泰勒规则检测到的美联储平滑行为是事实还是统计虚构的背景下，本文以欧洲央行为例重新审视了利率平滑的经验证据。基于代表真实欧洲央行行为的数据，我们的研究结果拒绝了没有平滑的假设，但也发现了序列相关冲击的作用。平滑程度估计在[0:40;0:82]的范围内，反映了模型相对于产出缺口的不确定性，表明部分调整的程度相当适度。此外，我们还发现了对产出缺口的显著反应。相比之下，当前通胀的反应系数是微不足道的，而对于欧洲央行的专业预测者调查(Survey of Professional predictors)的未来一年预测来说，它是非常重要的。
{"title":"Quantifying the ECB’s Interest Rate Smoothing Behavior","authors":"Nicolas Pinkwart","doi":"10.2139/ssrn.1742306","DOIUrl":"https://doi.org/10.2139/ssrn.1742306","url":null,"abstract":"Against the background of the recent discussion whether the smoothing behavior of the Fed detected by empirical Taylor rules is indeed a fact or rather a statistically fiction, this paper re-examines the empirical evidence for interest rate smoothing for the case of the ECB. Based on data representing true ECB behavior, our findings reject the hypothesis of no smoothing but also find a role of serially correlated shocks. The degree of smoothing is estimated in the range of [0:40;0:82], reflecting model uncertainty with respect to the output gap and indicating a rather moderate extent of partial adjustment. Moreover, we find a significant reaction to the output gap. In contrast, the reaction coefficient for current inflation is insignificant, while it is highly significant for the one-year-ahead forecast of the ECB’s Survey of Professional Forecasters.","PeriodicalId":188920,"journal":{"name":"INTL: Managing in Emerging Markets (Topic)","volume":"63 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-06-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122221975","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 spite of the rise of China and its currency, the currency risk of Chinese firms has not been studied adequately. In this paper we document for the first time that the stock returns of Chinese firms are significantly exposed to currency risks with many firms benefiting from the rise of the Yuan. Further, the magnitudes of the currency risk coefficients for Chinese companies (
{"title":"Currency Risk Exposure of Chinese Corporations","authors":"Raj Aggarwal, Xiaoying Chen, Jasmine Yur-Austin","doi":"10.2139/ssrn.1762818","DOIUrl":"https://doi.org/10.2139/ssrn.1762818","url":null,"abstract":"In spite of the rise of China and its currency, the currency risk of Chinese firms has not been studied adequately. In this paper we document for the first time that the stock returns of Chinese firms are significantly exposed to currency risks with many firms benefiting from the rise of the Yuan. Further, the magnitudes of the currency risk coefficients for Chinese companies (","PeriodicalId":188920,"journal":{"name":"INTL: Managing in Emerging Markets (Topic)","volume":"3 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-02-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115530834","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}
Ecuador recently experienced an unprecedented wave of emigration following the severe economic crisis of the late 1990s. Individual-level data for Ecuador and its two main migration destinations, Spain and the United States, are used to examine the size and skill composition of these migration flows and the role of wage differences in accounting for these features. Estimations of earnings regressions for Ecuadorians in all three countries show substantially larger income gains following migration to the United States than to Spain, with the wage differential increasing with migrants' education level. While this finding can account for the pattern of positive sorting in education toward the United States, it fails to explain why most Ecuadorians opted for Spain. The explanation for this preference appears to lie in Spain's visa waiver program for Ecuadorians. When the program was abruptly terminated, monthly inflows of Ecuadorians to Spain declined immediately.
{"title":"Immigration Policies and the Ecuadorian Exodus","authors":"Simone Bertoli, J. Moraga, Francesc Ortega","doi":"10.1093/WBER/LHR004","DOIUrl":"https://doi.org/10.1093/WBER/LHR004","url":null,"abstract":"Ecuador recently experienced an unprecedented wave of emigration following the severe economic crisis of the late 1990s. Individual-level data for Ecuador and its two main migration destinations, Spain and the United States, are used to examine the size and skill composition of these migration flows and the role of wage differences in accounting for these features. Estimations of earnings regressions for Ecuadorians in all three countries show substantially larger income gains following migration to the United States than to Spain, with the wage differential increasing with migrants' education level. While this finding can account for the pattern of positive sorting in education toward the United States, it fails to explain why most Ecuadorians opted for Spain. The explanation for this preference appears to lie in Spain's visa waiver program for Ecuadorians. When the program was abruptly terminated, monthly inflows of Ecuadorians to Spain declined immediately.","PeriodicalId":188920,"journal":{"name":"INTL: Managing in Emerging Markets (Topic)","volume":"27 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127599507","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}
Using a novel multivariate microstructure model and time varying estimation framework we analyse the change in the information structure of the segmented Shanghai A and B share listed stocks after a significant set of regulatory reforms in 2001, nicknamed the 'year of regulation' by commentators. This provides an interesting natural experiment to determine whether a standard rational expectations model can capture the impact of these regulatory reforms on the information structure of this market. We find that whilst there is an increase in the number of informed traders after the B market was opened up to domestic traders the major reaction was a substantial spike then sudden a drop in the variance of uninformed traders order submissions in the B market post 2001. Simultaneously, the variance of the global noise surrounding the informed traders increases by around 5%. We suggest that our methodology and results will help inform regulators outside of the Chinese market when attempting to establish the impact of changes in trading restrictions.
{"title":"A Tale of Two Market Microstructures: Spillovers of Informed Trading and Liquidity for Cross Listed Chinese A and B Shares","authors":"J. Chen, Julian M. Williams, R. Buckland","doi":"10.2139/ssrn.1741959","DOIUrl":"https://doi.org/10.2139/ssrn.1741959","url":null,"abstract":"Using a novel multivariate microstructure model and time varying estimation framework we analyse the change in the information structure of the segmented Shanghai A and B share listed stocks after a significant set of regulatory reforms in 2001, nicknamed the 'year of regulation' by commentators. This provides an interesting natural experiment to determine whether a standard rational expectations model can capture the impact of these regulatory reforms on the information structure of this market. We find that whilst there is an increase in the number of informed traders after the B market was opened up to domestic traders the major reaction was a substantial spike then sudden a drop in the variance of uninformed traders order submissions in the B market post 2001. Simultaneously, the variance of the global noise surrounding the informed traders increases by around 5%. We suggest that our methodology and results will help inform regulators outside of the Chinese market when attempting to establish the impact of changes in trading restrictions.","PeriodicalId":188920,"journal":{"name":"INTL: Managing in Emerging Markets (Topic)","volume":"14 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-01-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121656320","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}
Financing of and investing in R&D are prone to risks of appropriation by competitors and the problem of information asymmetry. Although legal protection of intellectual property (IP) rights at the national level is necessary in encouraging financing of and investing in R&D, we show that the effective enforcement at the local level is critical. We focus on the impact of provincial level IP rights enforcement on the financing of and investing in R&D, using a unique and rich database of high technology firms. These firms are located in twenty-eight provinces/districts throughout China. The enforcement of IP rights differs at the provincial level, although the firms are under the same set of national and international laws. To identify the causal effect of provincial level IP rights enforcement on firm behavior, we use instrumental variable regressions to deal with the endogeneity issue. Controlling for provincial institutional factors such as economic development, banking system development, legal system performance, and local government corruption, we find that the enforcement of IP rights positively affects firms’ ability to acquire new external debt (including formal and informal financing). Firms in provinces with better enforcement of IP rights invest more in R&D, generate more innovation patents, and produce more sales from new products. The results confirm that enforcement of IP rights matters even in China. The evidence also suggests that facilitating financing and investing in R&D are the channels in which better IP rights enforcement could affect the growth of the economy.
{"title":"Does Enforcement of Intellectual Property Rights Matter in China? Evidence from Financing and Investment Choices in the High Tech Industry","authors":"James S. Ang, Chaopeng Wu, Yingmei Cheng","doi":"10.2139/ssrn.1571392","DOIUrl":"https://doi.org/10.2139/ssrn.1571392","url":null,"abstract":"Financing of and investing in R&D are prone to risks of appropriation by competitors and the problem of information asymmetry. Although legal protection of intellectual property (IP) rights at the national level is necessary in encouraging financing of and investing in R&D, we show that the effective enforcement at the local level is critical. We focus on the impact of provincial level IP rights enforcement on the financing of and investing in R&D, using a unique and rich database of high technology firms. These firms are located in twenty-eight provinces/districts throughout China. The enforcement of IP rights differs at the provincial level, although the firms are under the same set of national and international laws. To identify the causal effect of provincial level IP rights enforcement on firm behavior, we use instrumental variable regressions to deal with the endogeneity issue. Controlling for provincial institutional factors such as economic development, banking system development, legal system performance, and local government corruption, we find that the enforcement of IP rights positively affects firms’ ability to acquire new external debt (including formal and informal financing). Firms in provinces with better enforcement of IP rights invest more in R&D, generate more innovation patents, and produce more sales from new products. The results confirm that enforcement of IP rights matters even in China. The evidence also suggests that facilitating financing and investing in R&D are the channels in which better IP rights enforcement could affect the growth of the economy.","PeriodicalId":188920,"journal":{"name":"INTL: Managing in Emerging Markets (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2010-12-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130206063","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}
China is one of the cities with the strongest growth in economy and housing price after the Financial Crisis 2008. Housing demand in China is generally perceived to be driven by fundamental demographical reasons, such as a substantial increase in the disposable income in recent decades, growing-up of the baby-boomer since the 1960s, etc. However, this paper puts forward evidence to refute these demographic conjectures, but contends a Fisherian’s monetary cause of housing demand. The imbalance of the economic situations of different provinces, but subject to the same centralized monetary policies on interest rate and money/credit supply, as well as the non-market driven currency exchange rate, very different inflation rates are envisaged at different territories of the continent. The recent upsurge of housing price is clearly a consequence of the supply of RMB4,000 billion new credit into the market and the currency peg to US$ after the 2008 crisis. In view of the very limited investment vehicles in China, housing market has become almost a pure investment or even a speculative commodity market for inflation hedging.
{"title":"The Changing Nature of Household Demand and Housing Market Trends in China","authors":"Chung Yim Edward Yiu","doi":"10.2139/ssrn.1669166","DOIUrl":"https://doi.org/10.2139/ssrn.1669166","url":null,"abstract":"China is one of the cities with the strongest growth in economy and housing price after the Financial Crisis 2008. Housing demand in China is generally perceived to be driven by fundamental demographical reasons, such as a substantial increase in the disposable income in recent decades, growing-up of the baby-boomer since the 1960s, etc. However, this paper puts forward evidence to refute these demographic conjectures, but contends a Fisherian’s monetary cause of housing demand. The imbalance of the economic situations of different provinces, but subject to the same centralized monetary policies on interest rate and money/credit supply, as well as the non-market driven currency exchange rate, very different inflation rates are envisaged at different territories of the continent. The recent upsurge of housing price is clearly a consequence of the supply of RMB4,000 billion new credit into the market and the currency peg to US$ after the 2008 crisis. In view of the very limited investment vehicles in China, housing market has become almost a pure investment or even a speculative commodity market for inflation hedging.","PeriodicalId":188920,"journal":{"name":"INTL: Managing in Emerging Markets (Topic)","volume":"52 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2010-08-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124114507","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 attempts to assess the compatibility of China with its present dollar-based exchange rate policies. Assessment is made in terms of the real convergence criteria suggested by the optimum currency areas (OCA) theory and the nominal convergence criteria specified by the Maastricht Treaty. In light of the endogeneity view of convergence criteria, the relevant features of China are evaluated against economies implementing rigid dollar standards in practice, namely Hong Kong, Macau, and Panama. Results suggest that conditions in China are at least as conforming as those prevailing in the reference economies.
{"title":"Assessing the Appropriateness of China’s Peg to the US Dollar","authors":"Chee-Heong Quah, Patrick M. Crowley","doi":"10.2139/ssrn.1665062","DOIUrl":"https://doi.org/10.2139/ssrn.1665062","url":null,"abstract":"This paper attempts to assess the compatibility of China with its present dollar-based exchange rate policies. Assessment is made in terms of the real convergence criteria suggested by the optimum currency areas (OCA) theory and the nominal convergence criteria specified by the Maastricht Treaty. In light of the endogeneity view of convergence criteria, the relevant features of China are evaluated against economies implementing rigid dollar standards in practice, namely Hong Kong, Macau, and Panama. Results suggest that conditions in China are at least as conforming as those prevailing in the reference economies.","PeriodicalId":188920,"journal":{"name":"INTL: Managing in Emerging Markets (Topic)","volume":"6 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2010-08-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128112914","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}
Financial derivatives are extensively used as hedging instruments worldwide, including emerging markets like Malaysian, Italian, and Portuguese equity markets. However, hedging one’s stock position through futures is still the road less traveled in India. This study is, therefore, an attempt to explore Indian futures market for hedging by equity holders in general as well as in period of financial crisis. We have estimated effectiveness of the optimal hedge ratio based on HKM [Herbst, Kare and Marshall (1993)] methodology with benchmark model JSE [Johnson (1960), Stein (1961) and Ederington (1979)] methodology for futures. Hedge ratio based on HKM methodology is a time-variant whereas hedge ratio based on JSE methodology is a constant and time-invariant. To bring the comparison of hedge effectiveness on equal level (from transaction cost point of view), time-varying hedge ratio estimated based on HKM methodology “time-invariant” and then Bases using the hedge ratios are estimated. For empirical validation of the Effectiveness of the optimal hedge ratios and their stability in normal as well in the period of financial crisis, the study of S&P Nifty Index {National Stock Exchange of India (NSE) – 50 Index and its futures is conducted using daily data for the year 2005 (representing normal period) and January 2007 to June 2009 (representing turbulent time period) based on the value of volatility index. Results suggest that hedge using HKM model is more effective than that of hedge based on JSE model. The results are statistically significant at 95% confidence level. An additional contribution of this study is to help the hedger to decide “when” to re-balance the hedge.
{"title":"Does Market Volatility Affects Hedge Effectiveness? An Empirical Investigation of Time-Invariant and Time-Varying Hedges During Period of Financial Crisis in Indian Futures Market","authors":"S. N. Nageswara Rao, S. K. Thakur","doi":"10.2139/ssrn.1663373","DOIUrl":"https://doi.org/10.2139/ssrn.1663373","url":null,"abstract":"Financial derivatives are extensively used as hedging instruments worldwide, including emerging markets like Malaysian, Italian, and Portuguese equity markets. However, hedging one’s stock position through futures is still the road less traveled in India. This study is, therefore, an attempt to explore Indian futures market for hedging by equity holders in general as well as in period of financial crisis. We have estimated effectiveness of the optimal hedge ratio based on HKM [Herbst, Kare and Marshall (1993)] methodology with benchmark model JSE [Johnson (1960), Stein (1961) and Ederington (1979)] methodology for futures. Hedge ratio based on HKM methodology is a time-variant whereas hedge ratio based on JSE methodology is a constant and time-invariant. To bring the comparison of hedge effectiveness on equal level (from transaction cost point of view), time-varying hedge ratio estimated based on HKM methodology “time-invariant” and then Bases using the hedge ratios are estimated. For empirical validation of the Effectiveness of the optimal hedge ratios and their stability in normal as well in the period of financial crisis, the study of S&P Nifty Index {National Stock Exchange of India (NSE) – 50 Index and its futures is conducted using daily data for the year 2005 (representing normal period) and January 2007 to June 2009 (representing turbulent time period) based on the value of volatility index. Results suggest that hedge using HKM model is more effective than that of hedge based on JSE model. The results are statistically significant at 95% confidence level. An additional contribution of this study is to help the hedger to decide “when” to re-balance the hedge.","PeriodicalId":188920,"journal":{"name":"INTL: Managing in Emerging Markets (Topic)","volume":"273 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2010-08-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132848325","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}
The World Bank has published a series of reports on corporate governance as part of its project on the Reports on the Observance of Standards and Codes (ROSC). The corporate governance principles in its ROSC Reports are benchmarked against the OECD’s Principles of Corporate Governance (OECD 2004). The main categories of principles are discussed below. This study focuses on the main corporate governance attributes of Croatia. The paper concludes with an extensive bibliography.
{"title":"Corporate Governance in Transition and Developing Economies: A Case Study of Croatia","authors":"Robert W. McGee","doi":"10.2139/ssrn.1663110","DOIUrl":"https://doi.org/10.2139/ssrn.1663110","url":null,"abstract":"The World Bank has published a series of reports on corporate governance as part of its project on the Reports on the Observance of Standards and Codes (ROSC). The corporate governance principles in its ROSC Reports are benchmarked against the OECD’s Principles of Corporate Governance (OECD 2004). The main categories of principles are discussed below. This study focuses on the main corporate governance attributes of Croatia. The paper concludes with an extensive bibliography.","PeriodicalId":188920,"journal":{"name":"INTL: Managing in Emerging Markets (Topic)","volume":"108 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2010-08-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115830524","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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