...M A G A Z I N E FA L L 2 0 0 2 Volume 20 Number 2 SPANNING THE GLOBE Duke Leads the Way in International Law Teaching and Scholarship inside plus Duke admits smaller, exceptionally well-qualified class Duke’s Global Capital Markets Center to launch new Directors’ Education Institute from the dean Dear Alumni and Friends, It is not possible, these days, for a top law school to be anything other than an international one. At Duke Law, we no longer think of “international” as a separate category. Virtually everything we do has some international dimension, whether it concerns international treaties and protocols, commercial transactions across national borders, international child custody disputes, criminal behavior that violates international human rights law, international sports competitions, global environmental regulation, international terrorism, or any number of other topics. And, of course, there is little that we do at Duke that does not involve scholars and students from other countries, who are entirely integrated with U.S. scholars and students. Students enrolled in our joint JD/LLM program in international and comparative law receive an in-depth education in both the public and private aspects of international and comparative law, enriched by the ubiquitous presence of foreign students; likewise, the foreign lawyers who enroll in our one-year LLM program in American law enroll in the same courses, attend the same conferences...
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...M A G A Z I N E FA L L 2 0 0 2 Volume 20 Number 2 SPANNING THE GLOBE Duke Leads the Way in International Law Teaching and Scholarship inside plus Duke admits smaller, exceptionally well-qualified class Duke’s Global Capital Markets Center to launch new Directors’ Education Institute from the dean Dear Alumni and Friends, It is not possible, these days, for a top law school to be anything other than an international one. At Duke Law, we no longer think of “international” as a separate category. Virtually everything we do has some international dimension, whether it concerns international treaties and protocols, commercial transactions across national borders, international child custody disputes, criminal behavior that violates international human rights law, international sports competitions, global environmental regulation, international terrorism, or any number of other topics. And, of course, there is little that we do at Duke that does not involve scholars and students from other countries, who are entirely integrated with U.S. scholars and students. Students enrolled in our joint JD/LLM program in international and comparative law receive an in-depth education in both the public and private aspects of international and comparative law, enriched by the ubiquitous presence of foreign students; likewise, the foreign lawyers who enroll in our one-year LLM program in American law enroll in the same courses, attend the same conferences...
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...role in corporate governance? In this paper we argue that media pressure corporate managers and directors to behave in ways that are “socially acceptable”. Sometimes this coincides with shareholders’ value maximization, others not. We provide both anecdotal and systematic evidence that media affect companies’ policy toward the environment and the amount of corporate resources that are diverted to the sole advantage of controlling shareholders. Our results have important consequences for the focus of the corporate governance debate and for the feasibility of reforms aimed at improving corporate governance around the world. * We thank Mehmet Beceren for assistance in preparing the data and Rakhesh Khurana, Jay Lorsch,, Forest Reinhardt, Richard Vietor, Andy Zelleke and seminar participants at Harvard Business School for helpful comments on an earlier draft. Alexander Dyck gratefully acknowledges financial support from the Division of Research of Harvard Business School and Luigi Zingales from the George Stigler Center at the University of Chicago. In April 1992 the Wall Street Journal published a strange ad. It was a full-page picture of a silhouette of the Board of Directors of Sears Roebuck with the title: the “non-performing assets of Sears”. The ad, paid by shareholder activist Robert Monks, exposed all the directors, who were identified by name, as responsible for the poor performance of Sears’stock. The directors, greatly embarrassed by the ad, chose to adopt many of...
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...William and Mary Law Review Volume 49 | Issue 4 Article 16 Constitution Writing in Post-conflict Settings: An Overview Jennifer Widner Repository Citation Jennifer Widner, Constitution Writing in Post-conflict Settings: An Overview, 49 Wm. & Mary L. Rev. 1513 (2008), http://scholarship.law.wm.edu/wmlr/vol49/iss4/16 Copyright c 2008 by the authors. This article is brought to you by the William & Mary Law School Scholarship Repository. http://scholarship.law.wm.edu/wmlr CONSTITUTION WRITING IN POST-CONFLICT SETTINGS: AN OVERVIEWt JENNIFER WIDNER* During the past forty years, over 200 new constitutions have emerged in countries at risk of internal violence. Internationally brokered peace accords have entailed the development of constitutions not only in the Balkans but also in Cambodia, Lebanon, East Timor, Rwanda, Chad, Mozambique, Bougainville-Papua New Guinea, Nepal, the Comoros, and other places.' New constitutions have heralded the adoption of multiparty systems from Albania to Zambia. 2 Policymakers have started to ask what we have learned and specifically whether some constitutional reform processes are more likely than others to deliver a reduction in violence or more rights-respecting fundamental documents. For example, over the past decade, the Commonwealth, the U.S. Institute of Peace, and t This Article draws in part on WIDER Research Paper 2005/51 and is published with the kind permission of the UNU-WIDER. * Professor of Politics and International Affairs, Princeton...
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...Corporate Governance Quality and Firm Value in Brazil Dr. Alexandre Di Miceli da Silveira, University of Sao Paulo, Sao Paulo, Brazil Dr. Lucas Ayres B. de C. Barros, Mackenzie Presbiterian University, Sao Paulo, Brazil Alexandre Di Miceli da Silveiraa School of Economics, Management and Accounting of University of São Paulo (FEA/USP) Lucas Ayres B. de C. Barrosb Mackenzie Presbiterian University July, 2006 a Professor of Finance and Accounting at School of Economics, Management and Accounting of University of São Paulo (FEA/USP). Tel: (+55) 11 5054-1888. e-mail: alexfea@usp.br (contact author). b Professor of Finance at Mackenzie Presbiterian University. Tel: (+55) 11 3871-2689. e-mail: lucasayres2002@gmail.com. Corporate Governance Quality and Firm Value in Brazil Abstract This paper investigates the influence of corporate governance quality on market value of 154 Brazilian listed companies in 2002. In order to obtain a proxy for corporate governance quality, a broad governance index was built. The investigation was carried out through different econometric approaches in increasing order of complexity, including multiple regressions by Ordinary Least Squares (OLS), instrumental variables approach and systems of simultaneous equations. The results obtained in all econometric approaches show a positive and significant influence of corporate governance quality on firm’s market value. OLS results with market value variables Tobin’s Q and PBV multiple...
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...Transition The First Ten Years Analysis and Lessons for Eastern Europe and the Former Soviet Union Transition The First Ten Years Analysis and Lessons for Eastern Europe and the Former Soviet Union THE WORLD BANK Washington, D.C. © 2002 The International Bank for Reconstruction and Development/The World Bank 1818 H Street, NW Washington, DC 20433 All rights reserved. 1 2 3 4 5 05 04 03 02 The findings, interpretations, and conclusions expressed here are those of the author(s) and do not necessarily reflect the views of the Board of Executive Directors of the World Bank or the governments they represent. The World Bank cannot guarantee the accuracy of the data included in this work. The boundaries, colors, denominations, and other information shown on any map in this work do not imply on the part of the World Bank any judgment of the legal status of any territory or the endorsement or acceptance of such boundaries. Rights and Permissions The material in this work is copyrighted. No part of this work may be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopying, recording, or inclusion in any information storage and retrieval system, without the prior written permission of the World Bank. The World Bank encourages dissemination of its work and will normally grant permission promptly. For permission to photocopy or reprint, please send a request with complete information to the Copyright Clearance Center, Inc, 222 Rosewood...
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...Research Study Capital-Market Effects of Corporate Disclosures and Disclosure Regulation Christian Leuz Peter Wysocki June 26, 2006 Commissioned by the Task Force to Modernize Securities Legislation in Canada Christian Leuz Christian Leuz is currently the Professor of Accounting at the University of Chicago, Graduate School of Business. He is also the David G. Booth Faculty Fellow. Prior to this position, Professor Leuz was the Harold Stott Term Assistant Professor in Accounting at the Wharton School of the University of Pennsylvania and Fellow at Wharton’s Financial Institution Center. His research interests include transparency and corporate governance, financial disclosure and securities regulation, and the links between the institutions of market economies. Professor Leuz earned his doctoral degree and “Habilitation” at the Goethe University Frankfurt in Germany. His most recent publications have appeared in the Journal of Financial Economics, the Journal of Accounting and Economics and the Journal of Accounting Research. He is an Associate Editor of the Journal of Accounting and Economics and serves currently on the Editorial Board of The Accounting Review, the Journal of Accounting Research, the Journal of Business, Finance and Accounting, and the International Journal of Accounting. He has received several grants and honors, of which the Geewax Terker Prize is the latest. Peter Wysocki Professor Peter Wysocki is an associate professor of management at...
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...NBER WORKING PAPER SERIES HOW DOES CORPORATE GOVERNANCE RISK AT HOME AFFECT INVESTMENT CHOICES ABROAD? Woochan Kim Taeyoon Sung Shang-Jin Wei Working Paper 13721 http://www.nber.org/papers/w13721 NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138 January 2008 We thank Marianne Bertrand, Bernard Black, Bernado Bortolotti, Stijn Claessens, Mara Faccio, John Griffin, Simon Johnson, Kate Litvak, seminar participants at Harvard Business School, Columbia Business School, University of Texas, Austin, Seoul National University, Korea University, KDI School of Public Policy and Management, IMF, Brookings Institution, and the International Research Conference on Corporate Governance in Emerging Market Economies for helpful comments, and John Klopfer for able editorial assistance. We also thank the KDI School of Public Policy and Management for financial support. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research. NBER working papers are circulated for discussion and comment purposes. They have not been peerreviewed or been subject to the review by the NBER Board of Directors that accompanies official NBER publications. © 2008 by Woochan Kim, Taeyoon Sung, and Shang-Jin Wei. All rights reserved. Short sections of text, not to exceed two paragraphs, may be quoted without explicit permission provided that full credit, including © notice, is given to the source. How Does...
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...Financing Firms in India Franklin Allen Finance Department The Wharton School University of Pennsylvania allenf@wharton.upenn.edu Rajesh Chakrabarti Finance Area Indian School of Business Hyderabad 500 032, India rajesh_chakrabarti@isb.edu Jun “QJ” Qian Finance Department Carroll School of Management Boston College qianju@bc.edu Sankar De Centre for Analytical Finance Indian School of Business Hyderabad 500 032, India Sankar_De@isb.edu Meijun Qian Finance Department NUS Business School National University of Singapore bizqmj@nus.edu.sg Last Revised: December 2011 Forthcoming, Journal of Financial Intermediation Abstract With extensive cross-country datasets and India firm samples, as well as our own surveys of small and medium firms, we examine the legal and business environments, financing channels, and growth patterns of different types of firms in India. Despite the English common-law origin and a British-style judicial system, Indian firms face weak investor protection in practice and poor institutions characterized by corruption and inefficiency. Alternative finance, including financing from all non-bank, non-market sources, and generally backed by non-legal mechanisms, constitutes the most important form of external finance. Bank loans provide the second most important external financing source. Firms with access to bank or market finance are not associated with higher growth rates. Our results indicate that bank and market...
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...“WHAT IS THE RELATIONSHIP BETWEEN DIVERSIFICATION AND PERFORMANCE, PARTICULARLY IN EMERGING ECONOMIES? WHAT ARE THE FACTORS WHICH ARE RELEVANT FOR SETTING THE CONTENTS OF THAT RELATIONSHIP?” By João de Almeida Frazão Caro de Sousa Master Thesis Submitted to ESADE Business School in fulfilment of the requirements for the Degree of Master of Science in International Management ESADE Business School May 2012 Master of Science in International Management – ESADE Business School i Master of Science in International Management – ESADE Business School Table of Contents Introduction ..................................................................................................................................... 1 Theoretical Background 1. Diversification ......................................................................................................................... 5 1.1 General Observations ........................................................................................................ 6 1.2 Different types of diversification strategies....................................................................... 7 1.3 The costs and benefits of diversification ........................................................................... 8 1.4 Diversification Trends ....................................................................................................... 9 A. The Lack of Significant Relationship ................................
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...2012 Doing business in a more transparent world C O M PA R I N G R E G U L AT I O N F O R D O M E S T I C F I R M S I N 1 8 3 E C O N O M I E S © 2012 The International Bank for Reconstruction and Development / The World Bank 1818 H Street NW Washington, DC 20433 Telephone 202-473-1000 Internet www.worldbank.org All rights reserved. 1 2 3 4 08 07 06 05 A copublication of The World Bank and the International Finance Corporation. This volume is a product of the staff of the World Bank Group. The findings, interpretations and conclusions expressed in this volume do not necessarily reflect the views of the Executive Directors of The World Bank or the governments they represent. The World Bank does not guarantee the accuracy of the data included in this work. Rights and Permissions The material in this publication is copyrighted. Copying and/or transmitting portions or all of this work without permission may be a violation of applicable law. The World Bank encourages dissemination of its work and will normally grant permission to reproduce portions of the work promptly. For permission to photocopy or reprint any part of this work, please send a request with complete information to the Copyright Clearance Center, Inc., 222 Rosewood Drive, Danvers, MA 01923, USA; telephone: 978-750-8400; fax: 978-750-4470; Internet: www.copyright.com. All other queries on rights and licenses, including subsidiary rights, should be addressed to the Office of the Publisher, The World Bank, 1818...
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...Министерство образования и науки Республики Казахстан Кокшетауский государственный университет им. Ш. Уалиханова An Outline of British Literature (from tradition to post modernism) Кокшетау 2011 УДК 802.0 – 5:20 ББК 81:432.1-923 № 39 Рекомендовано к печати кафедрой английского языка и МП КГУ им. Ш. Уалиханова, Ученым Советом филологического факультета КГУ им. Ш. Уалиханова, УМС КГУ им. Ш. Уалиханова. Рецензенты: Баяндина С.Ж. доктор филологических наук, профессор, декан филологического факультета КГУ им. Ш. Уалиханова Батаева Ф.А. кандидат филологических наук, доцент кафедры «Переводческое дело» Кокшетауского университета им. А. Мырзахметова Кожанова К.Т. преподаватель английского языка кафедры гуманитарного цикла ИПК и ПРО Акмолинской области An Outline of British Literature from tradition to post modernism (on specialties 050119 – “Foreign Language: Two Foreign Languages”, 050205 – “Foreign Philology” and 050207 – “Translation”): Учебное пособие / Сост. Немченко Н.Ф. – Кокшетау: Типография КГУ им. Ш. Уалиханова, 2010 – 170 с. ISBN 9965-19-350-9 Пособие представляет собой краткие очерки, характеризующие английскую литературу Великобритании, ее основные направления и тенденции. Все известные направления в литературе иллюстрированы примерами жизни и творчества авторов, вошедших в мировую литературу благодаря...
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...CALIFORNIA CALIFORNIA An Interpretive History TENTH EDITION James J. Rawls Instructor of History Diablo Valley College Walton Bean Late Professor of History University of California, Berkeley TM TM CALIFORNIA: AN INTERPRETIVE HISTORY, TENTH EDITION Published by McGraw-Hill, a business unit of The McGraw-Hill Companies, Inc., 1221 Avenue of the Americas, New York, NY 10020. Copyright © 2012 by The McGraw-Hill Companies, Inc. All rights reserved. Previous editions © 2008, 2003, and 1998. No part of this publication may be reproduced or distributed in any form or by any means, or stored in a database or retrieval system, without the prior written consent of The McGraw-Hill Companies, Inc., including, but not limited to, in any network or other electronic storage or transmission, or broadcast for distance learning. Some ancillaries, including electronic and print components, may not be available to customers outside the United States. This book is printed on acid-free paper. 1234567890 QFR/QFR 10987654321 ISBN: 978-0-07-340696-1 MHID: 0-07-340696-1 Vice President & Editor-in-Chief: Michael Ryan Vice President EDP/Central Publishing Services: Kimberly Meriwether David Publisher: Christopher Freitag Sponsoring Editor: Matthew Busbridge Executive Marketing Manager: Pamela S. Cooper Editorial Coordinator: Nikki Weissman Project Manager: Erin Melloy Design Coordinator: Margarite Reynolds Cover Designer: Carole Lawson Cover Image: Albert Bierstadt, American (born...
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...O C C A S I O N A L PA P E R 178 IMF-Supported Programs in Indonesia, Korea, and Thailand A Preliminary Assessment Timothy Lane, Atish Ghosh, Javier Hamann, Steven Phillips, Marianne Schulze-Ghattas, and Tsidi Tsikata INTERNATIONAL MONETARY FUND Washington DC 1999 © 1999 International Monetary Fund Production: IMF Graphics Section Typesetting: Alicia Etchebarne-Bourdin Cataloging-in-Publication Data IMF-supported programs in Indonesia, Korea, and Thailand : a preliminary assessment / by Timothy Lane . . . [et al.]. — [Washington DC : International Monetary Fund], 1999. p. cm. — (Occasional paper, 0251-6365); no. 178 Includes bibliographical references. ISBN 1-55775-783-6 1. Indonesia—Economic policy. 2. Korea—Economic policy. 3. Thailand—Economic policy. 4. International Monetary Fund—Indonesia. 5. International Monetary Fund—Korea. 6. International Monetary Fund—Thailand. I. Lane, Timothy D. (Timothy David), 1955- II. Occasional paper (International Monetary Fund); no. 178. HC447.I44 1999 Price: US$18.00 (US$15.00 to full-time faculty members and students at universities and colleges) Please send orders to: International Monetary Fund, Publication Services 700 19th Street, N.W., Washington, D.C. 20431, U.S.A. Tel.: (202) 623-7430 Telefax: (202) 623-7201 E-mail: publications@imf.org Internet: http://www.imf.org recycled paper Contents Preface I Overview Timothy Lane and Marianne Schulze-Ghattas References II Background to the Crisis Javier Hamann...
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...Oracle® Trading Community Architecture Reference Guide Release 12.1 Part No. E13569-04 August 2010 Oracle Trading Community Architecture Reference Guide, Release 12.1 Part No. E13569-04 Copyright © 2003, 2010, Oracle and/or its affiliates. All rights reserved. Primary Author: Ashita Mathur Contributor: Ajai Singh, Amy Wu, Anish Stephen Avinash Jha, Harikrishnan Radhakrishnan, Leela Krishna, Nishant Singhai, Ramanasudhir Gokavarapu, Shankar Bharadwaj Oracle is a registered trademark of Oracle Corporation and/or its affiliates. Other names may be trademarks of their respective owners. This software and related documentation are provided under a license agreement containing restrictions on use and disclosure and are protected by intellectual property laws. Except as expressly permitted in your license agreement or allowed by law, you may not use, copy, reproduce, translate, broadcast, modify, license, transmit, distribute, exhibit, perform, publish or display any part, in any form, or by any means. Reverse engineering, disassembly, or decompilation of this software, unless required by law for interoperability, is prohibited. The information contained herein is subject to change without notice and is not warranted to be error-free. If you find any errors, please report them to us in writing. If this software or related documentation is delivered to the U.S. Government or anyone licensing it on behalf of the U.S. Government, the following notice is applicable: U.S...
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