International Corporate Governance.
- 1st ed.
- 1 online resource (281 pages)
- Advances in Financial Economics Series ; v.18 .
- Advances in Financial Economics Series .
Front Cover -- International Corporate Governance -- Copyright page -- Contents -- List of Contributors -- Ownership Structure and Power: Evidence from US Corporations -- Introduction -- Data and Sample Selection -- Sample Selection -- Blockholders and Ownership -- Empirical Tests and Results -- Ownership Structure -- Shapley Value -- Shapley Value and Ownership -- Benchmark Shapley Value, Ownership, and LP -- LP and Rank -- LP and Identity -- Discussion and Conclusions -- Notes -- Acknowledgments -- References -- Appendix A -- Appendix B -- Changes in Controlling Shareholders' Holdings: Do they Entail Financial Tunneling? -- Introduction -- Background and Testable Propositions -- Sample and Data -- Empirical Results -- The Correlation between Changes in Controlling Shareholders' Holdings and Stock Market Return -- The Relation of Changes in Controlling Shareholders Holdings to Firm's Excess Return -- Summary and Conclusions -- Notes -- Acknowledgments -- References -- Devolution of the Republican Model of Anglo-American Corporate Governance -- Notes -- References -- Toward a Better Measure of Bank Corporate Governance -- Introduction -- Literature Review: Bank Corporate Governance in the Aftermath of the Crisis and Learning from Litigation -- Corporate Governance -- Systems of Internal Control -- Learning from Litigation -- Lessons from Bank Cases -- Bank Service Charges at Military Bases -- Aggressive Mortgage Lending: Countrywide and NCC -- Countrywide -- National City -- A Small Bank Sells a Piece of Land and Generates Prolonged and Costly Litigation -- Bank Policies and Procedures: Two Cases -- Wallace v. Citrus Bank -- State Employees Credit Union v. Howard -- Learning from Litigation: Securities and Exchange Commission v. Goldman Sachs -- Legal Expense Proxy and Rankings -- Regression Equations and Their Rationale -- Equations. Rationale for Control Variables and other Econometric Issues -- Data Sources -- Descriptive Statistics and Regression Results -- Descriptive Statistics -- Regression Results -- Conclusions -- Notes -- Acknowledgment -- References -- Corporate Political Connections and the IPO Process: The Benefits of Politically Connected Board Members and Managers -- Introduction -- Hypotheses Regarding New Equity Offerings and Corporate Political Relations -- Data Sources and Sample Construction -- Construction and Data for the IPO Sample -- Measures of Political Connections in the IPO Sample -- IPO Sample Description -- Descriptive Statistics of the IPO Sample -- Comparative Statistics of the IPO Sample -- Empirical Analysis -- The Relationship between Political Connections and Underwriter Quality -- Auditor Quality and Political Connections of IPO Firms -- Earnings Management and Political Connections -- OLS Regressions -- Endogeneity Concerns -- Underpricing and Political Connections -- Long-Term Financial Performance -- Long-Term Post-IPO Accounting Performance -- Conclusions -- Notes -- Acknowledgments -- References -- Internal Corporate Governance: The Role of Residual Income in Divisional Allocation of Funds -- Introduction -- Impact of RI Plan Adoption on Investment, Allocation Efficiency, and Value Gains Associated with Internal Capital Markets -- Advantages and Disadvantages of RI Plan Adoptions -- Advantages and Drawbacks of Organizational Structures Based on Internal Capital Markets -- Testable Hypotheses for the Impact of RI Plan Adoptions on Internal Capital Markets -- Data -- Results -- Investment and Divestiture Changes Surrounding Adoptions of RI Plans by Diversified Firms -- Diversified Adopters' Segment Investment and Profitability -- Determinants of RI Plan Adoptions -- Multivariate Analysis of Segment Investment by Diversified RI Plan Adopters. Investment Efficiency Changes Following RI Plan Adoptions -- Diversification Discount Changes Following RI Plan Adoptions -- Performance Changes Following RI Plan Adoptions by Diversified versus Focused Firms -- Determinants of RI Plan Eliminations -- Conclusion -- Notes -- References -- Ownership Matters: The Capital Structure of Private Firms -- The Sample -- Capital Structure and Leverage -- Summary Statistics -- Determinants of Leverage -- Debt Capital Structure -- Debt Heterogeneity -- Cluster Analysis -- Debt Specialization -- Conclusion -- Notes -- References -- Investor Protections, Capital Markets, and Economic Growth: The African Experience -- Introduction -- Literature Review on the Finance Growth Nexus -- Data -- Descriptive Statistics -- Correlations -- Empirical Results -- Effect of Stock Markets on Output -- Effect of Stock Market on Private Investment -- Effect of Stock Market on Banking -- Effect of Stock Markets on the West African Currency Zone -- Difference-in-Difference Regressions -- Summary and Conclusions -- Notes -- References -- Appendix: Variable Description and Sources.
Advances in Financial Economics, volume 18, will present research on corporate governance both in the US and globally. The volume will aim at providing a deeper understanding of corporate governance practices, trends, innovations and challenges using international data.