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Investor Protection and Corporate Governance : Firm-Level Evidence Across Latin America

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dc.contributor.author López-de-Silanes, Florencio
dc.contributor.author Chong, Alberto
dc.date.accessioned 2012-05-31T18:38:05Z
dc.date.available 2012-05-31T18:38:05Z
dc.date.issued 2007
dc.identifier.isbn 978-0-8213-6913-5
dc.identifier.uri http://hdl.handle.net/10986/6769
dc.description.abstract This book holds that the crucial failure of corporate governance is the expropriation of outside investors, be they shareholders or creditors, by those who are in control of firms. The problem of expropriation, also known as tunneling, often takes on enormous proportions. Billions of dollars of wealth are siphoned away from outside investors to controlling shareholders and their private company allies. The expropriation prevents investors from devoting funds in the corporate sector, thus leading to low valuations of corporate assets, stunted capital markets, and slowed economic growth. Low valuations and underdeveloped financial markets are only two of the symptoms of investor expropriation. Other symptoms include concentrated corporate ownership, large spreads between cash flow ownership and the voting rights of dominant shareholders, pyramids, and low dividend payments. When financial markets exhibit these symptoms, the likely underlying problem is investor expropriation. The essays collected in this volume put together a compelling picture showing that many of the symptoms of investor expropriation and poor corporate governance are present in Latin America. The evidence is loud and clear in every chapter of this book. But there are also benefits to collecting this detailed proof. The evidence suggests recipes for improvement as well. The message of this book is as unambiguous as is its analysis: a critical goal in the agenda of financial reform in Latin America must be improvement in corporate governance through legal reform. en
dc.language English
dc.language.iso en_US
dc.publisher Washington, DC: World Bank
dc.publisher Palo Alto, CA: Stanford University Press
dc.publisher Washington, DC: Inter-American Development Bank
dc.relation.ispartofseries Latin American Development Forum
dc.rights CC BY-NC-ND 3.0 IGO
dc.rights.uri http://creativecommons.org/licenses/by-nc-nd/3.0/igo
dc.subject CORPORATE LAW
dc.subject LIQUIDITY
dc.subject OUTPUT
dc.subject FINANCIAL ANALYSIS
dc.subject DEVELOPING ECONOMIES
dc.subject ADR
dc.subject MINORITY SHAREHOLDERS
dc.subject SHAREHOLDER
dc.subject INSTITUTIONAL ENVIRONMENT
dc.subject INTERNATIONAL BANK
dc.subject RETURN ON ASSETS
dc.subject SHAREHOLDER PROTECTIONS
dc.subject SHAREHOLDER RIGHTS
dc.subject INTERNATIONAL MARKETS
dc.subject POLITICAL STABILITY
dc.subject ACCESS TO CAPITAL MARKETS
dc.subject GRANT FUNDING
dc.subject DEBT
dc.subject PRIVATE CREDIT
dc.subject GROSS DOMESTIC PRODUCT
dc.subject GOVERNANCE STRUCTURES
dc.subject BANKRUPTCY LAW
dc.subject ACCOUNTING STANDARDS
dc.subject VALUATION
dc.subject TRADING ACTIVITY
dc.subject TRADING VOLUME
dc.subject VALUATIONS
dc.subject CASH FLOWS
dc.subject DIVIDEND
dc.subject EXTERNAL FINANCING
dc.subject ACCESS TO CAPITAL
dc.subject REGULATORY ENVIRONMENT
dc.subject EQUITY MARKETS
dc.subject TRANSACTION
dc.subject POLITICAL RISK
dc.subject MARKET MECHANISMS
dc.subject UNDERWRITERS
dc.subject LEGAL ENFORCEMENT
dc.subject DEPENDENT
dc.subject CAPITAL STRUCTURE
dc.subject RULE OF LAW
dc.subject SHAREHOLDERS
dc.subject EXPROPRIATIONS
dc.subject CAPITAL MARKETS
dc.subject JUDICIAL SYSTEM
dc.subject TRADING VALUE
dc.subject LEGAL JURISDICTIONS
dc.subject COMMERCIAL LAWS
dc.subject FINANCIAL MARKET
dc.subject FOREIGN EXCHANGES
dc.subject FINANCIAL INFORMATION
dc.subject FOREIGN INVESTORS
dc.subject CAPITAL FLIGHT
dc.subject PUBLIC ENFORCEMENT
dc.subject DEMOCRACY
dc.subject COST OF CAPITAL
dc.subject PROPORTIONAL REPRESENTATION
dc.subject PAYOUT RATIOS
dc.subject CREDITORS
dc.subject CAPITAL FLOWS
dc.subject MARKET PARTICIPANTS
dc.subject PRIVATE ENFORCEMENT
dc.subject OWNERSHIP STRUCTURES
dc.subject GLOBAL MARKET
dc.subject LEGAL REFORM
dc.subject BANKRUPTCY
dc.subject TRANSPARENCY
dc.subject LAW ENFORCEMENT
dc.subject REPUTATIONS
dc.subject ISSUANCE
dc.subject MARKET REGULATORS
dc.subject FINANCIAL PROBLEMS
dc.subject DIRECT OWNERSHIP
dc.subject OUTSIDE INVESTORS
dc.subject DEPOSITARY RECEIPT
dc.subject TURNOVER
dc.subject MARKET PERFORMANCE
dc.subject COPYRIGHT CLEARANCE
dc.subject FINANCIAL REFORM
dc.subject PRIVATE SECTOR DEVELOPMENT
dc.subject DIVIDEND POLICIES
dc.subject SECURITIES REGULATIONS
dc.subject ACCOUNTING
dc.subject SHAREHOLDER PROTECTION
dc.subject ECONOMIC IMBALANCES
dc.subject RETURNS
dc.subject LEGAL SYSTEM
dc.subject EXPROPRIATION
dc.subject FINANCIAL STABILITY
dc.subject FREE TRADE
dc.subject INSTITUTIONAL REFORM
dc.subject NET CAPITAL
dc.subject INSURANCE
dc.subject SECURITY MARKET
dc.subject EQUITY FIRM
dc.subject CASH DIVIDENDS
dc.subject CORPORATE OWNERSHIP
dc.subject AGENCY COSTS
dc.subject LEGAL ORIGINS
dc.subject MACROECONOMIC VARIABLES
dc.subject FREE TRADE AGREEMENT
dc.subject IPO
dc.subject MINORITY INVESTORS
dc.subject INSIDER TRADING
dc.subject GROSS NATIONAL PRODUCT
dc.subject SAVINGS
dc.subject DEPOSITARY RECEIPTS
dc.subject COPYRIGHT CLEARANCE CENTER
dc.subject SCANDALS
dc.subject SECURITIES
dc.subject FINANCIAL CRISES
dc.subject BALANCE SHEET
dc.subject TURNOVERS
dc.subject GOVERNMENT DEFICITS
dc.subject MARKET CAPITALIZATION
dc.subject SECURITIES LAW
dc.subject CURRENCY
dc.subject EMERGING MARKET
dc.subject AGENCY PROBLEMS
dc.subject DISPUTE RESOLUTION
dc.subject INITIAL PUBLIC OFFERING
dc.subject HOME MARKET
dc.subject PERFORMANCE MEASURES
dc.subject CORPORATE GOVERNANCE
dc.subject PROXY BY MAIL
dc.subject AUDIT COMMITTEES
dc.subject GOVERNANCE MEASURES
dc.subject GOVERNANCE MEASURE
dc.subject FIRM-LEVEL CORPORATE GOVERNANCE
dc.subject REPUTATION
dc.subject CHECKS
dc.subject PROTECTION OF INVESTORS
dc.subject STOCK MARKET CAPITALIZATION
dc.subject STOCK MARKET
dc.subject SOCIAL ISSUES
dc.subject EXTERNAL FINANCE
dc.subject STOCK MARKETS
dc.subject EQUITY FINANCING
dc.subject CORPORATE DISCLOSURE
dc.subject MARKET REGULATOR
dc.subject DEVELOPMENT BANK
dc.subject LEGAL PROTECTION
dc.subject PROTECTION TO INVESTORS
dc.subject LEGAL ORIGIN
dc.subject LEGAL REFORMS
dc.subject CAPITAL MARKET
dc.subject DISCLOSURE REQUIREMENTS
dc.subject LOCAL MARKETS
dc.subject STOCK TRADING
dc.subject STOCK MARKET DEVELOPMENT
dc.subject EMERGING MARKETS
dc.subject DIVIDEND PAYMENTS
dc.subject LEVERAGE
dc.subject CURRENCY DEVALUATIONS
dc.subject ACTIVE MARKETS
dc.subject MARKET VALUE
dc.subject FINANCIAL MARKETS
dc.subject CONFLICTS OF INTEREST
dc.subject NATIONAL SECURITIES
dc.subject CORPORATE CHARTERS
dc.subject PUBLIC POLICY
dc.subject STOCK EXCHANGE
dc.subject CONFLICTS OF INTERESTS
dc.subject FINANCIAL MARKET DEVELOPMENT
dc.subject FINANCIAL DEVELOPMENT
dc.subject COMMON LAW
dc.subject PREEMPTIVE RIGHTS
dc.subject LIABILITY
dc.subject GROWTH RATE
dc.subject INCOME
dc.subject DIVIDEND PAYOUT
dc.subject FIRM VALUATION
dc.subject STOCK EXCHANGES
dc.subject BOOK VALUE
dc.subject SOCIAL DEVELOPMENT
dc.subject MARKET INTEGRATION
dc.subject MACROECONOMIC INSTABILITY
dc.subject OWNERSHIP STRUCTURE
dc.subject RISK OF EXPROPRIATION
dc.subject GOVERNANCE MECHANISMS
dc.subject DEBTORS
dc.subject INVESTOR PROTECTION
dc.subject MACROECONOMIC ENVIRONMENT
dc.subject GOVERNANCE INDEX
dc.subject PAYMENT OF DIVIDENDS
dc.subject CORPORATE INSIDERS
dc.subject PUBLIC OFFERINGS
dc.subject COMPANY LAWS
dc.subject ENFORCEMENT OF LAWS
dc.subject INSTITUTIONAL INVESTORS
dc.subject MACROECONOMIC STABILITY
dc.subject ENFORCEMENT MECHANISMS
dc.subject CORPORATE GOVERNANCE REFORM
dc.subject LOW-INCOME COUNTRIES
dc.subject SECURITIES LAWS
dc.subject RISK OF CONTRACT REPUDIATION
dc.subject JUDGEMENT
dc.subject CASH FLOW
dc.subject INTEREST RATE
dc.subject FINANCIAL SUPPORT
dc.subject INSTITUTIONAL FRAMEWORK
dc.subject MARKET VALUATION
dc.subject COMPETITIVE BIDDING
dc.subject CREDITOR RIGHTS
dc.subject MARKET LAW
dc.subject FOREIGN COMPANIES
dc.subject GOVERNANCE PRACTICES
dc.subject CIVIL LAW
dc.subject RETURN
dc.subject FINANCIAL CONTRACTS
dc.subject DISCLOSURE STANDARDS
dc.subject CREDITOR
dc.subject STOCKS
dc.title Investor Protection and Corporate Governance : Firm-Level Evidence Across Latin America en
dc.rights.holder Inter-American Development Bank


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