Emerging Markets

The Evolution of Corporate Governance and Firm Performance in Emerging Markets: The Case of Sellier and Bellot

Why do shareholders value marriage?

Which Aspects of Corporate Governance Do and Do Not Matter in Emerging Markets

Well-constructed, country-specific “corporate governance indices” can predict higher firm values in emerging markets. However, there is...

Ownership Changes and Investment in Transition Countries

The Externalities of Corruption: Evidence from Entrepreneurial Firms in China

Exploiting China’s anti-corruption campaign, we show that following a decrease in corruption, firm performance improves. Small and young firms...

How Does Law Affect Finance? An Examination of Equity Tunneling in Bulgaria

We model and test the mechanisms through which securities law affects tunneling and tunneling affects firm valuation. In 2002, Bulgaria adopted...

The Diffusion of Corporate Governance to Emerging Markets: Evaluating Two Dimensions of Investor Heterogeneity

This paper investigates whether foreign institutional investors in emerging markets can enhance shareholder value. We pay special attention to two...

Financial Integration and Firm Performance: Evidence from Foreign Bank Entry in Emerging Markets

While the positive growth effects of financial integration are extensively documented, little is known of its impact on small and young firms. This...

What Matters and for Which Firms for Corporate Governance in Emerging Markets? Evidence from Brazil (and Other BRIK Countries)

A central issue in corporate governance research is the extent to which “good” governance practices are universal (one size mostly fits all) or...

'Lending by Example': Direct and Indirect Effects of Foreign Banks in Emerging Markets

Using a novel dataset that allows us to trace the bank relationships of a sample of mostly unlisted firms, we explore which borrowers are able to benefit...

Controlling Family Shareholders in Developing Countries: Anchoring Relational Exchange

Corporate Governance Indices and Construct Validity

We conduct an exploratory analysis of how researchers can address the issue of ?construct validity?, which poses a major challenge to all studies of the...