Sustainable growth requires a long-term focus

Pascal Lamy, Ian Goldin, 28 March 2014

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Just when we thought high-frequency trading couldn’t get any faster, a US communications company is developing a high-speed laser network between the New Jersey data centres of the New York Stock Exchange and the NASDAQ stock exchange, to shave an additional few nanoseconds off high-frequency trading times.

Topics: Environment, Financial markets, Global crisis, International trade
Tags: climate change, corporate governance, environment, global crisis, growth, high-frequency trading, mark-to-market accounting, short-termism, trade

Say on pay in the UK: Modest effect, even after the crisis

Ian Gregory-Smith, Steve Thompson, Peter Wright, 24 March 2014

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The extensive academic literature on the growth of executive compensation has tended to polarise around one of two positions: the rents-capture view and the optimal contracting approach. These analyses lead to very different positions on the value of a ‘say on pay’ policy:

Topics: Frontiers of economic research, Labour markets, Microeconomic regulation, Poverty and income inequality
Tags: corporate governance, Executive compensation, executive pay, UK, voting

Good corporate governance is bad for bank capitalisation

Deniz Anginer, Asli Demirgüç-Kunt, Harry Huizinga, Kebin Ma, 10 November 2013

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A failing bank can be defined as one that has insufficient capital. Bank capitalisation strategies thus are crucial in determining the probability of a bank failure. Confirming this, Berger and Bouwman (2013) find that higher levels of pre-crisis capital increase a bank’s probability of survival during a banking crisis.

Topics: Financial markets
Tags: bank capitalisation, banks, corporate governance

Stock market turnover and corporate governance

Alex Edmans, Vivian W Fang, Emanuel Zur, 16 February 2013

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The stock market is a powerful tool for controlling corporation’s behaviour. But what is best:

Topics: Financial markets
Tags: corporate governance, financial markets, firms, liquidity, stocks

Brain drain or brain gain? Evidence from corporate boards

Mariassunta Giannetti , Guanmin Liao, Xiaoyun Yu, 3 January 2013

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Development economists have long warned about the costs for developing countries of the emigration of the best and brightest that decamp to universities and businesses in the developed world (Bhagwati 1976). This brain drain has attracted a considerable amount of economic research. 

Topics: Development
Tags: brain drain, brain gain, corporate governance

The impact of corporate governance in financial institutions

Hamid Mehran, Alan Morrison, Joel Shapiro, 6 April 2012

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Topics: Financial markets
Tags: banks, corporate governance, too-big-to-fail

The US left behind: The rise of IPO activity around the world

Craig Doidge, George Andrew Karolyi, René M Stulz, 3 August 2011

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Over the past two decades, there has been a dramatic change in initial public offering (IPO) activity around the world. In particular, IPO activity in the US has fallen compared to the rest of the world. Figure 1 shows the ratio of IPO proceeds to GDP for the both the US and for the world, as well as the difference between the two ratios.

Topics: Institutions and economics
Tags: corporate governance, IPOs, public companies, US

The era of corporate split personalities

Nicolas Véron, 23 May 2011

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The saga of securities-exchanges consolidation is a vivid illustration of links between companies and nations in a state of flux. The likes of the New York Stock Exchange (NYSE) are national icons of capitalism. But they are also technology-enabled networks that connect market participants and seek a global reach to maximise economies of scale, just like Facebook or eBay.

Topics: Global governance, Institutions and economics, International finance
Tags: corporate governance, financial regulation

Do inefficient stock markets drive bad governance?

Fritz Foley, Sergey Chernenko, Robin Greenwood, 1 June 2010

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One of the major accomplishments of recent corporate governance research has been to expose the risks confronted by minority shareholders in public companies around the globe. Corporate ownership structures such as pyramids, business groups, and dual class shares leave control in the hands of a limited set of blockholders – exposing minority investors to potential expropriation.

Topics: Microeconomic regulation
Tags: corporate governance, emerging markets, Minority shareholders

Bank dividends in the crisis: A failure of governance

Viral Acharya, Hyun Song Shin, Irvind Gujral, 31 March 2009

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The accumulated losses in the current crisis (at $1.11 trillion since August 2007) have been very large, but so have the headline figures for the amount of new capital raised ($900 billion) as can be seen in Figure 1.

Topics: Financial markets
Tags: banks, corporate governance, crisis

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