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Corporate governance reform in emerging markets: How much, why, and with what effects?

  • Ananchotikul, Sudarat
  • Eichengreen, Barry

This paper extends previous measures of the quality of corporate governance for a cross section of emerging markets. We find that there have been significant improvements in a wide range of countries in the course of the last ten years. Improvements are most likely in countries with stable governments, where foreign investors lobby for reform, and where peer effects are present. We also document significant benefits in terms of the depth and liquidity of financial markets. J. Japanese Int. Economies 23 (2) (2009) 149-176.

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Article provided by Elsevier in its journal Journal of the Japanese and International Economies.

Volume (Year): 23 (2009)
Issue (Month): 2 (June)
Pages: 149-176

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Handle: RePEc:eee:jjieco:v:23:y:2009:i:2:p:149-176
Contact details of provider: Web page: http://www.elsevier.com/locate/inca/622903

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  1. Morris Goldstein, 1998. "The Asian Financial Crisis," Policy Briefs PB98-1, Peterson Institute for International Economics.
  2. Reuven Glick & Xueyan Guo & Michael Hutchison, 2006. "Currency Crises, Capital-Account Liberalization, and Selection Bias," The Review of Economics and Statistics, MIT Press, vol. 88(4), pages 698-714, November.
  3. Doidge, Craig & Karolyi, G. Andrew & Stulz, Rene M., 2004. "Why Do Countries Matter So Much for Corporate Governance?," Working Paper Series 2004-16, Ohio State University, Charles A. Dice Center for Research in Financial Economics.
  4. Rafael LaPorta & Florencio Lopez-de-Silanes & Andrei Shleifer & Robert W. Vishny, . "Law and Finance," Working Paper 19451, Harvard University OpenScholar.
  5. Romain Ranciere & Aaron Tornell & Frank Westermann, 2006. "Decomposing the Effects of Financial Liberalization: Crises vs. Growth," NBER Working Papers 12806, National Bureau of Economic Research, Inc.
  6. Douglas Staiger & James H. Stock, 1994. "Instrumental Variables Regression with Weak Instruments," NBER Technical Working Papers 0151, National Bureau of Economic Research, Inc.
  7. repec:ner:tilbur:urn:nbn:nl:ui:12-3125518 is not listed on IDEAS
  8. Roe, Mark J., 2002. "Political Determinants of Corporate Governance: Political Context, Corporate Impact," OUP Catalogue, Oxford University Press, number 9780199240746.
  9. De Nicolò, Gianni & Laeven, Luc & Ueda, Kenichi, 2008. "Corporate governance quality: Trends and real effects," Journal of Financial Intermediation, Elsevier, vol. 17(2), pages 198-228, April.
  10. Sudarat Ananchotikul & Barry Eichengreen, 2008. "Plumbing for Latin American capital markets," BIS Papers chapters, in: Bank for International Settlements (ed.), New financing trends in Latin America: a bumpy road towards stability, volume 36, pages 110-139 Bank for International Settlements.
  11. Haider A. Khan, 2003. "Corporate Governance of Family-Based Businesses in Asia: Which Road to Take?," CIRJE F-Series CIRJE-F-229, CIRJE, Faculty of Economics, University of Tokyo.
  12. Luca Enriques & Paolo Volpin, 2007. "Corporate Governance Reforms in Continental Europe," Journal of Economic Perspectives, American Economic Association, vol. 21(1), pages 117-140, Winter.
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