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035 (MiAaPQ)EBC459387
035 (Au-PeEL)EBL459387
035 (CaPaEBR)ebr10180727
035 (CaONFJC)MIL94043
035 (OCoLC)170083382
040 MiAaPQ|beng|erda|epn|cMiAaPQ|dMiAaPQ
050 4 HD2741 -- .I63 2007eb
082 0 338.6098
100 1 Chong, Alberto
245 10 Investor Protection and Corporate Governance :|bFirm-level
Evidence Across Latin America
264 1 Herndon :|bWorld Bank Publications,|c2007
264 4 |c©2007
300 1 online resource (615 pages)
336 text|btxt|2rdacontent
337 computer|bc|2rdamedia
338 online resource|bcr|2rdacarrier
490 1 Latin American Development Forum
505 0 Cover -- Title Page -- Contents -- Latin American
Development Forum Series -- About the Contributors --
Foreword -- Acknowledgments -- Acronyms and Abbreviations
-- Overview: Corporate Governance in Latin America --
Introduction -- Investor Protection and Its Evolution --
Shareholder Rights in the 1990s -- The Evolution of
Shareholder Protection to 2005 -- Access to External
Finance -- The Size and Breadth of Capital Markets --
Ownership Concentration -- Insider Trading -- Firm-Level
Corporate Governance -- Firm-level Samples and Corporate
Governance Indicators -- Firm-level Corporate Governance
Practices and their Impact -- Firm Migration and
Disappearing Stock Markets -- Conclusions and Policy
Implications -- Annex 1 Variable Definitions -- Annex 2
Variable Definitions -- Notes -- References -- 1 Insider
Trading and Corporate Governance in Latin America --
Introduction -- Testable Hypotheses -- Estimation of
Informed Trading Probability -- Methodological Review --
Does Informed Trading Probability Really Measure what we
want to Measure? -- Data Sources and Sample Construction -
- Stock Data -- Country Data -- Corporate Announcements
Data -- Firm-Specific Variables -- Results -- Distribution
of Informed Trading Probability -- Cross-Sectional
Determinants of Informed Trading -- Informed trading and
corporate governance measures used in the literature --
Event Study: The ITP Around Corporate Announcements -- The
Market Value of Informed Trading -- Conclusions, Policy
Implications, and Directions for Future Research -- Annex
1.1 Additional Figures and Tables -- Notes -- References -
- 2 Corporate Governance, Ownership, and Dividend Policies
in Argentina -- Introduction -- Literature Review and
Working Hypotheses -- Corporate Governance, Ownership, and
Performance -- Corporate Governance, Ownership, and
Dividend Policies
505 8 Corporate Governance and the Ownership Structure in
Argentina -- Determinants of Corporate Performance --
Baseline Results -- Robustness Checks -- Endogeneity
Checks -- Ownership and Performance -- Determinants of
Dividend Policies -- Summary Statistics and Additional
Regressors -- Econometric Results -- Conclusions -- Notes
-- References -- 3 Corporate Governance and Value in
Brazil (and in Chile) -- Introduction -- A Brief Review of
the Literature and Working Hypotheses -- A Governance
Practices Index for Brazil -- Data Sources -- Index
Components -- Disclosure Questions -- Board Composition
and Operation -- Ethics and Conflicts of Interest --
Shareholder rights -- Empirical Results -- Ownership
Measures -- Value, the CGI, and Control Variables --
Multivariate Regression Analysis -- Market valuation --
Dividend payout -- Individual question analysis --
Extensions and Additional Robustness Checks -- Alternative
Implementations of the Multivariate Model -- Endogeneity
Checks -- Discussion of Potential Biases -- Comparative
Analysis with Chile -- Conclusion and Policy Implications
-- Annex 3.1 Variable Definitions -- Notes -- References -
- 4 Corporate Governance, Market Valuation, and Payout
Policy in Chile -- Introduction -- Capital Markets and the
Institutional Environment: An Overview -- Conceptual
Framework and Working Hypotheses -- Conglomerates,
Corporate Governance, and Company Valuation -- Corporate
Governance and Payout Policy -- Data Sources and Corporate
Governance Measures -- Data Sources -- Ownership and
Control Structures of Listed Chilean Firms -- Dividend
Policies and Payout Ratios in Chile -- Agency Problems --
Corporate Governance Practices -- The Effects of Agency
Problems on the Market Valuation of Firms -- Econometric
Concerns -- Endogeneity -- Panel Data Estimation --
Censored Data
505 8 Empirical Results on Agency Problems and Firm Valuation --
Robustness Checks -- Endogeneity -- Dividend Payout Ratios
-- Do Governance Practices Affect Market Valuation and
Payout Policy? -- Correlations with the Market Valuation
of Firms -- Controlling for Endogeneity -- Conclusions --
Notes -- References -- 5 Corporate Governance and Firm
Valuation in Colombia -- Introduction -- Data and
Methodology -- Definitions of Ownership and Control --
Valuation and Performance Measures -- Corporate Ownership
and Control -- Ownership Statistics -- The Separation
between Ownership and Control -- Corporate Best Practices
-- The CGI -- The Company Sample -- Survey Results --
Ownership, Control, and Firm Valuation -- Working
Hypotheses -- Variable Statistics -- Econometric Results -
- Final Remarks and Policy Implications -- Annex 5.1
Ownership Data Structure -- Annex 5.2 Variable Definitions
-- Notes -- References -- 6 Corporate Governance and Firm
Value in Mexico -- Introduction -- Capital Markets in the
Last 30 Years -- The Birth of the Modern Stock Exchange
and the Initial Collapse (1975-87) -- The Spurt:
Stabilization and the North American Free Trade Agreement
(1987-97) -- Back to the Same Place (1997-2006) -- What
Explains the Poor Performance of Capital Markets? --
Shareholder Protection in 1995 -- The Letter of the Law --
The Enforcement of Laws -- The Evolution of Shareholder
Protection from 1995 to 2005 -- Shareholder Rights in
Corporate Law -- Securities Law in 2005 (Before the
December 2005 New Law) -- Regulations on Self-Dealing
Transactions in 2005 (before the December 2005 New Law) --
Pension Funds: The Consequences of Poor Investor
Protection -- Ownership Concentration and Lack of
Institutional Investors -- The Size and Breadth of Local
Capital Markets -- Dividend Payments -- Enforcement --
Migration, Cross-Listings, and Acquisitions
505 8 So, what might firms do? -- Corporate Governance,
Valuation, and Investor Returns -- The Sample -- Data on
Corporate Governance Practices -- Econometric Results --
Robustness Checks -- The Impact of Various Areas of Firm-
Level Governance -- Reforms for Deepening Financial
Markets -- Further Legal Reform -- Market-Based Mechanisms
-- Conclusions and Policy Implications -- Annex 6.1
Variable Definitions -- Annex 6.2 Variable Definitions --
Notes -- References -- 7 CEO and Director Turnover in
República Bolivariana de Venezuela -- Introduction --
Institutional Characteristics -- An Overview of the
Economy and Stock Market -- The Legal Framework of the
Capital Market -- Corporate Governance Practices -- Data -
- Summary Statistics -- Empirical Analysis on CEO and
Director Turnover -- CEO and Director Turnover, a
Univariate Approach -- CEO Turnover, a Logit Approach --
Director Turnovers, a Poisson Approach -- Director
Turnovers, OLS Approach -- Robustness Checks -- Lagged
Values of Performance Measures -- Macroeconomic Controls -
- Ownership Structure -- Endogeneity Problem -- Forced
Turnover -- Conclusions and Policy Recommendations --
Annex 7.1 Nonparametric Tests and Regression Analysis --
Notes -- References -- Index -- Back Cover
520 Investor Protection and Corporate Governance analyzes the
impact of corporate governance on firm performance and
valuation. Using unique datasets gathered at the firm-
level - the first such data in the region - and results
from a homogeneous corporate governance questionnaire, the
book examines corporate governance characteristics,
ownership structures, dividend policies, and performance
measures. The book's analysis reveals the very high levels
of ownership and voting rights concentrations and
monolithic governance structures in the largest samples of
Latin American companies up to now, and new data emphasize
the importance of specific characteristics of the investor
protection regimes in several Latin American countries. By
and large, those firms with better governance measures
across several dimensions are granted higher valuations
and thus lower cost of capital
588 Description based on publisher supplied metadata and other
sources
590 Electronic reproduction. Ann Arbor, Michigan : ProQuest
Ebook Central, 2020. Available via World Wide Web. Access
may be limited to ProQuest Ebook Central affiliated
libraries
650 0 Corporate governance.;Investments
655 4 Electronic books
700 1 Lopez-de-Silanes, Florencio
776 08 |iPrint version:|aChong, Alberto|tInvestor Protection and
Corporate Governance : Firm-level Evidence Across Latin
America|dHerndon : World Bank Publications,c2007
|z9780821369135
830 0 Latin American Development Forum
856 40 |uhttps://ebookcentral.proquest.com/lib/sinciatw/
detail.action?docID=459387|zClick to View
