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020    |z9780821369135 
035    (MiAaPQ)EBC459387 
035    (Au-PeEL)EBL459387 
035    (CaPaEBR)ebr10180727 
035    (CaONFJC)MIL94043 
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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/
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