China’s SOE reform: A corporate governance perspective

A Framework for Assessing Corporate Governance Reform∗

In light of recent corporate scandals, numerous proposals have been introduced for reforming corporate governance. This paper provides a theoretical framework through which to evaluate these reforms. Unlike various ad hoc arguments that have been made, this framework recognizes that governance structures arise endogenously in response to the constrained optimization problems faced by the releva...

The Reform of (Corporate) Governance in Japan

Pension Reform, Savings Behavior and Corporate Governance

France, Germany and Italy, to take the three largest economies in continental Europe, have large and ailing pay-as-you-go public pension systems, very thin capital markets, and low capital performance. Taking Germany as an example, we show that these three issues are closely linked. Specifically, we argue that pension reform, via a change in portfolio composition of households and a strengtheni...

Enterprise Reform and Corporate Governance in Russia: a Quantitative Survey

The objective of this paper is to verify the range and depth of the study on corporate governance in Russia through a comprehensive survey of 202 research works. With regard to the internal structure of Russian corporations, a great deal of research has been conducted in a relatively short time since the collapse of the Soviet Union by many highly motivated researchers, who have provided insigh...

A proposed corporate governance reform: Financial statements insurance

The inherent conflicts of interest in the auditor–client relationship and the unobservability of financial statement quality are likely culprits in the recent corporate scandals such as Enron and WorldCom. The solution proposed here is a financial statement insurance (FSI) mechanism. Instead of appointing and paying auditors, companies would purchase financial statement insurance that provides ...