This article examines some of the institutional conditions that facilitated the development of equity markets in Brazil. A critical factor was the addition to corporate bylaws of protections for investors, which enabled relatively large corporations in Brazil to attract investors in large numbers. By availing themselves of this strategy, the fi rms generated a relatively low concentration of ow...

This paper provides evidence on the value of the vote hypothesis with stock price analysis around liberalization of foreign ownership restrictions in the private Indian banks. In May 2005, the Indian government removed the cap of 10 percent ownership by foreign banks, which had made takeover of Indian banks impossible for foreign banks. We hypothesize that removal of the voting cap would increa...

In several modular neural network (MNN) architectures, the individual decisions at the module level have to be integrated together using a voting scheme. All these voting schemes use the outputs of the individual modules to produce a global output without inferring explicit information from the problem feature space. This makes the choice of the aggregation procedure very subjective. In this wo...

— The global economic crisis raised the urgency of reforming the Bretton Woods organizations in order to get more “buy in” from developing countries. But the “voice” reforms announced in 2010, heralded as a major shift in favor of developing countries, left them severely under-represented relative to their weight in the world economy, both collectively and many individually. This paper reveals ...

Power distributions of voting games in which only certain coalitions are allowed, due to the fact that the players are spread across an ideological spectrum, are considered. The paper extends Edelman’s model [Edelman, P., 1997. A note on voting. Math. Soc. Sci. 34, 37–50] concerning ́ allowable coalitions. The Markov-Polya index is introduced as a parametrized family of power indices which has E...