Emerging Markets

Working Paper

Which Aspects of Corporate Governance Matter in Emerging Markets: Evidence from Brazil, India, Korea, and Turkey

There is evidence that some “corporate governance indices” predict higher firm values in emerging markets, but little evidence on which specific aspects of governance drive that overall relationship. We study that question across four major...Read more

Bernard Black
Woochan Kim
27 August 2018

The Diffusion of Corporate Governance to Emerging Markets: Evaluating Two Dimensions of Investor Heterogeneity

This paper investigates whether foreign institutional investors in emerging markets can
enhance shareholder value. We pay special attention to two dimensions of investor
heterogeneity: whether an investor declares itself as an...Read more

Woochan Kim
01 May 2014

Methods for Multi-country Studies of Corporate Governance: Evidence from the BRIKT Countries

We discuss empirical challenges in multi-country studies of the effects of firm-level corporate governance on firm value, focusing on emerging markets. We assess the severe data, ?construct validity,? and endogeneity issues in these studies,...Read more

Bernard Black
Woochan Kim
01 March 2014