Shareholders

Working Paper

Do U.S. Firms Have the Best Corporate Governance?A Cross-Country Examination of the Relation between Corporate Governance and Shareholder Wealth

We compare the governance of foreign firms to the governance of similar U.S. firms. Using an index of firm governance attributes, we find that, on average, foreign firms have worse governance than matching U.S. firms. Roughly 8% of foreign firms...Read more

Reena Aggarwal
Isil Erel
René Stulz
01 January 2007

How Do Legal Rules Evolve? Evidence From a Cross-Country Comparison of Shareholder, Creditor and Worker Protection

Much attention has been devoted in recent literature to the claim that a country’s ‘legal origin’ may make a difference to its pattern of financial development and more generally to its economic growth path. Proponents of this view assert that...Read more

John Armour
Simon Deakin
Mathias Siems
01 July 2009

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