scholarly journals Corporate governance: An examination of U.S. and European models

2013 ◽  
Vol 9 (2) ◽  
pp. 6-11 ◽  
Author(s):  
Heidi Hylton Meier ◽  
Natalie C. Meier
Keyword(s):  
Corporate Governance ◽  
International Markets ◽  
National Registry ◽  
Financial Decisions ◽  
The United Kingdom ◽  
Sarbanes Oxley ◽  
The Us ◽  
Governance Models ◽  
Similarities And Differences ◽  
Over Time

As the model for corporate governance has emerged in the US after decades of evolution, culminating with the Sarbanes-Oxley Act in 2002, there has also been interest in corporate governance models used in other countries. This has particular importance considering the increased competition for capital in international markets with investors wishing to make sound financial decisions by seeking information from companies, regardless of their national registry, that is open, accessible and accurate. This paper examines the framework for corporate governance in the US, its evolution over time, and reviews corporate governance models used in the United Kingdom, the Netherlands, Germany and Switzerland. A comparison of these models is provided presenting similarities and differences, strengths and weakness, and obstacles to harmonization.

scholarly journals Institutional Investors in Corporate Governance

2015 ◽  
Author(s):  
Edward Rock
Keyword(s):  
Corporate Governance ◽  
Mutual Funds ◽  
Hedge Funds ◽  
Institutional Investors ◽  
Historical Evolution ◽  
The Us ◽  
Competing Hypotheses ◽  
Institutional Shareholders ◽  
Over Time

This chapter examines the role of institutional investors in corporate governance and whether regulation is likely to encourage them to become active stewards. It considers the lessons that can be learned from the US experience for the EU’s 2014 proposed amendments to the Shareholder Rights Directive. After reviewing how institutional investors fit within the historical evolution of finance, the chapter documents the growth in institutions equity holdings over time. It explains how institutional investors are governed and organize share voting before turning to two competing hypotheses to account for the relative passivity of institutional investors: the excessive regulation and the inadequate incentives hypotheses. In evaluating these hypotheses, it reviews the results of the SEC’s attempt to incentivize mutual funds to vote their shares. The chapter concludes by highlighting the role of hedge funds in catalyzing institutional shareholders, along with some of the risks associated with such highly incentivized actors.

An Analysis for Coal Transportation and Demand in US and International Markets

2020 ◽  
pp. 236-257
Author(s):  
Ahmet Yücekaya
Keyword(s):  
Power Plants ◽  
International Markets ◽  
Industrial Plants ◽  
Coal Transportation ◽  
Coke Plants ◽  
The Us ◽  
The World ◽  
Coal Market ◽  
Over Time

Since coal resources are located around the world and often far away from where the coal is consumed, transportation is important. The industries that use coal such as power plants, industrial plants, coke plants, and commercial institutions usually prefer different transportation methods. The demand in these industries and the transportation methods they use differ over time. This chapter analyzes the international coal transportation and demand. An analysis for the US coal market and the transportation to industries along with the methods that are used between 2001-2015 are presented. A trend analysis was performed to show the long-term demand for each transportation method in each industry. Such analysis is also useful as it allows observing the coal demand from each industry. Analysis results reveal the change in coal amounts that are transported to each industry using the railroad, truck, and other methods.

Financial Decisions, Behavioral Biases, and Governance in Emerging Markets

2018 ◽  
pp. 160-184
Author(s):  
Emir Hrnjic ◽  
David M. Reeb ◽  
Bernard Yeung
Keyword(s):  
Corporate Governance ◽  
Emerging Markets ◽  
Financial Markets ◽  
Economic Incentives ◽  
Emerging Countries ◽  
Financial Decisions ◽  
Behavioral Biases ◽  
Financial Decision ◽  
Governance Models ◽  
The Cost

In this chapter, we theorize that corporate governance models in emerging countries, relative to their developed economy peers, countenance greater behavioral biases in financial decision-making. Our arguments start with the notion that officers and directors of a firm choose the types and venues of various financial instruments to fund the firm and design various mechanisms to allocate these funds across divisions and projects within the firm. We posit that these allocation and capital sourcing decisions are influenced by both economic incentives and behavioral biases, which potentially differ between firms in developed and emerging markets. Specifically, we argue that the governance models used in emerging markets facilitate rapid managerial choices but occur at the cost of allowing behavioral-based distortions in both product and financial markets. Building on this notion, we provide insights into financial decisions, behavioral biases, and governance in emerging markets by assimilating behavioral financial economics and models of corporate governance.

scholarly journals The Volatility Effect in China

2021 ◽  
Author(s):  
David Blitz ◽  
Matthias X. Hanauer ◽  
Pim van Vliet
Keyword(s):  
High Risk ◽  
Empirical Evidence ◽  
International Markets ◽  
Low Risk ◽  
Chinese Market ◽  
The Us ◽  
Main Driver ◽  
Private Investors ◽  
Over Time ◽  
A Share

AbstractThis paper shows that low-risk stocks significantly outperform high-risk stocks in the local China A-share market. The main driver of this low-risk anomaly is volatility, and not beta. A Fama–French style VOL factor is not explained by the Fama–French–Carhart factors, and has the strongest stand-alone performance among all these factors. Our findings are robust across sectors and over time, and consistent with previous empirical evidence for the US and international markets. Moreover, the VOL premium exhibits excellent investability characteristics, as it involves a low turnover and remains strong when applied to only the largest and most liquid stocks. Our results imply that the volatility effect is a highly pervasive phenomenon, and that explanations should be able to account for its presence in highly institutionalized markets, such as the US, but also in the Chinese market where private investors dominate trading.

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