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Board Reforms, Stock Liquidity, and Stock Market Development

Harvard Corporate Governance

To develop financial markets, improve market liquidity and attract international capital, governments around the world are encouraged to improve their countries’ corporate governance systems and adopt internationally accepted best practices in corporate governance (e.g., OECD, 2011). OECD, 2011). Qiu and Slezak, 2019).

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How Private Rights of Action in Securities Laws Affect the Capital Markets

Reynolds Holding

Few topics in the corporate and securities law literature are as controversial as securities class actions – that is, actions in which shareholders of public firms seek to collectively obtain compensation for damages resulting from false or misleading statements in corporate disclosures. National Australia Bank Ltd.

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Deregulation and Board Policies: Evidence from Performance Measures Used in Bank CEO Turnover Decisions

Harvard Corporate Governance

The banking industry has undergone substantial changes since the late 1970s, largely due to deregulation and rapid market developments. Over that period, banks’ growth opportunities expanded, and banks entered new markets, both geographic and product. This post is based on their recent paper , forthcoming in The Accounting Review.

Banking 202
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ESG Investing Clearly Serves Pecuniary Interests

Reynolds Holding

Risk-return ESG investing…can be permissible on the same terms as any other kind of active investment strategy that seeks to exploit market mispricing (what we will call active investing) or shareholder control rights (what we will call active shareholding) for profit. [8] Mining.com, July 6, 2017. 3°C by 2100. [25] Available here. [14]

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What the Rise of Indexing Means for Corporate Governance

Reynolds Holding

The growth in the voting power of passive funds has attracted the attention of market participants, academics, and regulators. If passive funds attract flows by crowding out investors’ direct investing in the stock market, then the likely primary effect of passive fund growth will be the replacement of retail investors as shareholders.

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Why Do Companies Going Public Choose Controversial Governance Structures, and Why Do Investors Let Them?

Reynolds Holding

Over the past three decades, there has been increasing concern about how corporate governance structures such as classified boards and dual class stock entrench managers, reduce director effectiveness, and reduce firm value. Likely as a result, mature firms have increasingly eliminated these structures.

Equity 49
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Boardroom Gender-Diversity Reforms and Institutional Monitoring

Reynolds Holding

We test our predictions using a difference-in-differences design based on a worldwide sample from 2000 to 2017. Our treatment sample consists of firms from 25 countries that amended a corporate governance code or enacted legislation to improve boardroom gender diversity.