The Changing Corporate Governance Paradigm: Implications for Transition and Developing Countries

The rapidly growing literature studying the relationship between legal origin, investor protection, and finance has stimulated an important debate in academic circles. It has also generated a number of applied research projects and strong policy statements. This paper discusses the implications, in particular for developing and transition countries, from this literature. We conclude that its focus on the plight of small investors is too narrow when applied to these countries. We argue that this group is unlikely to play an important role in most developing and transition countries. External investors may still be crucial, but they are more likely to come in as strategic investors or creditors. The paper also proposes a broader paradigm including other stakeholders and mechanisms of governance in order to better understand the problems facing these countries and generate policy implications that compensate for the weaknesses of capital markets.http://deepblue.lib.umich.edu/bitstream/2027.42/39648/3/wp263.pd

The Changing Corporate Governance Paradigm: Implications for Transition and Developing Countries

The rapidly growing literature studying the relationship between legal origin, investor protection, and finance has stimulated an important debate in academic circles. It has also generated a number of applied research projects and strong policy statements. This paper discusses the implications, in particular for developing and transition countries, from this literature. We conclude that its focus on the plight of small investors is too narrow when applied to these countries. We argue that this group is unlikely to play an important role in most developing and transition countries. External investors may still be crucial, but they are more likely to come in as strategic investors or creditors. The paper also proposes a broader paradigm including other stakeholders and mechanisms of governance in order to better understand the problems facing these countries and generate policy implications that compensate for the weaknesses of capital markets.corporate governance, corporate law,economic transition, economic development

Renminbi Internationalisation: Precedents and Implications

While it is commonly assumed that there are no known precedents against which to benchmark the internationalisation of the Renminbi (RMB), this paper argues that the PRCs own development experience provides a useful perspective on the internationalisation debate. In particular it indicates that lessons can be learnt from both the successes and the shortcomings of efforts to internationalise the RMB in the 1970s. During this period state-owned banks in Hong Kong played a central role in mobilising finance for foreign trade. Access to Hong Kong’s developed financial institutions allowed the PRC to maximise receipts from foreign trade as well as minimise the risks of undue swings in capital flows. The paper shows that although China no longer faces foreign exchange scarcity, economic reforms have not yet resolved vulnerabilities in China’s financial institutions and as such Hong Kong’s role in mitigating the risk of undue capital swings remains

Differential Diagnosis of Attention Deficit Hyperactivity Disorder and Depression: Potential Bias and Misdiagnosis

This study investigated whether psychologists are attempting to distinguish between attention deficit hyperactivity disorder (ADHD) and depression in youth. Findings indicate that, overall, clinicians are conducting comprehensive evaluations and considering ADHD and depression as likely diagnoses. Clinicians were more likely to use self-report depression measures if the client was female or adolescent than if the child was male or school age; however, they were equally likely to incorporate ADHD-related measures with males and females , and 8 year olds and 15 year olds . Clinicians were more likely to consider adolescents than school-age children and females than males to have a mood disorder. Doctoral-level clinicians were more likely to consider a mood disorder and ADHD than master\u27s- level clinicians. Clinicians who had completed a child psychopathology course were more likely to consider ADHD than those who had not completed such a course. The implications of these findings for child-oriented clinicians are discussed

Corporate boards, ownership structure and firm performance in an environment of severe political and economic crisis

This study examines the relationship between board and ownership structures and firm performance in an environment of severe political and economic crisis. Using panel data from the Zimbabwe Stock Exchange (ZSE) for the period 2000-2005, we split the period into prepresidential election period (2000-2002) (a relatively stable political and economic period) and post-presidential election period (2003-2005) (a hostile political and economic period) to capture the differences in the political and economic landscape. We find that board size, ownership concentration and executive directors’ share ownership increased whilst the proportion of nonexecutive directors reduced in the post-presidential election period. Employing a system Generalized Method of Moments (GMM) approach, we find that performance is positively related to board size and ownership concentration in the post- (but not in the pre-) presidential election period. The results also show that performance is negatively related to executive directors’ share ownership in the post-presidential election period, but positively related in the pre-presidential election period. The proportion of non-executive directors is negative and significant in both periods. These findings support the notion that the effects of board and ownership structures depend on the nature of the firm’s environment, and therefore have important implications for policy-makers

Student Teachers\u27 Explicit and Implicit Perceptions of Attention-Defici t/H yperacti vi ty Disorder

This study examined student teachers\u27 explicit and implicit perceptions of ADHD and the relationship between perceptions of ADHD and social desirability. In addition, the relationship between a current measure of implicit perceptions of ADHD and one that was adapted for this study was also investigated. Findings indicate that student teachers view a student portrayed as exhibiting symptoms consistent with ADHD more negatively than a normal child in terms of their self-reported first impressions of the child as well as their predictions for the child\u27s future success. Participants\u27 perceptions, as measured by two implicit measures, however, were mixed, with results from one measure indicative of neutral attitudes toward ADHD, while results from another measure were suggestive of an implicit attitude bias against ADHD behaviors. Overall, social desirability did not appear to be meaningfully associated with student teachers\u27 implicit or explicit perceptions of ADHD. The key findings seem to indicate that student teachers generally exhibit more negative perceptions of stereotypical ADHD behaviors than normal behaviors. Two measures of student teachers\u27 implicit perceptions of ADHD were not significantly related