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

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

Family Genericity

Type abstraction in object-oriented languages embody two techniques, each with its own strenghts and weaknesses. The first technique is extension, yielding abstraction mechanisms with good support for gradual specification.The prime example is inheritance. The second technique is functional abstraction, yielding more precise knowledge about the outcome. The prime example is type parameterized classes. This paper argues that these techniques should beclearly separated to work optimally, and also that current languages fail to do this.We have applied this design philosophy to a language based on an extension mechanism, namely virtual classes. As a result, some elements based on functional abstraction have been introduced, but they are simple and only used for things where they excel; conversely, the virtual classes have become more flexible, because their role is now more well-defined.We designate the result as family genericity. The presented language design has been implemented

A method for evaluation of epididymal sperm count and motility in the rat

To study possible deleterious effects of environmental agents upon the male fertility a method to obtain live spermatozoa from rat epididymis was developed. The method was easy to carry out and produced reproducible results. The semen obtained was of good quality. Other methods to obtain sperm from rats and problems connected with these are discussed. Factors influencing the number and motility of spermatozoa obtained from rat epididymis are discussed

gbeta - a Language with Virtual Attributes, Block Structure, and Propagating, Dynamic Inheritance

A language design development process is presented which leads to a language, gbeta, with a tight integration of virtual classes, general block structure, and a multiple inheritance mechanism based on coarse-grained structural type equivalence. From this emerges the concept of propagating specialization. The power lies in the fact that a simple expression can have far-reaching but well-organized consequences, e.g., in one step causing the combination of families of classes, then by propagation the members of those families, and finally by propagation the methods of the members. Moreover, classes are first class values which can be constructed at run-time, and it is possible to inherit from classes whether or not they are compile-time constants, and whether or not they were created dynamically. It is also possible to change the class and structure of an existing object at run-time, preserving object identity. Even though such dynamism is normally not seen in statically type-checked languages, these constructs have been integrated without compromising the static type safety of the language

Safe Dynamic Multiple Inheritance

Combination of descriptive entities--i.e. multiple inheritance and related mechanisms--is usually only supported at compile time in statically typed languages. The language gbeta is statically typed and has supported run-time creation of classes and methods since 1997, by means of the pattern combination operator '&'. However, with certain combinations of operands the '&' operator fails; as a result, creation of new classes and methods at run-time had to be considered a dangerous operation. This paper presents a large and useful class of combinations, and proves that combinations in this class will always succeed

First-Class Object Sets

Abstract. Typically, objects are monolithic entities with a fixed interface. To increase the flexibility in this area, this paper presents first-class object sets as a language construct. An object set offers an interface which is a disjoint union of the interfaces of its member objects. It may also be used for a special kind of method invocation involving multipleobjects in a dynamic lookup process. With support for feature access and late-bound method calls object sets are similar to ordinary objects, only more flexible. The approach is made precise by means of a small calculus, and the soundness of its type system is shown by a mechanically checked proof in Coq

A multi-block infrastructure for three-dimensional time-dependent numerical relativity

We describe a generic infrastructure for time evolution simulations in numerical relativity using multiple grid patches. After a motivation of this approach, we discuss the relative advantages of global and patch-local tensor bases. We describe both our multi-patch infrastructure and our time evolution scheme, and comment on adaptive time integrators and parallelisation. We also describe various patch system topologies that provide spherical outer and/or multiple inner boundaries. We employ penalty inter-patch boundary conditions, and we demonstrate the stability and accuracy of our three-dimensional implementation. We solve both a scalar wave equation on a stationary rotating black hole background and the full Einstein equations. For the scalar wave equation, we compare the effects of global and patch-local tensor bases, different finite differencing operators, and the effect of artificial dissipation onto stability and accuracy. We show that multi-patch systems can directly compete with the so-called fixed mesh refinement approach; however, one can also combine both. For the Einstein equations, we show that using multiple grid patches with penalty boundary conditions leads to a robustly stable system. We also show long-term stable and accurate evolutions of a one-dimensional non-linear gauge wave. Finally, we evolve weak gravitational waves in three dimensions and extract accurate waveforms, taking advantage of the spherical shape of our grid lines.Comment: 18 pages. Some clarifications added, figure layout improve