Beginning with their publication of Legal Determinants of External Finance, Rafael La Porta, Florencio Lopez-de-Silanes, Andrei Shleifer, and Robert Vishny (LLSV) asked: "Why do some countries have so much bigger capital markets than others?" According to them, the answer lies in the legal environment of the country -- its legal origin. LLSV conclude that because common law countries have better investor protection mechanisms and better enforcement, bigger capital markets are more achievable. While LLSV classified Canada as a common law jurisdiction in their studies, Canada actually stands out as somewhat unique in the world financial markets as one of the few countries with both common and civil law traditions. Perhaps one of the most important results of the LLSV study was to facilita...
The separation of ownership and control publicized by Berle and Means in 1932 persists today. Domination of public companies by self-serving and ineffective executives costs America billions of dollars every year and contributed to the current economic meltdown. Repeated efforts to solve this problem -- including the Sarbanes-Oxley Act, expanded disclosure duties, and more stringent requirements for director independence -- have had little benefit and have sometimes made matters worse. The flaws in our corporate governance system are a growing problem for America's economy as disillusioned investors increasingly place their capital in other countries. Nonetheless, proposals for greater shareholder power have encountered criticisms: various shareholders have conflicting goals; shareholde...
We examine pure no-load funds over a 5-year period. For equity funds, trading activity is negatively related to returns. Expense ratios are not significantly related to returns. Potential capital gains exposure and tax cost ratio are positively related to return. For fixed income funds, trading activity is positively related to return. Expense ratios and tax cost ratios are negatively related to returns. Mutual funds exhibit economies of scale and managers experience scale and scope economies. The individual investor is better off in a large fund that is a member of a large fund family.
The heightened unwillingness to assert jurisdiction for these claims thus undermines the contention that the entire international arbitration system evinces an undue preference for investor interests over state interests. Since the very first investor ventured beyond the bounds of his reigning sovereign, international investment disputes have raised thorny issues of diplomacy and international law.
A second early investor of the Baltimore Grand Prix filed an action Tuesday against the race's organizers, seeking more than $300,000 he said he is owed. And the attorney for Sean Conley and fellow investor Steven Wehner -- who filed against the organizers last week -- said he will be filing an injunction to freeze part of the money from advance ticket sales sitting in an escrow account.
In the week following a string of Washington and Wall Street theatrics, experts are saying that Arizona's recovery will be slowed as consumer and investor confidence dwindles. These types of things set the recovery back," said Jim Rounds, an economist with Elliott D. Pollack & Company. "I feel comfortable saying that what happened set the recovery back three to four months.
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