Table of contents for Investor protection and corporate governance : firm-level evidence across Latin America / edited by Alberto Chong and Florencio Lopez-de-Silanes.

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Table of Contents 
[Series Page]
[About the Contributors] 
[Foreword?]
[Acknowledgments]
List of Tables and Figures 
1.	Corporate Governance in Latin America
Alberto Chong and Florencio Lopez-de-Silanes
Introduction
Legal Protection to Investors in Latin America and its Evolution
	Shareholder Rights in the 1990s
	The Evolution of Shareholder protection until 2005 
Access to External Finance in Latin America
	The Size and Breath of Capital Markets
	Ownership Concentration
	Insider Trading
Firm Level Corporate Governance
 Firm-level Samples and Corporate Governance Indicators
 Firm-level Corporate Governance Practices and their Impact
Firm Migration and The Disappearing Latin American Stock Markets
Conclusion and Policy Implications
References 
2.	Insider Trading and Corporate Governance in Latin America
Juan J. Cruces and Enrique Kawamura
Introduction
Testable Hypotheses
Estimation of the Informed Trading Probability
 Methodological Review 
 Does Informed Trading Probability Really Measure What We Want to 
Measure?
Data Sources and Sample Construction
 Stock Data
 Country Data
 Corporate Announcements Data 
Results 
 Distribution of Informed Trading Probability
 Cross-Sectional Determinants of Informed Trading
 Categorical Decomposition of Informed Trading
 Informed Trading and Corporate Governance Measures Used in the 
Literature
 Event Study: Informed Trading Probability Around Corporate 
Announcements
 The Market Value of Informed Trading
Conclusions, Policy Implications, and Directions for Future Research
References
Appendix 
3. 	Corporate Governance and Ownership: Measurement and Impact on 
Corporate Performance and Dividend Policies in Argentina 
Ricardo N. Bebczuk 
Literature Review and Working Hypotheses
 Corporate Governance, Ownership and Performance
 Corporate Governance, Ownership and Dividend Policies 
Corporate Governance and Ownership Structure in Argentina
Determinants of Corporate Performance
 Baseline Results
 Robustness Checks
 Endogeneity Checks
 Ownership and Performance
Determinants of Dividend Policies
 Summary Statistics and Additional Regressors
 Econometric Results 
Conclusions
References 
4.	Corporate Governance and Value in Brazil (and in Chile)
Ricardo P. C. Leal and Andre L. Carvalhal-da-Silva 
Introduction 
Brief Review of Literature and Working Hypothesis
A Governance Practices Index for Brazil 
 Data Sources
 Index Components
Empirical Results
 Ownership Measures 
 Value, CGI, and Control Variables
 Multivariate Regression Analysis
Extensions and Additional Robustness Checks
 Alternative Implementations of the Multivariate Model
 Endogeneity Checks
 Discussion of Potential Biases 
Comparative Analysis with Chile
Conclusion and Policy Implications
References 
Appendix
5. The Effect of Corporate Governance Practices on Company Market Valuation 
and Payout Policy in Chile
Fernando Lefort and Eduardo Walker 
Introduction
Chilean Capital Markets and Institutional Environment: 
An Overview
Conceptual Framework and Working Hypothesis
 Conglomerates, Corporate Governance and Company Valuation:
 Corporate Governance and Payout Policy
Data Sources and Corporate Governance Measures
 Data Sources
 Ownership and Control Structures of Chilean Listed Firms
 Dividend Policies and Payout ratios in Chile	
 Agency Problems
 Corporate Governance Practices in Chile
Empirical Analysis of the Effects of Agency Problems on Firm's Market 
Valuation
 Econometric Concerns 
 Empirical Results on Agency Problems and Firm Valuation
 Robustness Checks
 Endogeneity Checks
 Dividend Payout Ratios
Do Corporate Governance Practices Affect Firm Market Valuation and Payout 
Policy?
 Correlations with Firm Market Valuation
 Controlling for Endogeneity
Conclusions
References
6.	Corporate Governance and firm Valuation in Colombia 
Luis H. Gutierrez and Carlos Pombo
Introduction
Data and Methodology
 Ownership and Control Definitions
 Valuation and Performance Measures
Corporate ownership and control
 Ownership Statistics.
 Separation between ownership and control
Corporate best practices 
 The Index of Corporate Governance
 Sample of Companies
 Survey Results 
Ownership, control and firm valuation
 Working hypotheses
 Variable Statistics
 Econometric results
Final remarks and policy implications
References
Appendixes
7.	Corporate Governance and Firm Value in Mexico
Alberto Chong and Florencio Lopez-de-Silanes
Introduction
Mexico¿s Capital Markets in the last 30 years
 The Birth of the Modern Stock Exchange and the Initial Collapse (1975-1987)
 The Spurt: Economic Stabilization and NAFTA (1987-1997)
 Back to the Same Place (1997-2006)
What explains the poor status of Mexico¿s capital markets?
 Shareholder Protection in 1995
 The Evolution of Shareholder protection from 1995 to 2005
 Consequences of Poor Investor Protection for Pension Funds
Corporate Governance, Valuation and Investor Returns in Mexico
 The Sample 
 Data on Corporate Governance Practices in Mexico
 Econometric Results
 Robustness Checks
 Impact of Different Areas of Firm-level Governance
Reforms for Deepening Mexico's Financial Markets
 Further Legal Reform
 Market-based Mechanisms
Conclusions and Policy Implications
Bibliography
Appendixes
Appendix Bibliography
8.	CEO and Director Turnover in Venezuela
Urbi Garay and Maximiliano Gonzalez
Introduction
Institutional Characteristics
 An Overview of the Venezuelan Economy and its Stock Market 
 The Venezuelan Capital Market's Legal Framework 
 Corporate Governance Practices in Venezuela
Data
 Summary Statistics
Empirical Analysis on CEO and Director Turnover
 CEO and Director Turnover, a Univariate Approach
 CEO Turnover, a Logit Approach
 Director Turnovers, a Poisson Approach
Robustness Checks
 Lagged Values of Performance Measures
 Macroeconomic Controls
 Ownership Structure
 Endogeneity Problem
 Forced Turnover 
Conclusions and policy recommendations
References
Appendixes
Index

Library of Congress Subject Headings for this publication:

Corporate governance.
Investments.