Corporate Governance Lessons from Transition Economy Reforms

Abstract

Introduction vii Part I: Framework Chapter One: What Is Good Corporate Governance? by Merritt B. Fox and Michael A. Heller 3 Part II: The Elements of Good Corporate Governance: Law Chapter Two: Patterns of Legal Change: Shareholder and Creditor Rights in Transition Economies by Katharina Pistor 35 Chapter Three: The Common Law and Economic Growth: Hayek Might Be Right by Paul G. Mahoney 84 Part III: The Elements of Good Corporate Governance: Owners and Managers Chapter Four: Russian Privatization and Corporate Governance: What Went Wrong? by Bernard Black, Reinier Kraakman, and Anna Tarassova 113 Chapter Five: Why Ownership Matters: Entrepreneurship and the Restructuring of Enterprises in Central Europe by Roman Frydman, Marek Hessel, and Andrzej Rapaczynski 194 Part IV: The Elements of Good Corporate Governance: Stock Markets Chapter Six: Corporate Governance in Transitional Economies: Lessons from the Prewar Japanese Cotton Textile Industry by Yoshiro Miwa and J. Mark Ramseyer 231 Chapter Seven: Privatization and Corporate Governance: The Lessons from Securities Market Failure by John C. Coffee, Jr. 265 Chapter Eight: The Information Content of Stock Markets: Why Do Emerging Markets Have Synchronous Stock Price Movements? by Randall Morck, Bernard Yeung, and Wayne Yu 315 Part V: What Does Transition Contribute to Theory? Chapter Nine: Conclusion: The Unexplored Role of Initial Conditions by Merritt B. Fox and Michael A. Heller 367 List of Contributors 405 Index 407