LEADER 05680oam 22010574 450 001 9910788245703321 005 20230622202150.0 010 $a1-4623-5075-5 010 $a1-4518-6952-5 010 $a1-282-84046-0 010 $a1-4519-8325-5 010 $a9786612840463 035 $a(CKB)3170000000054997 035 $a(EBL)1605809 035 $a(SSID)ssj0000944002 035 $a(PQKBManifestationID)11503137 035 $a(PQKBTitleCode)TC0000944002 035 $a(PQKBWorkID)10978597 035 $a(PQKB)11111811 035 $a(OCoLC)276785726 035 $a(MiAaPQ)EBC1605809 035 $a(IMF)WPIEE2008091 035 $a(EXLCZ)993170000000054997 100 $a20020129d2008 uf 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 10$aCorporate Governance Reforms in the EU : $eDo They Matter and How? /$fIryna Ivaschenko, Petya Brooks 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2008. 215 $a1 online resource (31 p.) 225 1 $aIMF Working Papers 225 0$aIMF working paper ;$vWP/08/91 300 $aDescription based upon print version of record. 311 $a1-4519-1406-7 320 $aIncludes bibliographical references. 327 $aContents; I. Introduction; II. National and EU Corporate Governance Reforms; A. National Reforms; B. EU Reforms; III. Measuring the Private Value of Control; IV. Data and Methodology; A. Data Sample and Descriptive Statistics; B. Empirical Strategy; V. Main Findings; A. Voting Premiums Across Time and Countries; B. Have Reforms Reduced the Private Benefits of Control?; C. Have Reforms Brought About Convergence in Corporate Control?; VI. Conclusions; References; Tables; 1. Italy: National Corporate Reform; 2. Germany: National Corporate Governance Reforms 327 $a3. France: National Corporate Governance Reforms4. EU Corporate Governance Reforms; 5. Number of Dual-Class Firms by Country; 6. Voting Premium: Summary Statistics; 7. Voting Premiums Year Effects; 8. Voting Premium Distributed Year Effects; 9. Relative Effectiveness of Reforms in C3 Compared to the EU and Non-EU Peers, by Year; 10. Relative Effectiveness of Reforms Compared to Control Groups: A Summary; 11. Voting Premiums: Year Effects, Accounting for Product Market Reforms 327 $a12. Relative Effectiveness of Reforms in C3 Compared to the EU and Non-EU Peers, Accounting for Product Market Reforms, by Year13. Distribution Characteristics of Voting Premiums, Pooled for All EU Countries; Figures; 1. Dynamic of the Voting Premiums Acorss Countries, 1992-2007; 2. Reform Efforts: Number of Important Corporate Governance Reforms Per Year; 3. Number of National and EU Corporate Governance Reforms; 4. Convergence in Voting Premiums Across Countries; 5. Distribution of Voting Premium Across EU Countries, by Year 330 3 $aThis paper proposes a new approach to quantifying the effects of corporate governance reforms, by focusing on the dynamics of the voting premiums, a measure of the private benefits of control in a corporation. The results indicate that the reforms have been successful in reducing the voting premiums EU-wide. Moreover, more intense and broad reform efforts (such as introducing national reforms beyond and above the EU-wide initiatives) bring higher and longer lasting benefits. Our findings also suggest that the market for corporate control in Europe has become more integrated, as illustrated by the lower dispersion in voting premiums across countries and over time. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2008/091 606 $aCorporate governance$zEurope$vCase studies 606 $aCorporate governance 606 $aFinance: General$2imf 606 $aInvestments: General$2imf 606 $aPublic Finance$2imf 606 $aCorporate Governance$2imf 606 $aCorporate Finance and Governance: Government Policy and Regulation$2imf 606 $aGeneral Financial Markets: General (includes Measurement and Data)$2imf 606 $aAuditing$2imf 606 $aCorporate governance$2imf 606 $arole & responsibilities of boards & directors$2imf 606 $aFinance$2imf 606 $aManagement accounting & bookkeeping$2imf 606 $aInvestment & securities$2imf 606 $aCommodity markets$2imf 606 $aCapital markets$2imf 606 $aSecurities$2imf 606 $aCommodity exchanges$2imf 606 $aCapital market$2imf 606 $aFinancial instruments$2imf 607 $aItaly$2imf 615 0$aCorporate governance 615 0$aCorporate governance. 615 7$aFinance: General 615 7$aInvestments: General 615 7$aPublic Finance 615 7$aCorporate Governance 615 7$aCorporate Finance and Governance: Government Policy and Regulation 615 7$aGeneral Financial Markets: General (includes Measurement and Data) 615 7$aAuditing 615 7$aCorporate governance 615 7$arole & responsibilities of boards & directors 615 7$aFinance 615 7$aManagement accounting & bookkeeping 615 7$aInvestment & securities 615 7$aCommodity markets 615 7$aCapital markets 615 7$aSecurities 615 7$aCommodity exchanges 615 7$aCapital market 615 7$aFinancial instruments 676 $a338.6094 700 $aIvaschenko$b Iryna$01464023 701 $aBrooks$b Petya$01464024 801 0$bDcWaIMF 906 $aBOOK 912 $a9910788245703321 996 $aCorporate Governance Reforms in the EU$93673566 997 $aUNINA