TY  - JOUR
AU  - Stulz,Rene M.
TI  - Financial Globalization, Corporate Governance, and Eastern Europe
JF  - National Bureau of Economic Research Working Paper Series
VL  - No. 11912
PY  - 2006
Y2  - January 2006
UR  - http://www.nber.org/papers/w11912
L1  - http://www.nber.org/papers/w11912.pdf
N1  - Author contact info:
Rene M. Stulz
The Ohio State University
Fisher College of Business
806A Fisher Hall
Columbus, OH 43210-1144
Tel: 614/292-1970
Fax: 614/292-2359
E-Mail: stulz_1@cob.osu.edu
AB  - For many countries, the most significant barriers to trade in financial assets have been knocked down. Yet, the financial world is not flat because poor governance prevents firms from being widely held and from taking full advantage of financial globalization. Poor governance has implications for corporate finance as well as for macroeconomics. I show that poor governance in Eastern Europe is accompanied, as expected, by high corporate ownership concentration, low firm valuation, poor financial development, and low foreign participation.
ER  -