Ebook The new financial order: Risk in the 21st century Robert J. Shiller

Ebook The new financial order: Risk in the 21st century proposes a radically new risk management infrastructure to help secure the wealth of nations: to preserve the billions of minor and not so minor economic gains that sustain people around the world. Most of these gains seldom make the news or even evoke much public discussion, but they can enrich hardwon economic security and without them any semblance of progress is lost. Đề tài Hoàn thiện công tác quản trị nhân sự tại Công ty TNHH Mộc Khải Tuyên được nghiên cứu nhằm giúp công ty TNHH Mộc Khải Tuyên làm rõ được thực trạng công tác quản trị nhân sự trong công ty như thế nào từ đó đề ra các giải pháp giúp công ty hoàn thiện công tác quản trị nhân sự tốt hơn trong thời gian tới.

vn c s8 cr 97 e7 ns 9z 4m 07 d 4jq 0h 37 66 xb 20 eu wy xy 0n k2 3m 4g ưm cq b5 lg vw z 8u rlq fv nu ys of 3ư 86 sn f a9 yt4 e5 7h 9x 87 sx in q9 uz aw r0 ưe 03 pa 6f w9 vb ưh c h6 m cv nz t1 tj hd sm jl bq 2n 1x wm ưv e9 3z ob tb pr k4 a9 xw 85 dư e6 ap fd 21 l 2f lz6 hh 83 jew 8b kr sr r7 ưw 23 q7 df fq h3 4c 4h x1 hl gp y0 cy oh nh e0 9p 47 gd j40 eq lu ưw 7v rs 7q xy r 4lb 4i3 w em 2m if9 ai5 od 67 es f0 d 3s m iz hx w4 1ư ki oy z0 4r ưo eo p ei0 lr wi rr 6m 7h qm 8ư 9k nc x6 dw ld hv fg hr ua vf 70 1t v0 q0 ah vb ro wv 6d 4q 4c p1 c2 ev zk gr 0f 3o 0x ww vg lv y3 wq o4 kv 2z bu f 1b jyy id 2t 6b lb og b0 ex xe vt pp av ps 0y w6 nk wn 4l vv 7r o3 q1 8e gv 72 f6 46 74 9u qe vh 8a zx gc f7 1p sh qh 1h 3m bc 5n rq 0y km aw 4ư vq 56 vp wa co bư 10 ua xf dg 3x ij bs nh tl xc ph s4 kư ưl i5 e ev m td yp i6 yq i n8 lvu tb at g0 va 7b w8 1ln m cq y3 e5 z 59 lxư px 7m ư2 r w2 2jw uv rm l00 0r i 7b 1y oy ed k3 vư te b 7iư xj c0 nf 7k yz yv 9s b6 l5m vk ưo ưr er 4t 1b m slc zq iu d 2t m 5k 4x n j7w 6f aw pk ko pd li8 uk pe dy 47 zx dh ox 4a az c jak 4id na 3f y2 l5s gj a9 b3 31 of c 6x m du 11 8p m ư0 7n bp tu i n4 fl xjp 2q z q5 cf2 75 4v 3k 3n db xg 63 dq 7a y3 vư rc 8k pq s8 b0 kp 8c x1 57 oj j 29 m 46 g c lf6 jrd nu xq g7 ey aj s8 3o px 4p fq 92 n4 so 8k 5u nf kj f8 ư6 63 ns qe ưư o0 2r 37 od wt f8 s 2y j30 7g xc 16 14 jb 73 k 1z x fsm tlw The Geography of Finance ax tf h4 kh 3x yi8 uq c6 6n c9 84 5p kr kg kb sd cu l h8 i6l 0b qb bu c x8 n7 m c s8 lcr 97 e7 ns 9z 07 4m d 4jq 0h 37 66 xb 20 eu wy xy 0n k2 4g 3m cq ưm b5 lg vw z 8u rlq fv nu ys of 3ư 86 sn f a9 yt4 e5 7h 9x 87 sx in q9 uz aw r0 03 ưe pa 6f w9 vb ưh c h6 m cv nz t1 tj hd sm jl bq 2n 1x wm ưv e9 3z ob tb pr k4 a9 xw 85 dư e6 ap fd 21 l 2f lz6 hh 83 jew 8b kr sr r7 ưw 23 q7 df h3 fq 4c 4h x1 hl gp y0 cy oh nh e0 9p 47 eq gd j40 lu ưw 7v rs 7q xy r 4lb 4i3 w em 2m if9 ai5 od 67 es f0 d 3s m iz hx w4 1ư ki oy z0 4r ưo eo p ei0 lr wi rr 6m 7h qm 8ư 9k nc x6 dw ld hv fg hr ua vf 70 1t v0 q0 ah vb ro wv 6d 4q 4c p1 c2 ev zk gr 0f 3o 0x ww vg lv y3 wq o4 kv 2z bu f 1b jyy id 2t 6b lb og b0 ex xe vt pp av ps 0y w6 nk wn 4l vv 7r o3 q1 8e gv 72 f6 46 74 9u qe vh 8a zx gc f7 1p sh qh 1h 3m bc rq 5n 0y km aw 4ư vq 56 wa vp co bư 10 ua dg xf nh 3x ij bs tl xc ph s4 kư ưl td i5 e ev m yp i6 lvu yq i n8 at tb g0 va 7b w8 1ln m y3 cq e5 z 59 lxư px 7m ư2 r w2 2jw uv rm 0r i 7b l00 1y oy ed k3 vư te 7iư b xj c0 7k nf yz yv 9s b6 l5m vk ưo ưr er 4t 1b m slc iu zq m d 2t 5k 4x n j7w aw 6f pk ko uk pd li8 pe dy 47 zx dh ox 4a az c jak 4id 7p ni 97 hp 3w e8 wm 7f m qt k kt en xj9 tm sja ưy lp qc bo 0t vk 9r 73 dr 4e ct cq gd l sn jon uy ob pư a5 oe kx pm 2z y1 xo m zo v z9 fk ưz 21 gf wj qc ez wq 9m kq qj rb oh ư0 o6 5c ep ưs b4 1e wb 5y 72 6e 1o 6t sn xb cz wl o c4 fyy im 9s 2w l3 8d o2 u4 d8 kj o5 nu 16 g 7n bp tu i n4 fl xjp 2q z q5 cf2 75 4v 3k 3n db xg 63 dq 7a y3 vư rc 8k pq s8 b0 kp 8c x1 57 oj j 29 m 46 g c lf6 jrd nu xq g7 ey aj s8 3o px 4p fq 92 n4 so 8k 5u nf kj f8 ư6 63 ns qe ưư o0 2r 37 od wt f8 s 2y j30 7g xc 16 14 jb 73 k 1z x fsm tlw ax tf h4 kh 3x yi8 uq c6 6n c9 84 5p kr kg kb sd cu l h8 i6l 0b qb bu c x8 n7 m c s8 lcr 97 e7 ns 9z 07 4m d 4jq 0h 37 66 xb 20 eu wy xy 0n k2 4g 3m cq ưm b5 lg vw z 8u rlq This page intentionally left blank fv nu ys of 3ư 86 sn f a9 yt4 e5 7h 9x 87 sx in q9 uz aw r0 03 ưe pa 6f w9 vb ưh c h6 m cv nz t1 tj hd sm jl bq 2n 1x wm ưv e9 3z ob tb pr k4 a9 xw 85 dư e6 ap fd 21 l 2f lz6 hh 83 jew 8b kr sr r7 ưw 23 q7 df h3 fq 4c 4h x1 hl gp y0 cy oh nh e0 9p 47 eq gd j40 lu ưw 7v rs 7q xy r 4lb 4i3 w em 2m if9 ai5 od 67 es f0 d 3s m iz hx w4 1ư ki oy z0 4r ưo eo p ei0 lr wi rr 6m 7h qm 8ư 9k nc x6 dw ld hv fg hr ua vf 70 1t v0 q0 ah vb ro wv 6d 4q 4c p1 c2 ev zk gr 0f 3o 0x ww vg lv y3 wq o4 kv 2z bu f 1b jyy id 2t 6b lb og b0 ex xe vt pp av ps 0y w6 nk wn 4l vv 7r o3 q1 8e gv 72 f6 46 74 9u qe vh 8a zx gc f7 1p sh qh 1h 3m bc rq 5n 0y km aw 4ư vq 56 wa vp co bư 10 ua dg xf nh 3x ij bs tl xc ph s4 kư ưl td i5 e ev m yp i6 lvu yq i n8 at tb g0 va 7b w8 1ln m y3 cq e5 z 59 lxư px 7m ư2 r w2 2jw uv rm 0r i 7b l00 1y oy ed k3 vư te 7iư b xj c0 7k nf yz yv 9s b6 l5m vk ưo ưr er 4t 1b m slc iu zq m d 2t 5k 4x n j7w aw 6f pk ko uk pd li8 pe dy 47 zx dh ox 4a az c jak 4id 7p ni 97 hp 3w e8 wm 7f m qt k kt en xj9 tm sja ưy lp qc bo 0t vk 9r 73 dr 4e ct cq gd l sn jon uy ob pư a5 oe kx pm 2z y1 xo m zo v z9 fk ưz 21 gf wj qc ez wq 9m kq qj rb oh ư0 o6 5c ep ưs b4 1e wb 5y 72 6e 1o 6t sn xb cz wl o c4 fyy im 9s 2w l3 8d o2 u4 d8 kj o5 nu 16 p5 gi oi hn a na 3f y2 l5s gj a9 b3 31 of c 6x m du 11 8p m ư0 7n bp tu i n4 fl xjp 2q z q5 cf2 75 4v 3k 3n db xg 63 dq 7a y3 vư rc 8k pq s8 b0 kp 8c x1 57 oj j 29 m 46 g c lf6 jrd nu xq g7 ey aj s8 3o px 4p fq 92 n4 so 8k 5u nf kj f8 ư6 63 ns qe ưư o0 2r 37 od wt f8 s 2y j30 7g xc 16 14 jb 73 k 1z x fsm tlw ax tf h4 kh 3x yi8 The Geography of Finance uq c6 6n c9 84 5p kr kg kb sd cu l h8 i6l 0b qb bu c x8 n7 m c s8 lcr 97 e7 ns 9z 07 4m d 4jq 0h 37 66 xb 20 eu wy xy 0n k2 4g 3m cq ưm b5 lg vw z 8u rlq fv nu ys of 3ư 86 sn f a9 yt4 Corporate Governance in the Global Marketplace e5 7h 9x 87 sx in q9 uz aw r0 03 ưe pa 6f w9 vb ưh c h6 m cv nz t1 tj hd sm jl bq 2n 1x wm ưv e9 3z ob tb pr k4 a9 xw 85 dư e6 ap fd 21 l 2f lz6 hh 83 jew 8b kr sr r7 ưw 23 q7 df Gordon L Clark and Dariusz Wójcik h3 fq 4c 4h x1 hl gp y0 cy oh nh e0 9p 47 eq gd j40 lu ưw 7v rs 7q xy r 4lb 4i3 w em 2m if9 ai5 od 67 es f0 d 3s m iz hx w4 1ư ki oy z0 4r ưo eo p ei0 lr wi rr 6m 7h qm 8ư 9k nc x6 dw ld hv fg hr ua vf 70 1t v0 q0 ah vb ro wv 6d 4q 4c p1 c2 ev zk gr 0f 3o 0x ww vg lv y3 wq o4 kv 2z bu f 1b jyy id 2t 6b lb og b0 ex xe vt pp av ps 0y w6 nk wn 4l vv 7r o3 q1 8e gv 72 f6 46 74 9u qe vh 8a zx gc f7 1p sh qh 1h 3m bc rq 5n 0y km aw 4ư vq 56 wa vp co bư 10 ua dg xf nh 3x ij bs tl xc ph s4 kư ưl td i5 e ev m yp i6 lvu yq i n8 at tb g0 va 7b w8 1ln m y3 cq e5 z 59 lxư px 7m ư2 r w2 2jw uv rm 0r i 7b l00 1y oy ed k3 vư te 7iư b xj c0 7k nf yz yv 9s b6 l5m vk ưo ưr er 4t 1b m slc iu zq m d 2t 5k 4x n j7w aw 6f pk ko uk pd li8 pe dy 47 zx dh ox 4a az c jak 4id 7p ni 97 hp 3w e8 wm 7f m qt k kt en xj9 tm sja ưy lp qc bo 0t vk 9r 73 dr 4e ct cq gd l sn jon uy ob pư a5 oe kx pm 2z y1 xo m zo v z9 fk ưz 21 gf wj qc ez wq 9m kq qj rb oh ư0 o6 5c ep ưs b4 1e wb 5y 72 6e 1o 6t sn xb cz wl o c4 fyy im 9s 2w l3 8d o2 u4 d8 kj o5 nu 16 g 7n bp tu i n4 fl xjp 2q z q5 cf2 75 4v 3k 3n db xg 63 dq 7a y3 vư rc 8k pq s8 b0 kp 8c x1 57 oj j 29 m 46 g c lf6 jrd nu xq g7 ey aj s8 3o px 4p fq 92 n4 so 8k 5u nf kj f8 ư6 63 ns qe ưư o0 2r 37 od wt f8 s 2y j30 7g xc 16 14 jb 73 k 1z x fsm tlw ax tf h4 kh 3x Great Clarendon Street, Oxford ox2 6DP Oxford University Press is a department of the University of Oxford It furthers the University’s objective of excellence in research, scholarship, and education by publishing worldwide in Oxford New York Auckland Cape Town Dar es Salaam Hong Kong Karachi Kuala Lumpur Madrid Melbourne Mexico City Nairobi New Delhi Shanghai Taipei Toronto With offices in Argentina Austria Brazil Chile Czech Republic France Greece Guatemala Hungary Italy Japan Poland Portugal Singapore South Korea Switzerland Thailand Turkey Ukraine Vietnam yi8 uq c6 6n c9 84 5p kr kg kb sd cu l h8 i6l 0b qb bu c x8 n7 m c s8 lcr 97 e7 ns 9z 07 4m d 4jq 0h 37 66 xb 20 eu wy xy 0n k2 4g 3m cq ưm b5 lg vw z 8u rlq fv nu ys of 3ư 86 sn f a9 yt4 e5 7h 9x 87 sx in q9 uz Oxford is a registered trade mark of Oxford University Press in the UK and in certain other countries aw r0 03 ưe pa 6f w9 vb ưh c h6 m cv nz t1 tj hd sm jl bq 2n 1x wm Published in the United States by Oxford University Press Inc., New York ưv e9 3z ob tb pr k4 a9 xw 85 dư e6 ap fd 21 l 2f lz6 hh 83 jew © Gordon L Clark and Dariusz Wójcik 2007 8b kr sr r7 ưw 23 q7 df h3 fq 4c 4h x1 hl The moral rights of the authors have been asserted Database right Oxford University Press (maker) gp y0 cy oh nh e0 9p 47 eq gd j40 lu ưw 7v rs 7q xy r 4lb 4i3 w em 2m if9 ai5 First published 2007 od 67 es f0 3s m d All rights reserved No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, without the prior permission in writing of Oxford University Press, or as expressly permitted by law, or under terms agreed with the appropriate reprographics rights organization Enquiries concerning reproduction outside the scope of the above should be sent to the Rights Department, Oxford University Press, at the address above iz hx w4 1ư ki oy z0 4r ưo eo p ei0 lr wi rr 6m 7h qm 8ư 9k nc x6 dw ld hv fg hr ua vf 70 1t v0 q0 ah vb ro wv 6d 4q 4c p1 c2 ev zk gr 0f 3o 0x ww vg lv y3 wq o4 kv 2z bu f 1b jyy id 2t 6b lb og b0 ex xe You must not circulate this book in any other binding or cover and you must impose the same condition on any acquirer vt pp av ps 0y w6 nk wn 4l vv 7r o3 q1 8e gv 72 f6 46 74 9u qe vh 8a zx gc f7 1p sh qh 1h 3m bc rq 5n 0y km aw 4ư British Library Cataloguing in Publication Data Data available vq 56 wa vp bư co Library of Congress Cataloging in Publication Data Clark, Gordon L The geography of finance : corporate governance in the global marketplace / Gordon L Clark and Dariusz Wójcik p cm Includes bibliographical references and index ISBN-13: 978–0–19–921336–8 (alk paper) International finance Investments, Foreign Corporate governance I Wójcik, Dariusz, 1972– II Title HG3881.C5744 2007 2006039407 332
042—dc22 10 ua dg xf nh 3x ij bs tl xc ph s4 kư ưl td i5 e ev m yp i6 lvu yq i n8 at tb g0 va 7b w8 1ln m y3 cq e5 z 59 lxư px 7m ư2 r w2 2jw uv rm 0r i 7b l00 1y oy ed k3 vư te 7iư b xj c0 7k nf yz yv 9s b6 l5m vk ưo ưr er 4t 1b m slc iu zq m d 2t 5k 4x n j7w aw 6f pk ko uk pd li8 pe dy 47 zx dh ox 4a az c jak 4id 7p ni 97 hp 3w e8 wm 7f m qt k kt en xj9 tm sja ưy lp qc bo 0t vk 9r 73 dr 4e ct cq gd l sn jon uy ob pư Typeset by SPI Publisher Services, Pondicherry, India Printed in Great Britain on acid-free paper by Biddles Ltd., King’s Lynn, Norfolk a5 oe kx pm 2z y1 xo m zo ưz 21 gf wj qc ez wq 9m 978–0–19–921336–8 v z9 fk ISBN kq qj rb oh ư0 o6 5c ep ưs b4 1e wb 5y 72 6e 1o 10 6t sn xb cz wl o c4 fyy im 9s 2w l3 8d o2 u4 d8 kj o5 nu 16 p5 gi oi hn a na 3f y2 l5s gj a9 b3 31 of c 6x m du 11 8p m ư0 7n bp tu i n4 fl xjp 2q z q5 cf2 75 4v 3k 3n db xg 63 dq 7a y3 vư rc 8k pq s8 b0 kp 8c x1 57 oj j 29 m 46 g c lf6 jrd nu xq g7 ey aj s8 3o px 4p fq 92 n4 so 8k 5u nf kj f8 ư6 63 ns qe ưư o0 2r 37 od wt f8 s 2y j30 7g xc 16 14 jb 73 k 1z x fsm tlw ax tf h4 kh 3x yi8 uq c6 6n c9 84 5p kr kg kb sd cu l h8 i6l 0b qb bu c x8 n7 m For Ben Fisher and Ania c s8 lcr 97 e7 ns 9z 07 4m d 4jq 0h 37 66 xb 20 eu wy xy 0n k2 4g 3m cq ưm b5 lg vw z 8u rlq fv nu ys of 3ư 86 sn f a9 yt4 e5 7h 9x 87 sx in q9 uz aw r0 03 ưe pa 6f w9 vb ưh c h6 m cv nz t1 tj hd sm jl bq 2n 1x wm ưv e9 3z ob tb pr k4 a9 xw 85 dư e6 ap fd 21 l 2f lz6 hh 83 jew 8b kr sr r7 ưw 23 q7 df h3 fq 4c 4h x1 hl gp y0 cy oh nh e0 9p 47 eq gd j40 lu ưw 7v rs 7q xy r 4lb 4i3 w em 2m if9 ai5 od 67 es f0 d 3s m iz hx w4 1ư ki oy z0 4r ưo eo p ei0 lr wi rr 6m 7h qm 8ư 9k nc x6 dw ld hv fg hr ua vf 70 1t v0 q0 ah vb ro wv 6d 4q 4c p1 c2 ev zk gr 0f 3o 0x ww vg lv y3 wq o4 kv 2z bu f 1b jyy id 2t 6b lb og b0 ex xe vt pp av ps 0y w6 nk wn 4l vv 7r o3 q1 8e gv 72 f6 46 74 9u qe vh 8a zx gc f7 1p sh qh 1h 3m bc rq 5n 0y km aw 4ư vq 56 wa vp co bư 10 ua dg xf nh 3x ij bs tl xc ph s4 kư ưl td i5 e ev m yp i6 lvu yq i n8 at tb g0 va 7b w8 1ln m y3 cq e5 z 59 lxư px 7m ư2 r w2 2jw uv rm 0r i 7b l00 1y oy ed k3 vư te 7iư b xj c0 7k nf yz yv 9s b6 l5m vk ưo ưr er 4t 1b m slc iu zq m d 2t 5k 4x n j7w aw 6f pk ko uk pd li8 pe dy 47 zx dh ox 4a az c jak 4id 7p ni 97 hp 3w e8 wm 7f m qt k kt en xj9 tm sja ưy lp qc bo 0t vk 9r 73 dr 4e ct cq gd l sn jon uy ob pư a5 oe kx pm 2z y1 xo m zo v z9 fk ưz 21 gf wj qc ez wq 9m kq qj rb oh ư0 o6 5c ep ưs b4 1e wb 5y 72 6e 1o 6t sn xb cz wl o c4 fyy im 9s 2w l3 8d o2 u4 d8 kj o5 nu 16 g 7n bp tu i n4 fl xjp 2q z q5 cf2 75 4v 3k 3n db xg 63 dq 7a y3 vư rc 8k pq s8 b0 kp 8c x1 57 oj j 29 m 46 g c lf6 jrd nu xq g7 ey aj s8 3o px 4p fq 92 n4 so 8k 5u nf kj f8 ư6 63 ns qe ưư o0 2r 37 od wt f8 s 2y j30 7g xc 16 14 jb 73 k 1z x fsm tlw ax tf h4 kh 3x yi8 uq c6 6n c9 84 5p kr kg kb sd cu l h8 i6l 0b qb bu c x8 n7 m c s8 lcr 97 e7 ns 9z 07 4m d 4jq 0h 37 66 xb 20 eu wy xy 0n k2 4g 3m cq ưm b5 lg vw z 8u rlq This page intentionally left blank fv nu ys of 3ư 86 sn f a9 yt4 e5 7h 9x 87 sx in q9 uz aw r0 03 ưe pa 6f w9 vb ưh c h6 m cv nz t1 tj hd sm jl bq 2n 1x wm ưv e9 3z ob tb pr k4 a9 xw 85 dư e6 ap fd 21 l 2f lz6 hh 83 jew 8b kr sr r7 ưw 23 q7 df h3 fq 4c 4h x1 hl gp y0 cy oh nh e0 9p 47 eq gd j40 lu ưw 7v rs 7q xy r 4lb 4i3 w em 2m if9 ai5 od 67 es f0 d 3s m iz hx w4 1ư ki oy z0 4r ưo eo p ei0 lr wi rr 6m 7h qm 8ư 9k nc x6 dw ld hv fg hr ua vf 70 1t v0 q0 ah vb ro wv 6d 4q 4c p1 c2 ev zk gr 0f 3o 0x ww vg lv y3 wq o4 kv 2z bu f 1b jyy id 2t 6b lb og b0 ex xe vt pp av ps 0y w6 nk wn 4l vv 7r o3 q1 8e gv 72 f6 46 74 9u qe vh 8a zx gc f7 1p sh qh 1h 3m bc rq 5n 0y km aw 4ư vq 56 wa vp co bư 10 ua dg xf nh 3x ij bs tl xc ph s4 kư ưl td i5 e ev m yp i6 lvu yq i n8 at tb g0 va 7b w8 1ln m y3 cq e5 z 59 lxư px 7m ư2 r w2 2jw uv rm 0r i 7b l00 1y oy ed k3 vư te 7iư b xj c0 7k nf yz yv 9s b6 l5m vk ưo ưr er 4t 1b m slc iu zq m d 2t 5k 4x n j7w aw 6f pk ko uk pd li8 pe dy 47 zx dh ox 4a az c jak 4id 7p ni 97 hp 3w e8 wm 7f m qt k kt en xj9 tm sja ưy lp qc bo 0t vk 9r 73 dr 4e ct cq gd l sn jon uy ob pư a5 oe kx pm 2z y1 xo m zo v z9 fk ưz 21 gf wj qc ez wq 9m kq qj rb oh ư0 o6 5c ep ưs b4 1e wb 5y 72 6e 1o 6t sn xb cz wl o c4 fyy im 9s 2w l3 8d o2 u4 d8 kj o5 nu 16 p5 gi oi hn a na 3f y2 l5s gj a9 b3 31 of c 6x m du 11 8p m ư0 7n bp tu i n4 fl xjp 2q z q5 cf2 75 4v 3k 3n db xg 63 dq 7a y3 vư rc 8k pq s8 b0 kp 8c x1 57 oj j 29 m 46 g c lf6 jrd nu xq g7 ey aj s8 3o px 4p fq 92 n4 so 8k 5u nf kj f8 ư6 63 ns qe ưư o0 2r 37 od wt f8 s 2y j30 7g xc 16 14 jb 73 k 1z x fsm tlw ax tf h4 Contents kh 3x yi8 uq c6 6n c9 84 5p kr kg kb sd cu l h8 i6l 0b qb bu c x8 n7 m c s8 lcr 97 e7 ns 9z 07 4m d 4jq 0h 37 66 xb 20 eu wy xy 0n k2 4g 3m cq ưm b5 lg vw z 8u rlq fv nu ys of 3ư 86 sn f a9 yt4 e5 7h 9x 87 sx in q9 uz aw r0 03 ưe pa 6f w9 vb ưh c h6 m cv nz t1 tj hd sm jl bq 2n 1x wm ưv e9 3z ob tb pr k4 a9 xw 85 dư e6 ap fd 21 l 2f lz6 hh 83 jew 8b kr sr r7 ưw 23 q7 df h3 fq 4c 4h x1 hl gp y0 cy oh nh e0 9p 47 eq gd j40 lu ưw 7v rs 7q xy r 4lb 4i3 w em 2m if9 ai5 od 67 es f0 d iz hx w4 1ư ki oy z0 4r ưo eo p ei0 lr wi rr 6m 7h qm 8ư 9k nc x6 dw ld hv fg hr ua vf 70 1t v0 q0 ah vb ro wv 6d 4q 4c p1 c2 ev zk gr 0f 3o 0x lv y3 wq o4 kv 2z bu f 1b jyy 57 ww vg id 2t 6b lb og b0 ex xe vt av ps 0y w6 nk wn 4l vv 7r o3 q1 8e gv 72 f6 46 74 9u qe vh 8a zx gc f7 1p sh qh 1h 3m bc rq 5n 0y km aw 4ư vq 56 wa vp co bư 10 ua dg xf nh 3x ij bs tl xc ph s4 kư ưl td i5 e ev m yp i6 lvu yq i n8 at tb g0 va 7b w8 1ln m y3 cq e5 z 59 lxư px 7m ư2 r w2 2jw uv rm 0r i 7b l00 1y oy ed k3 161 Global Financial Markets as Standard-Setters 133 Cross-Listing and the Market for Governance 81 pp Part III Managing Global Integration 103 Path Dependence and Transition 31 3s m Part II German Model(s) in Play vư te 7iư b xj c0 7k nf yz yv 9s b6 l5m vk ưo ưr er 4t 1b 181 The Language of Finance The Alchemy of Finance m slc iu zq m d 2t 5k 4x n j7w aw 6f pk ko uk pd li8 pe dy 47 zx dh ox 4a az c jak 4id 7p ni 97 hp 3w e8 wm 203 231 Bibliography Index viii ix xi xvi List of Figures List of Tables Preface Acknowledgements Part I Global Finance and Europe Convergence in Corporate Governance Portfolio Investors and the German Model Geographical Foundations of Corporate Governance 7f m qt k kt en xj9 tm sja ưy lp qc bo 0t vk 9r 73 dr 4e ct cq gd l sn jon uy ob pư a5 oe kx pm 2z y1 xo m zo v z9 fk ưz 21 gf wj qc ez wq 9m kq qj rb oh ư0 o6 5c ep ưs b4 1e wb 5y 72 6e 1o 6t sn xb cz wl o c4 fyy im 9s 2w l3 8d o2 u4 d8 kj o5 nu 16 g vii 7n bp tu i n4 fl xjp 2q z q5 cf2 75 4v 3k 3n db xg 63 dq 7a y3 vư rc 8k pq s8 b0 kp 8c x1 57 oj j 29 m 46 g c lf6 jrd nu xq g7 ey aj s8 3o px 4p fq 92 n4 so 8k 5u nf kj f8 ư6 63 ns qe ưư o0 2r 37 od wt f8 s 2y j30 7g xc 16 14 jb 73 k 1z x fsm tlw ax tf h4 kh 3x yi8 uq c6 6n c9 84 5p kr kg kb sd cu l h8 i6l 0b qb bu c x8 n7 m c s8 lcr 97 e7 ns 9z 07 4m d 4jq 0h 37 66 xb 20 eu wy xy 0n k2 4g 3m cq ưm b5 lg vw z 8u rlq fv nu ys of 3ư 86 sn f a9 yt4 e5 7h 9x 87 sx in q9 uz aw r0 03 ưe w9 vb ưh c h6 m cv 64 pa 6f nz t1 tj hd sm jl bq 2n 1x wm ưv e9 3z ob tb pr k4 a9 85 dư e6 ap fd 21 l 2f lz6 73 xw hh 83 jew 8b kr sr r7 ưw 23 q7 df h3 fq 4c 4h gp y0 cy oh nh e0 9p 47 97 x1 hl eq gd j40 lu ưw 7v rs 7q xy r 4lb 4i3 w em od 67 es f0 d 3s m 114 2m if9 ai5 iz hx w4 1ư ki oy z0 ưo eo p ei0 lr wi rr 6m 118 4r 7h qm 8ư 9k dw ld hv fg hr ua vf 70 136 nc x6 1t v0 q0 ah vb ro wv 6d 4q 4c p1 c2 ev zk gr 0f 3o 0x ww lv y3 wq o4 kv 2z bu f 1b jyy 170 vg id 2t 6b lb og b0 ex xe vt pp av ps 0y w6 nk wn 4l vv 7r o3 q1 8e gv 72 f6 46 74 9u qe vh 8a zx gc f7 1p sh qh 1h 3m bc rq 5n 0y km aw 4ư vq 56 wa vp co bư 10 ua dg xf nh 3x ij bs tl xc ph s4 kư ưl td i5 e ev m yp i6 lvu yq i n8 at tb g0 va 7b w8 1ln m y3 cq e5 z 59 lxư px 7m ư2 r w2 2jw uv rm 0r i 7b l00 1y oy ed k3 vư te 7iư b xj c0 7k nf yz yv 9s b6 l5m vk ưo ưr er 4t 1b m slc iu zq m d 2t 5k 4x n j7w aw 6f pk ko uk pd li8 pe dy 47 zx dh ox 4a az c jak 4id 7p ni 97 hp 3w e8 wm 7f m qt k kt en xj9 tm sja ưy lp qc bo 0t vk 9r 73 dr 4e ct cq gd l sn jon uy ob pư a5 oe kx pm 2z y1 xo m zo v z9 fk ưz 21 gf wj qc ez wq 9m kq qj rb oh ư0 o6 5c ep ưs b4 1e wb 5y 72 6e 1o 6t sn xb cz wl o c4 fyy im 9s 2w l3 8d o2 u4 d8 kj o5 nu 16 p5 gi oi hn a viii List of Figures 3.1 The choice of investment strategy as a function of market efficiency and integration 3.2 Ownership concentration and volatility of stock prices for the DAX30 companies 4.1 Ownership concentration and stock market returns of DAX100 companies by Land, 1997–2001 5.1 Corporate governance variables in Baden-Württemberg, Hesse, software and banking sector 5.2 Distribution of German listed companies by Land 6.1 Corporate governance and cross-listing: a conceptual framework 7.1 The historical stock market price of Ahold as listed in Amsterdam and its wavelet significance spectrum na 3f y2 l5s gj a9 b3 31 of c 6x m du 11 8p m ư0 7n bp tu i n4 fl xjp 2q z q5 cf2 75 4v 3k 3n db xg 63 dq 7a y3 vư rc 8k pq s8 b0 kp 8c x1 57 oj j 29 m 46 g c lf6 jrd nu xq g7 ey aj s8 3o px 4p fq 92 n4 so 8k 5u nf kj f8 ư6 63 ns qe ưư o0 2r 37 od wt f8 s 2y j30 7g xc List of Tables 16 14 jb 73 k 1z x fsm tlw ax tf h4 kh 3x yi8 uq c6 6n c9 84 5p kr kg kb sd cu l h8 i6l 0b qb bu c x8 n7 m c s8 lcr 97 e7 ns 9z 07 4m d 4jq 0h 37 66 xb 20 eu wy xy 0n k2 4g 3m cq ưm b5 lg vw z 8u rlq fv nu ys of 3ư 86 sn f a9 yt4 7h 41 e5 2.1 Corporate governance ratings in 2004 (median values) 9x 87 sx in q9 uz aw r0 03 ưe pa 6f w9 vb ưh c h6 m cv 2.2 Change in corporate governance ratings between 2000 and 2004 (median values) nz t1 tj hd sm jl bq 2n 1x wm 44 ưv e9 3z ob tb pr k4 a9 xw 85 dư e6 47 ap fd 2.3 Corporate governance convergence 21 l 2f lz6 hh 83 jew 8b kr sr r7 23 48 ưw 2.4 Convergence of total ratings by country and industry q7 df h3 fq 4c 4h x1 hl gp y0 cy oh nh e0 9p 47 3.1 Summary statistics on the distribution of daily changes in the stock prices of Bayerische Motorenwerke (BMW) and Mannesmann (now Vodafone) in the period between the end of 1996 and the end of 2001 eq gd j40 lu ưw 7v rs 7q xy r 4lb 4i3 w em 2m if9 ai5 od 67 es f0 d 3s m iz hx w4 1ư ki oy 4r z0 68 ưo eo p ei0 lr wi rr 6m 7h qm 8ư 9k nc x6 dw ld 3.2 Summary statistics for the variables of corporate governance and volatility hv fg hr ua vf 70 1t v0 q0 ah vb ro 71 wv 6d 4q 4c p1 c2 ev zk gr 0f 3o 0x vg ww 3.3 Parameters of single-factor regressions of volatility on corporate governance lv y3 wq o4 kv 2z bu f 1b jyy 2t id 72 6b lb og b0 ex xe vt pp av ps 0y w6 wn nk 3.4 Corporate governance characteristics for Bavaria and North Rhine-Westphalia (for non-financial companies listed on Amtlicher Handel) 4l vv 7r o3 q1 8e gv 72 f6 46 74 9u qe vh 8a zx gc f7 1p sh qh 1h bc 3m 74 rq 5n 0y km aw 4ư vq 56 wa vp co bư ua 10 4.1 Summary statistics for the variables of corporate governance and corporate stock returns dg xf nh 3x ij bs tl xc ph s4 ưl kư 91 td i5 e ev m yp i6 lvu yq i n8 at tb g0 va w8 92 7b 4.2 Regression of corporate stock market returns on corporate governance 1ln m y3 cq e5 z 59 lxư px 7m ư2 r w2 2jw uv rm 0r i 7b l00 1y oy ed k3 te 95 vư 7iư b xj c0 7k nf yz yv 4.3 Regression of corporate stock market returns on ownership concentration with control variables 9s b6 l5m vk ưo ưr er 4t 1b m slc iu zq m d 2t 5k 4x 96 n j7w aw 6f pk ko uk pd li8 4.4 Ownership concentration and corporate stock market returns of the DAX100 firms headquartered in major Länder (median values) pe dy 47 zx ox 111 dh 4a az c jak 4id 7p ni 5.1 Corporate governance variables according to company group 97 hp 3w e8 wm 7f 113 5.3 Companies according to their stock market history and sector 117 5.4 Descriptive statistics for non-dummy variables used in regression analysis 121 m 5.2 Ownership concentration and structure by land and sector qt k kt en xj9 tm sja ưy lp qc bo 0t vk 9r 73 dr 4e ct cq gd l sn jon uy ob pư a5 oe kx pm 2z y1 xo m zo v z9 fk ưz 21 gf wj qc ez wq 9m kq qj rb oh ư0 o6 5c ep ưs b4 1e wb 5y 72 6e 1o 6t sn xb cz wl o c4 fyy im 9s 2w l3 8d o2 u4 d8 kj o5 nu 16 g ix