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 我的论文：Corporate governance and financial distress大家有何见解？肯请指教 |
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我的论文：Corporate governance and financial distress大家有何见解？肯请指教 -- 吃南瓜的人 - (3648 Byte) 2005-9-03 周六, 03:21 (920 reads) |
parisparis
头衔: 海归少将
声望: 讲师
加入时间: 2004/09/04
文章: 1996
海归分: 276207
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作者：parisparis 在 海归茶馆 发贴, 来自【海归网】 http://www.haiguinet.com
Comments on motivation:
1. thesis should first start from theory and then come out with your prediction or hypothesis. I do not see any logical flow to come up with hypothesis(es).
2. how to measure "corporate gov" in different systems? That's the headache in cross-country study. You either do not have enough data or some dimensions of one measure is lacking in one nation.
keep in mind: to solve "Corp Gov" issue in US means to monitor the professional managers better, but it means to prevent the blockholders to expropriate wealth from minority shareholders in European context.
you might be use the same term and talking about two different things.
3. what's the measure of "financial distress"? Bankrutpcy filing? Default? Or loan contract renegotiation? Data across nations might be non-comparable.
For example, BK law in US is lenient with its restructuring clauses under Ch11. But in Germany, it ends up quickly with liquidation. So even BK means different things between US and Germany.
4. Trust me, you will have tons of competing factors to control and you might not have enough info to achieve that.
Comments on details:
ownership and control in the world: dispersed and concentrated ownership, and United States and U.K. are falls into the former class while Japan and Germany are belong to the latter category.
--first, it is Anglo-Saxon nations that has the former features. Not just UK and US.
--second, over the past 4 decades, more corporate shares are now in the hand of institutional investors. I am not sure US ownership is that so "dispersed".
The separation of ownership and ownership is proposed by providing incentives for management,
--do not understand this sentence.
A further question to ask is which system is more efficient to help firm overcome financial difficulties and can more effectively mitigate the problem on the whole.
--you will have to control for macro-economic environment. Everybody knows that in recession that there will be more financial distress. But we knew that US and Japan did not have same recession years in 1990s and 2000s. If you compare different years, you introduce non-controlled factors, if you use the same year observatoins, you may not have enough sample size.
作者：parisparis 在 海归茶馆 发贴, 来自【海归网】 http://www.haiguinet.com
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