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Some pending problems in Corporate Finance (and II)

Arturo Bris
Expansión, 26 December 2006

The Enron, WorldCom, Parmalat and similar scandals over the last decade have led governments to put legislation in place to protect investors. The adoption of corporate governance reforms has been on a voluntary basis in some countries and compulsory in others. The bloodiest example is the Sarbanes-Oxley Act, legislative reform in the United States which all companies wishing to be listed on the stock market must adhere to. The Sarbanes-Oxley Act has made it so expensive to become stock market listed that only one European company has started the process since the Act was introduced.

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Some pending problems in Corporate Finance (I)

Arturo Bris
Expansión, 23 December 2006

It would probably be difficult to find a social sciences field in which research has had so much impact in real life as the field of corporate finance. Corporate finance studies company liabilities. Specifically, this area of finance studies what the optimum combination of financing sources is that minimises a company’s capital costs; what these financial instruments are; lastly, what the factors are that determine the cost of one or the other.

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Integrating corporate governance systems

Arturo Bris y Christos Chabolis
Financial Times, 5 October 2006

This article analyses the implications of corporate governance on international mergers and acquisitions, and is based on the joint paper of the authors “The value of protecting the investor: Evidence based on international mergers”, which won the 2005 Edition of the “Jaime Fernández de Araoz Corporate Finance” Award.

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