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For a sample of 42 countries, I examine firms whose controlling shareholders and top managers are members of national parliaments or governments. I find that this overlap is quite widespread, especially in highly corrupted countries. Connected companies enjoy easier access to debt financing, lower taxation, and stronger market power. These benefits increase(More)
In a sample of 398 firms from Indonesia, Korea, Malaysia, the Philippines, and Thailand, firm-level differences in variables related to corporate governance had a strong impact on firm performance during the East Asian financial crisis of 1997 to 1998. Significantly better stock price performance is associated with firms that had indicators of higher(More)
workshops, where earlier versions of the paper were presented under different titles. We would also like to thank Nick Bradley, Ian Byrne, George Dallas, and Laurie Kizik for providing us with S&P Transparency Rankings and CLSA Corporate Governance Scores, Mara Faccio and Larry Lang for their generosity in sharing their ownership data, and Vlad Charniauski(More)
As software for distributed systems becomes more complex, ensuring that a system meets its prescribed specification is a growing challenge that confronts software developers. This is particularly important for distributed applications with strict dependability and timeliness constraints. This paper reports on ORCHESTRA, a portable fault injection(More)
Ensuring that a distributed system meets its prescribed specification is a growing challenge that confronts software developers and system engineers. Meeting this challenge is particularly important for applications with strict dependability and/or timeliness constraints. We have developed a software fault injection tool, called ORCHESTRA, for testing(More)
SUMMARY TCP, the de facto standard transport protocol in today's operating systems, is a very robust protocol that adapts to various network characteristics, packet loss, link congestion, and even significant differences in vendor implementations. This paper describes a set of experiments performed on six different vendor TCP implementations using(More)
Real-time embedded systems have evolved during the past several decades from small custom-designed digital hardware to large distributed processing systems. As these systems become more complex, their interoperability, evolvability and cost-effectiveness requirements motivate the use of commercial-off-the-shelf components. This raises the challenge of(More)
Ensuring that a distributed real-time system with strict dependability constraints meets its prescribed speciication is a growing challenge that confronts software developers and system engineers. This paper reports on a software fault injection tool, called SockPFI, for testing the fault tolerance and timing behavior of distributed real-time applications.(More)
and participants at the MIT Macroeconomics lunch, the NBER conference on the Malaysian Currency Crisis, the NBER corporate finance program spring 2001 meeting, and Brigham Young University. We also thank several Malaysian colleagues for sharing their insights off the record. The views expressed herein are those of the authors and not necessarily those of(More)
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