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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)
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)
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)
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)
This paper reports on orchestra, a portable fault injection environment for testing implementations of distributed protocols. The paper focuses on architectural features of orchestra that provide portability, minimize intrusiveness on target protocols, and support testing of real-time systems. orchestra is based on a simple yet powerful framework, called(More)
This Working Paper should not be reported as representing the views of the IMF. The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate. We analyze the capital(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 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)
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)