Category: Investment

Dichev – Managing earnings – 2012

Fewer than 300 listed subsidiaries with listed parents for first time since end-FY98 — Based on Toyo Keizai major shareholder data, we estimate that 298 companies were listed subsidiaries with listed parents as of end-FY12 H1 (end-September 2012). This represents a net decrease of eight from 304 as of end-FY11 (end-March 2012) (Figure 1). The number has fallen below 300 for the first time in the 13 and a half years since end-FY98, when there were 281.

Main reason for decline is delisting on conversion to wholly owned subsidiary.

Globally, utilities sector has high ESG scores….Our analysis using ESG (environment, social and corporate governance) scores from ECPI, an Italian independent research provider, shows that of the eight sectors used by

Adam Smith’s Legacy for Ethics and Economics

Abstract: Do bankruptcy changes in the institutional environment affect the rate of founding by particular types of entrepreneurs and the performance of their ventures? We take advantage of a quasi-natural experiment in Japan where changes to bankruptcy laws reduced the consequences of closing a firm.

It is interesting to read this in retrospect. Some aspects made progress, and others made little or no progress. But even in 2009, it bothered no one at allthat in order to help investorsfeel secure,director trainingwas not considereda significant enough matter to evennecessitate encouragement by the TSE, and that independent or even outside directors were not even considered as a topic.

(Foreword) This updated Focus seeks to explain the links between economic development and corporate governance, based on experiences in many countries, sectors, and business organizations (from state-owned enterprises to publicly listed companies). It draws on new evidence that has become available since the Focus 1: Corporate Governance and Development was published in 2003.

The following summary appeared as part of Governance Metrics International’s GMI Blog. GMI is the leading independent provider of global corporate governance and ESG ratings and research. Corporate stakeholders – including leading investors, insurers, auditors, regulators and others – use GovernanceMetrics services to identify and monitor risks related to non-financial measures covering key environmental, social, governance and accounting risk factors.

John and Oliver Mihaljevic have put together the following highly useful online conference.Alongside a number of well-known investment experts and famous fund managers, BDTI's Nicholas Benes made a presentation on Assessing Leadership and Governance at Japanese Companies.You canregister at the link below and get access to everything:

The following entry appeared as part of Governance Metrics International’s GMI Blog. GMI is the leading independent provider of global corporate governance and ESG ratings and research. Corporate stakeholders – including leading investors, insurers, auditors, regulators and others – use GovernanceMetrics services to identify and monitor risks related to non-financial measures covering key environmental, social, governance and accounting risk factors.