CONTENTS -- Chapter 1 EMERGING TOPICS IN CORPORATE GOVERNANCE -- Part 1 Corporate Governance and the Financial Markets -- Part 2 Corporate Governance and the Regulatory Environment -- Part 3 Corporate Governance and Stakeholder Engagement -- Part 4 Corporate Governance in Different Contexts -- Chapter 2 INVESTOR PROTECTIONS AND THEIR IMPACT ON CAPITAL MARKETS -- 2.1 Introduction -- 2.2 Measures of Outside Shareholder Protection -- 2.2.1 The Anti-director Rights Index -- 2.2.2 The Anti-self-dealing Index -- 2.3 The Impact of Shareholder Protection on Equity Markets -- 2.3.1 Shareholder Protection and Ownership Concentration -- 2.3.2 Shareholder Protection, the Cost of Equity, and the Size of Equity Markets -- 2.3.3 Weak Investor Protection and Tunneling -- 2.3.3.1 Tunneling and the Quality of Financial Statements -- 2.3.4 Self-Bonding Mechanisms that Signal Low Expropriation Risk -- 2.3.4.1 Corporate Governance -- 2.3.4.2 Debt -- 2.3.4.3 Cross-Listing -- 2.3.5 Summary of Section 2.3 -- 2.4 The Impact of Creditor Protections on Debt Markets -- 2.4.1 The Creditor Rights Index -- 2.4.2 Creditor Protections, the Cost of Debt, and the Size of Debt Markets -- 2.5 Conclusion -- Chapter 3 GEOGRAPHIC LOCATION AND CORPORATE FINANCE* -- 3.1 Introduction -- 3.2 Geographic Location and Agency Theories of the Firm -- 3.3 Asymmetric Information -- 3.4 Geographic Segmentation and Corporate Policy -- 3.4.1 Geographic Segmentation and the Cost of Capital -- 3.4.2 Geographic Segmentation and Investor Clienteles -- 3.4.3 Geographic Segmentation and Local Competition -- 3.5 Local Non-economic Factors and Corporate Finance -- 3.5.1 Culture -- 3.5.2 Social Interactions, Networks, and Peer Effect -- 3.6 Conclusion and Implications for Future Research -- Chapter 4 TUNNELING TECHNIQUES AND THEIR EFFECT ON FIRM VALUE AROUND THE WORLD -- 4.1 Introduction.

4.2 Taxonomy of Tunneling Techniques -- 4.2.1 Cash Flow Tunneling -- 4.2.2 Asset Tunneling -- 4.2.3 Equity Tunneling -- 4.3 Review of the Tunneling Literature -- 4.3.1 Studies Documenting Tunneling Methods -- 4.3.1.1 Cash Flow Tunneling -- 4.3.1.2 Asset Tunneling -- 4.3.1.3 Studies of Equity Tunneling -- 4.3.2 Tunneling and Equity Valuations -- 4.3.3 Tunneling and Laws and Other Institutional Mechanisms -- 4.3.4 Policy Implications -- 4.4 Areas for Future Research -- 4.4.1 Economic Analysis of Law and Tunneling -- 4.4.2 Measuring the Impact of Tunneling in a Law-Tunneling-Finance Framework -- 4.4.3 Tunneling in Private vs. Public Companies -- 4.4.4 Tunneling and Asset Pricing -- 4.5 Conclusion -- Chapter 5 INSIDER TRADING REGULATIONS: A THEORETICAL AND EMPIRICAL REVIEW -- 5.1 Introduction -- 5.2 The Debate on Insider Trading Laws -- 5.2.1 The Case for Insider Trading -- 5.2.1.1 Price Accuracy -- 5.2.1.2 Efficient Compensation -- 5.2.2 The Case Against Insider Trading -- 5.2.2.1 Property Rights -- 5.2.2.2 Unfairness -- 5.3 Insider Trading Laws in Practice -- 5.4 Empirical Evidence on the Impact of Insider Trading Regulations -- 5.5 Conclusions and Implications -- Chapter 6 CORPORATE GOVERNANCE AND THE GLOBAL FINANCIAL CRISIS: THE REGULATORY RESPONSES -- 6.1 Introduction -- 6.2 Causes of the Financial Crisis -- 6.3 International Reforms -- 6.4 United States -- 6.5 United Kingdom -- 6.6 Australia -- 6.7 Conclusion -- Chapter 7 AUDIT COMMITTEE INDEPENDENCE: REGULATORY DEVELOPMENTS, THE EMPIRICAL LITERATURE AND DIRECTIONS FOR FUTURE RESEARCH -- 7.1 Introduction -- 7.2 Defining Director Independence -- 7.2.1 USA -- 7.2.2 UK -- 7.2.3 Australia -- 7.2.4 New Zealand -- 7.2.5 Singapore -- 7.2.6 Germany -- 7.2.7 Spain -- 7.3 Empirical Research -- 7.3.1 Earnings Management and Independent Directors on the Audit Committee.

7.3.2 Financial Statement Fraud and Independent Directors on the Audit Committee -- 7.3.3 Financial Restatements and Independent Directors on the Audit Committee -- 7.4 Future Research Directions -- 7.4.1 Economic Incentives -- 7.4.2 Interlocking Directorships -- 7.4.3 Social Ties -- 7.4.4 Former CEO -- 7.4.5 Business Affiliations -- 7.5 Concluding Comments -- Chapter 8 CORPORATE GOVERNANCE AND THE SMALLER FIRM -- 8.1 Introduction -- 8.2 Traditional Approaches to the Board's Role in Corporate Governance -- 8.2.1 Board Role Perspectives -- 8.2.2 Control Role and Agency Theory -- 8.2.3 Service Role - Resource-based, Stewardship and Stakeholder Theories -- 8.2.4 Expanding Role and Task Expectations -- 8.2.5 Board Roles and Value Creation -- 8.3 Corporate Governance in SMEs -- 8.3.1 Rationale for Boards in SMEs -- 8.3.2 The Role of the Board in SMEs -- 8.3.3 Configuring the SME Board -- 8.4 Contingency Perspective and Board Engagement -- 8.4.1 Contingency perspective -- 8.4.2 SME Diversity and Board Research Uniformity -- 8.5 Toward a New Governance Architecture -- 8.6 Conclusion -- Chapter 9 CORPORATE GOVERNANCE DEVELOPMENTS IN THE UK AND THE EVOLVING ROLE OF INSTITUTIONAL INVESTORS -- 9.1 Introduction -- 9.2 Corporate Governance in the UK -- 9.2.1 Corporate Governance Codes and Guidelines -- 9.2.2 Combined Code (2008) -- 9.2.3 UK Directors' Remuneration Report Regulations 2002 -- 9.2.4 Companies Act 2006 -- 9.2.5 European Influence -- 9.3 Institutional Investors in the UK -- 9.3.1 Growth of Institutional Investors -- 9.3.2 Tools of Governance -- 9.3.3 Institutional Investor Activism in Action -- United Business Media -- Royal Dutch Shell -- 9.4 Concluding Comments -- Chapter 10 PENSION FUNDS AND SUSTAINABLE INVESTMENT: RETURN AND RISK? -- 10.1 Introduction -- 10.2 Return and Risk -- 10.2.1 Negative Screening.

10.2.2 The Integration of Extra-Financial Information -- 10.2.3 Exercising Shareholders' Rights -- 10.3 Extension to Other Asset Categories -- 10.4 Implications for the Investor -- Chapter 11 SUSTAINABILITY REPORTING AND THE IMPORTANCE OF STAKEHOLDER ENGAGEMENT -- 11.1 Introduction -- 11.2 Value of CSR -- 11.3 CSR and Sustainability -- 11.4 CSR and Stakeholder Engagement -- 11.5 Sustainability Reporting -- 11.6 Non-financial Reporting -- 11.6.1 Non-Financial Reporting Methods and Measures -- 11.6.2 Extent of Reporting -- 11.7 Creating Value -- Chapter 12 PUBLIC-PRIVATE PARTNERSHIP ARRANGEMENTS: PROBLEMS AND PROSPECTS -- 12.1 Introduction -- 12.2 Contractual Types in Public-Private Partnerships -- 12.3 Determinants of PPPs -- Government Constraints -- Market Conditions and Macroeconomic Policies -- Political Environment -- Institutional Quality and Legal System -- Prior Experience -- 12.4 PPP Contracts by Country and Sectors -- 12.4.1 Australia -- 12.4.2 Canada -- 12.4.3 United States -- 12.4.4 Europe -- 12.4.5 Transport -- Roads -- Airports -- 12.4.6 Utilities -- 12.4.7 Social Infrastructure -- Education -- Hospitals -- Public Housing -- Defence -- Prisons -- 12.5 Recent Financial Crisis and Its Impact on PPPs -- 12.6 Risk, Financing and Governance in PPPs -- 12.7 Prospects for PPPs -- Chapter 13 STRENGTHENING DEMOCRACY THROUGH GOVERNANCE IN AFRICA - THE ROLE OF THE UN GLOBAL COMPACT -- 13.1 Introduction -- 13.2 Conceptual Clarification -- 13.2.1 Democracy -- 13.2.2 Corporate Governance -- 13.3 The Direct Link -- 13.4 The Indirect Links -- 13.4.1 The Internal Perspective -- 13.4.2 The External Perspective -- 13.5 The UN Global Compact -- 13.5.1 African participation in the Global Compact -- 13.5.2 Communicating on Progress -- 13.6 Other Relevant Standards -- 13.6.1 The Ibrahim Index -- 13.6.2 The King Reports on Corporate Governance.

13.6.3 The Global Reporting Initiative -- 13.7 A Proposed Conceptual Model -- 13.8 Conclusion -- Chapter 14 PERFORMANCE GOVERNANCE: STRATEGY, STRUCTURE AND SYSTEMS - THE THREE DIMENSIONS OF BOARD PERFORMANCE -- 14.1 Performing Boards Understand Expectations -- 14.1.1 The Rule of Three -- 14.2 The 3 Dimensions of Governance -- 14.2.1 The Compliance Dimension -- 14.2.2 The Conformance Dimension -- 14.2.3 The Performance Dimension -- 14.2.4 Overseeing the 3Ss and 3Ps Constitutes the Three Main 'Duties' and 'Tasks' of the Board -- 14.3 Duties and Tasks of the Board: Measuring Performance by Proxy -- 14.4 The Integrated 3D Model in Practice -- 14.4.1 Economic Value Added as an "Effectivity" Index -- 14.4.2 The Balanced Score Card as an Alignment Framework -- 14.4.3 Six-Sigma as a Framework for Creating a Learning Organization -- 14.5 Practice in the Asian Context -- 14.5.1 How TATA Motors has 'Paced' its Growth -- 14.6 Conclusion -- Chapter 15 THE UNFINISHED AGENDA: TWO LEVELS OF CORPORATE GOVERNANCE REFORM -- 15.1 The Big Picture -- 15.1.1 Towards Risk and Sustainability -- 15.1.2 A Risk Tax? -- 15.2 The Corporate Governance Picture -- 15.2.1 Back To Basics - But this Time With All the Players -- 15.2.2 Care, Skill and Diligence - The Professionalisation of Directors -- 15.3 Tightening the Director's Role and Contract -- 15.3.1 Can Directors' Values and Ethics Ever be Reformed? -- GLOSSARY -- REFERENCES -- INDEX.