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The increasing amounts of money paid out in compensation to corporate executives have become the subject of a heated public policy debate on both sides of the Atlantic during the last decade. The magnitude of these sums, as well as the timing of payments relative to evidence of corporate success or - more notably, failure - has surprised and, in many cases, angered employees, shareholders and politicians, and drawn considerable attention in the media. Are executives in many firms exploiting their power to benefit themselves at the expense of other stakeholders or is the level of compensation...

The contributors - top international scholars from finance, law and business - explore the role of governance, both internal and external, in explaining risk-taking and other aspects of the behavior of financial institutions. Additionally, they discuss market and policy features affecting objectives and quality of governance. The chapters provide in-depth analysis of factors such as: ownership, efficiency and stability; market discipline; compensation and performance; social responsibility; and governance in non-bank financial institutions. Only through this kind of rigorous examination can...

This volume brings together a collection of research papers on financial sector reform and privatization in the transition economies of Eastern Europe and related issues in other transforming economies. It represents a selection of invited papers and best papers presented at various conferences and workshops held in Estonia, Poland and The Netherlands. It is the work of leading scientists, and thereby provides a very authoritative analysis of the ongoing process of financial sector reforms and privatization in transition economies. The main theoretical and empirical issues are carefully...