Latin America has been surprisingly spared from a generalized wave
of corporate governance scandals. One possible explanation is that
the region's level of investor protection is adequate. The evidence
from the papers in this book says otherwise. The still relatively
low level of protection and transparency has created an environment
where problems cannot be easily detected or are not worth pursuing.
These circumstances have started to push firms thirsty for capital
to unilaterally opt for better corporate governance and alleviate
this disadvantage. The papers in this book constitute the largest
firm-level corporate governance analysis undertaken across Latin
American countries. The new datasets in the book allow the
researchers to conclude that companies with better self-imposed
firm-level governance practices or with listing in U.S. markets are
given higher valuations and can raise capital at a lower cost.
Although these results are encouraging, they point to a rocky path
for the future growth of local Latin American capital markets.
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