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Miguel Rojas,Se, bastien Desche,nes,Philip Merrigan KINFORMS 2019 Management Review Vol.14 No.2
This article investigates if reforms of financial markets in Costa Rica have reduced the concentration of the financial industry and the interest-rate spread, two desirable outcomes of financial reforms. Our investigation shows that the concentration of the financial industry, measured by the Herfindhal-Hirschman index, fell notably after the conclusion of the reforms, suggesting an increased competition among financial institutions. Our research, however, does not support the view that the fall in concentration led to a reduction in the interest-rate spread. We provide explanations for the results and suggest avenues for future research.
What Explains a Negotiated Outcome for Social Policy Shareholder Resolutions?
Miguel Rojas,Bouchra M’Zali,Marie-France Turcotte,Philip Merrigan KINFORMS 2012 Management Review Vol.7 No.1
This article analyzes the outcome of social policy shareholder resolutions. It does so by focusing on many types of resolution withdrawals sponsored by various types of filers. The paper shows that some characteristics of the resolutions themselves as well as those of the targeted firms play a role in the likelihood of a negotiated settlement between filer and management. Some issues, such as board diversity or equal employment, seem more conducive to a negotiated settlement of the resolutions filed. Others, such as energy and environment, against our expectations, do not seem to tilt the negotiation in favour of filers. The percentage of votes received by the resolution the year before also increases the probability of a favourable settlement for filers. Moreover, when introduced into the regressions, this variable overrides many other variables’ influence in the outcome.