The Institutional Appetite for Quack Corporate Governance
This Article offers evidence that higher quality internal corporate governance is associated with higher levels of ownership by institutional investors. This finding is consistent with the idea that institutions have greater reason than individual investors to prefer well-governed firms, but surprising given the substantial empirical evidence that casts doubt on the efficacy of internal governance mechanisms. The study described in this Article also finds that higher quality external governance is associated with lower proportions of ownership by certain types of institutional investors, also a somewhat surprising result given available empirical evidence on the positive relationship between external governance and firm performance. After largely dismissing competing explanations for these findings, I conclude that institutional investors, as a group, generally prefer internal governance mechanisms over external governance mechanisms or have a higher tolerance for low-quality external governance than for low-quality internal governance. I argue that these preferences are reasonable and suggest that when debating the efficacy of governance mechanisms, the preferences of informed, sophisticated investors be afforded greater weight than is currently the case.
D&O Insurance, Corporate Governance and Mandatory Disclosure: An Empirical Legal Study of Taiwan
Abstract The purpose of this paper is to test the signal effect of Directors and Officers (D&O) insurance and to analyze the necessity of mandatory disclosure of D&O insurance in Taiwan. D&O insurance is usually viewed as a signal mechanism of insured firms’ corporate governance and thus its mandatory disclosure has been argued. However, there is no complete mandatory disclosure of D&O insurance in the United States and other countries. This issue is not only popular in common law worlds but also sprouting in civil caw jurisdictions such as Taiwan. In the first part of this research, the signal effect of D&O insurance in Taiwan will be empirically tested. The evidence suggests that the information about D&O insurance in Taiwan could statistically and significantly signal the qualities of corporate governance of insured firms. Then, this study addresses the mandatory disclosure of D&O insurance by comparative law and law & economic approaches. This paper compares the regulation about D&O insurance disclosure in the United States, Canada and Taiwan, and find out the reasons affecting the mandatory disclosure of D&O insurance. The Cost and benefit analysis is also applied to discuss whether or not the Canadian mandatory disclosed system should be transplanted. It concludes that the D&O insurance can signal the information of insured firms’ corporate governance, and mandatory disclosure is required and justified. Such interdisciplinary research will provide through recommendations for the Taiwan and other emerging countries in Asia.
Research on health and oral health status of elderly living alone compared to elderly living with their families - based on the data (2014) from the 6th two-year Korea national health and nutrition examination survey -
Objectives: I examined the health and oral health status of elderly people living alone compared to elderly people living with their families by using data (2014) from the 6th Two-Year Korea National Health and Nutrition Examination Survey. Methods: Among 1,454 health survey respondents aged 65 years and over who participated in the 6th Two-Year Korea National Health and Nutrition Examination Survey conducted in 2014, 311 were elderly people living alone and 1,143 were elderly people living with their families. Results: In terms of socio-demographic characteristics, the percentage of elderly people living alone was high especially in women and when the subjects’ age, education level, and income level were low. In terms of oral health status, the percentage of elderly people living alone was high when elderly people thought that their subjectively viewed health was poor and the frequency of drinking and exercise was low. In terms of oral health status, the percentage of elderly people living alone was high among elderly people who did not have good oral health in their subjective view and did not get oral examinations for a year and had a lot of difficulty chewing. Conclusions: Family support or additional social support for elderly people who live alone should be considered to promote the healthy lives of elderly people.