Although Brazil has a long history of having insider trading laws (IT laws) in place and became the first emerging country to enforce the IT laws (Bhattacharya & Daouk, 2002), criminal sanctions and hefty monetar...
Tunneling is to describe transfer resource out of the firm for benefit of their controlling shareholders. Better legal protection and stronger social norms improve minority shareholders' protection from expropriation...
Mergers and acquisitions become the major force in the changing environment. The policy of liberalization, decontrol and globalization of the economy has exposed the corporate sector to domestic and global competition...