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Never Waste a Good Crisis: An Historical Perspective on Comparative Corporate GovernanceRandall MorckUniversity of Alberta - Department of Finance and Statistical Analysis; National Bureau of Economic Research (NBER) Bernard Yin YeungNUS Business School, National University of Singapore December 2009 Annual Review of Financial Economics, Vol. 1, pp. 145-179, 2009 Abstract: Different economies at different times use different institutional arrangements to constrain the people entrusted with allocating capital and other resources. Comparative financial histories show these corporate governance regimes to be largely stable through time, but capable of occasional dramatic change in response to a severe crisis. Legal origin, language, culture, religion, accidents of history (path dependence), and other factors affect these changes because they affect how people and societies solve problems. Accepted Paper Series Date posted: June 4, 2010Suggested CitationContact Information
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