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Abstract
To what extent do corporate governance practices in one jurisdiction affect another? In this paper, we look at the way that Hong Kong's and the Mainland's corporate governance practices have co-evolved, along with offshore incorporations from both places. Drawing on empirical illustrations of the data using analytical techniques like differential equations and Fourier Spectral Analysis, we find a strong relationship across time between changes in corporate governance practices in both jurisdictions as well as offshore incorporations. Our data also support the idea of a theory-free equilibrium level of corporate governance (determined by market participants' own behaviour rather than by a theory-laden econometric model). We show that lethargy likely explains the persistence of corporate governance practices in both places, with innovations in one place correlating with innovations in the other. Such work clearly implies that corporate governance improvements in one place can help encourage such improvements in other markets which have not adopted laws aimed at improving corporate governance.

The Panama Papers disclosures in April 2016 revealed information about tax avoidance and fraud among political elites and the wealthy on a global scale. But did the disclosures affect relevant political attitudes and behavior, including perceptions of corruption, redistributive preferences, and voting intentions? We leverage nationally representative surveys that were in the field at the time in two heavily impacted countries, France and Spain, and treat the disclosures as a natural experiment, comparing respondents questioned just before and just after the disclosures. Our design highlights the difficulty, at times, of interpreting natural experiments, given the potentially compounded treatments that arise as events unfold over time, and the common inability to properly determine views prior to the treatment. That said, the analysis indicates that the disclosures had limited effects on the domains most likely affected by such a scandal, consistent with them being interpreted based on existing beliefs and identities. Our results thus contradict prior findings which suggest that the Panama Papers had substantial effects on redistributive attitudes, and shed further light on voters' learning and updating around uncertain, yet emotionally laden, political facts.

Although journalism has long been considered a profession of lone wolves, its present and future is shaped by collaborative practices of various kinds. The investigation of the Panama Papers by the International Consortium of Investigative Journalists and its more than 100 media partners worldwide is an impressive example of collaborative journalism across media, language and national borders. This article focuses on the impact of such cross-border journalism projects on the transnationalization of public communication in digital media environments. It addresses the question of what kind of 'networked public sphere' was created by the revelations of the Panama Papers, exemplified by the communication structures that evolved on the networking platform Twitter. Digital media such as Twitter have the potential to constitute more grounded public spheres than traditional media and to foster interconnections between different publics across national and language barriers. We trace whether or not the transnational collaborative Panama Papers investigation paved the way for a networked public sphere characterized by (1) transnational attention to the issue and (2) transnational interconnections through Twitter users interacting across country and language boundaries and thereby contributing to global public communication.

Le Panama est un petit pays d'Amérique centrale, surtout connu pour son canal et, depuis l'affaire des Panama Papers , son système d'évasion fiscale. Cet État a longtemps vécu sous la tutelle des États-Unis et cherche depuis les années 1990 à affirmer son indépendance et sa souveraineté. Pour ce faire, il mise notamment sur son intégration, non seulement dans les circuits économiques et financiers internationaux, mais aussi dans les grandes instances multilatérales.

The case study report presents the results of the Barro Blanco case study by combining and elaborating on information and data collected during a pre-study report and data and insights gathered during field research. It analyzes the case study according to international human rights standards and applicable institutional safeguards. It also investigates to which extent public owners/shareholders of development banks can be heal responsible for the implementation of climate projects.

AbstractIn this paper, the effect of corruption on foreign direct investment (FDI) flows is analyzed. The literature is thus far divided regarding the effects of corruption: One hypothesis argues that corruption greases the wheels of government and is therefore beneficial while the other hypothesis argues that it sands the wheels of government leading to suboptimal results in an economy. For the empirical analysis, a dataset consisting of bilateral FDI data from the OECD and the control of corruption measure from the World Governance Indicators of the World Bank is compiled. To further analyze the effects of corruption the Panama Papers revelation is used as a corruption increasing event and the implementation into law of the OECD Anti-Bribery Convention is used as a corruption decreasing event. Finally, the difference between corruption levels in the target and the origin country, will be examined. Then, a gravity model with dyadic and time-fixed effects is employed to analyze the data. Findings are ambiguous in that corruption is positively correlated with FDI inflows in the target country and negatively correlated with FDI inflows in the origin country. The Panama Papers variable shows strong evidence, that the release of the Panama Papers resulted in a drop in FDI flows. Therefore, it seems that corruption has complex country specific effects and that target and source countries have to adopt varying policies with regards to corruption. The general effect of corruption harms FDI flows, as shown by the Panama Papers revelation.