WorldCat Identities

Lang, Larry H. P.

Overview
Works: 175 works in 449 publications in 3 languages and 3,499 library holdings
Genres: Periodicals  History 
Roles: Author, Editor, Conductor, Honoree
Classifications: HC427.95, 330.951
Publication Timeline
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Most widely held works by Larry H. P Lang
East Asia corporations : heroes or villains by Stijn Claessens( Book )

14 editions published between 1994 and 2000 in English and held by 140 WorldCat member libraries worldwide

Annotation World Bank Discussion Paper no. 409. East Asian corporations differ from their counterparts in other countries in important ways. Before the recent financial crisis these differences were viewed as one of the reasons for the success of East Asian economies. The crisis altered that view, and many scholars now argue that the weak corporate governance and financing structures of East Asian corporations are partly to blame for the recent crisis. This paper reviews several features of East Asian corporations, showing that they have high leverage and concentrated ownership, are typically affiliated with business groups, and operate in multiple industries. These characteristics affected the performance of corporations prior to the crisis as well as their ability to deal with its aftermath. Each economy's level of development also affected how these characteristics interacted with firm performance and valuation. Finally, the concentration of ownership in the hands of a few large families may have influenced economies' institutional development
Project finance in Asia by Larry H. P Lang( Book )

6 editions published in 1998 in English and held by 103 WorldCat member libraries worldwide

Lang Xianping shuo xin di guo zhu yi zai Zhongguo : Yi ge Zhongguo jing ji xue jia de liang xin hua by Larry H. P Lang( Book )

10 editions published between 2010 and 2011 in Chinese and Korean and held by 86 WorldCat member libraries worldwide

Ben shu nei rong bao kuo:zhong mei hui lü da zhan feng yan qi:wo de yu yan cong wei shuang yue,Ya zhou pao mo da zhan:mei guo ru he zhi zao pao mo bang jia xin xing shi chang,Hui lü da zhan:mei guo de zhen shi mu de shi shen me,Ling lei pao mo da zhan:di bai wei ji de zhen xiang,Feng tian da zhan:mei guo ban< qian fu>,Qi hou da zhan:yi ge jing tian da huang yan deng
Lang Xianping shuo shui zai mou sha Zhongguo jing ji : fu shen Zhongguo ren de wen hua mo zhou by Larry H. P Lang( Book )

7 editions published between 2009 and 2010 in Chinese and held by 80 WorldCat member libraries worldwide

Ben shu gong shi san zhang,Nei rong bao kuo zhong guo jing ji zhen zheng de wei ji bu shi jin rong wei ji,Jin rong hai xiao dao zhi mei guo pao mo xiao fei bao po,Gu shi,Lou shi he che shi de hui nuan,Zhong guo nei di,Xiang gang,Tai wan he mei guo gu shi de liang dian deng
Zhongguo jing ji dao le zui wei xian de bian yuan by Larry H. P Lang( Book )

11 editions published between 2012 and 2013 in Chinese and held by 80 WorldCat member libraries worldwide

Ben shu fen wei wu pian,Bao kuo:zhong guo jing ji xian xiang zhong zhong,Guo qi gai ge xian ru ting zhi,Jin rong xi tong wen ti cong sheng,Min ying qi ye jie jie bai tui,Zhong guo jing ji gai ge lu zai he fang
Who controls East Asian corporations? by Stijn Claessens( )

10 editions published in 1999 in English and Undetermined and held by 72 WorldCat member libraries worldwide

February 1999 A study of 2,980 corporations in nine East Asian countries finds more than half of those firms being controlled by a single shareholder. Many smaller and older firms are family-controlled. Wealth is very concentrated in some countries, and links between business and government are extensive, so the legal system has probably been influenced by the prevailing ownership structure. Claessens, Djankov, and Lang identify the ultimate ownership structure for 2,980 corporations in nine East Asian countries. They find that: * More than half of those firms are controlled by a single shareholder. * Smaller firms and older firms are more likely to be family-controlled. * Patterns of controlling ownership stakes differ across countries. The concentration of control generally diminishes with higher economic and institutional development. * In many countries, control is enhanced through pyramid structures and deviations from one-share-one-vote rules. As a result, voting rights exceed formal cash-flow rights. * Management is rarely separated from ownership control, and management in two thirds of the firms that are not widely held is related to management of the controlling shareholder. * In some countries, wealth is very concentrated and links between government and business are extensive, so the legal system has probably been influenced by the prevailing ownership structure. This paper-a product of the Financial Economics Unit, Financial Sector Practice Department-is part of a larger effort in the department to uncover the causes of the East Asian crisis
East Asian corporates growth, financing, and risks over the last decade by Stijn Claessens( )

13 editions published between 1998 and 1999 in English and Undetermined and held by 70 WorldCat member libraries worldwide

November 1998 Empirical analysis shows that some of the vulnerabilities in corporate financial structures that helped trigger East Asia's financial crisis already existed in the early 1990s. East Asia's financial crisis has been attributed in part to the weak performance and risky financial structures of Asian corporations. In the period before Asia's financial crisis, however, analysts were not suggesting that the financial structures of many East Asian corporations would be unable to withstand the combined shocks of increased interest rates, depreciated currencies, and large drops in domestic demand. To document the basic record of corporate performance and financing structures for East Asian corporations, Claessens, Djankov, and Lang analyze data for 5,550 firms in nine countries for the period 1988-96. They find large differences in performance and financial structure across countries. Profitability-as measured by real return on assets (ROA) in local currency-was relatively low in Hong Kong, Japan, the Republic of Korea, and Singapore in the decade before the crisis. Corporations in Indonesia, the Philippines, and Thailand averaged high returns-roughly double those in Germany and the United States for the same period. In 1994-96, measured performance declined somewhat in several East Asian countries, especially Japan and Korea. Those differences in performance were not fully reflected in sales growth, as investment rates were high and continued to drive output growth in all countries. These stylized facts suggest that the East Asian miracle was indeed based on a vibrant corporate sector. But the combination of high investment and relatively low profitability in some countries meant that much external financing was needed. Outside equity was used sparingly-in part because stock markets were depressed (Japan) or because insiders preferred to retain control-so borrowing was heavy in most East Asian countries, and leverage increased in the years before 1996 in Korea, Malaysia, and Thailand. Risk increased as short-term (foreign exchange) borrowing became increasingly important in the 1990s, especially in Malaysia, Taiwan (China), and Thailand. In other words, it is now apparent that some of the vulnerabilities in corporate financial structures that were to become an important factor in East Asia's financial crisis already existed in the early 1990s, although they were not noted at the time. This paper-a product of the Economic Policy Unit, Finance, Private Sector, and Infrastructure Network-is part of a larger effort in the network to study the performance and financing structures of East Asian corporations
Asset sales, firm performance, and the agency costs of managerial discretion by Larry H. P Lang( Book )

15 editions published between 1992 and 1994 in English and held by 68 WorldCat member libraries worldwide

We argue that management sells assets when doing so provides the cheapest funds to pursue its objectives rather than for operating efficiency reasons alone. This hypothesis suggests that (1) firms selling assets have high leverage and/or poor performance, (2) a successful asset sale is good news and (3) the stock market discounts asset sale proceeds retained by the selling firm. In support of this hypothesis, we find that the typical firm in our sample performs poorly before the sale and that the average stock-price reaction to asset sales is positive only when the proceeds are paid out
Leverage, investment, and firm growth by Larry H. P Lang( Book )

11 editions published in 1995 in English and held by 63 WorldCat member libraries worldwide

We show that there is a negative relation between leverage and future growth at the firm level and, for diversified firms, at the segment level. Further, this negative relation between leverage and growth holds for firms with low Tobin's q, but not for high-q firms or firms in high-q industries. Therefore, leverage does not reduce growth for firms known to have good investment opportunities, but is negatively related to growth for firms whose growth opportunities are either not recognized by the capital markets or are not sufficiently valuable to overcome the effects of their debt overhang
Governance and expropriation( Book )

10 editions published in 2005 in English and held by 62 WorldCat member libraries worldwide

Explores the nature of ownership structure in countries outside the US, and examines how controlling owners expropriate minority shareholders. This book includes articles that analyse the pros and cons of the finance and accounting issues resulting from this separation of ownership and control, and presents some related country-specific studies
Tobin's Q, corporate diversification and firm performance by Larry H. P Lang( Book )

14 editions published in 1993 in English and held by 50 WorldCat member libraries worldwide

In this paper, we show that Tobin's q and firm diversification are negatively related. This negative relation holds for different diversification measures and when we control for other known determinants of q. We show further that diversified firms have lower q's than equivalent portfolios of specialized firms. This negative relation holds throughout the 1980s in our sample. Finally, it holds for firms that have kept their number of segments constant over a number of years as well as for firms that have not. In our sample, firms that increase their number of segments have lower q's than firms that keep their number of segment constant. Our evidence is consistent with the view that firms seek growth through diversification when they have exhausted internal growth opportunities. We fail to find evidence supportive of the view that diversification provides firms with a valuable intangible asset
Lang Xianping shuo wo men de ri zi wei shen me zhe me nan : yi ge Zhongguo jing ji xue jia de liang xin hua by Larry H. P Lang( Book )

1 edition published in 2010 in Chinese and held by 50 WorldCat member libraries worldwide

Lang Xianping shuo jin rong chao xian zhan by Larry H. P Lang( Book )

6 editions published between 2008 and 2009 in Chinese and held by 49 WorldCat member libraries worldwide

Ben shu nei rong bao kuo gong si de mi mi,Ye shuo shuo wo zi ji,Wo bu fan dui gu fen zhi,Pin pai bei hou de gu shi deng
Research in international business and finance by John Doukas( Book )

6 editions published between 1979 and 1995 in English and held by 46 WorldCat member libraries worldwide

Lang Xianping shuo shui du tao bu diao de jin rong wei ji by Larry H. P Lang( Book )

2 editions published in 2008 in Chinese and held by 39 WorldCat member libraries worldwide

Ben shu nei rong bao kuo:dang mei guo zao yu wei ji,Guo ji jin rong wei ji de ben zhi,Jin rong wei ji dui shi ti jing ji de chong ji,Gu shen ye tao bu guo jin rong wei ji deng
The benefits and costs of group affiliation : evidence from East Asia by Stijn Claessens( Book )

14 editions published in 2002 in English and held by 38 WorldCat member libraries worldwide

Lang xian ping shuo Zhongguo ji jiang mian lin de 14 chang jing ji zhan zheng by Larry H. P Lang( Book )

3 editions published in 2011 in Chinese and held by 38 WorldCat member libraries worldwide

East Asia corporations heroes or villains by Stijn Claessens( )

1 edition published in 2000 in English and held by 33 WorldCat member libraries worldwide

Lang Xianping shuo : Zhongguo jing ji de jiu zhi du yu xin chang tai by Larry H. P Lang( Book )

7 editions published between 2014 and 2015 in Chinese and held by 32 WorldCat member libraries worldwide

Summary in Chinese field only
 
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Project finance in Asia
Alternative Names
Lang, Hsien Ping

Lang, Hsien Ping 1957-

Lang, L. H. P.

Lang, L. H. P. 1957-

Lang, L. H. P. (Larry H. P.)

Lang, Larry 1957-

Lang, Larry H.P.

Lang, Larry H. P. 1957-...

Lang, Xian ping 1957-

Lang, Xianping

Lang, Xianping 1957-

Larry Hsien Ping Lang Chinese economist

Larry Hsien Ping Lang econoom uit Taiwan

郎, 咸平 1957-

郎咸平

郎咸平 1957-

Languages
English (111)

Chinese (58)

Korean (1)

Covers
Governance and expropriationResearch in international business and finance