that are difficult to detect. For example, (1) fraudulent transactions through a subsidiary located overseas that has obscure business objectives and is hard to inspect, (2) trading transactions and

. (2005) find that investors care more about “visible” fees such as front- and back-end load fees, but not operating expenses, so this could potentially be one reason behind this puzzling finding. 4

performance evaluation process while in other firms, the results of performance evaluation were still not reflected in staff compensation. These findings usually result in obscure performance evaluation process

Reform Priorities in Asia: Taking Corporate Governance to a Higher Level Taking Corporate Governance to a Higher Level reform priorities in Asia 2011 REFORM PRIORITIES IN ASIA: TAKING CORPORATE GOVERNANCE TO A HIGHER LEVEL 2011 This work is published on the responsibility of the Secretary-General of the OECD. The opinions expressed and arguments employed herein do not necessarily reflect the official views of the Organisation or of the governments of its member countries. This document and any m...