Some of our regressions have fewer than 25 observations, because we usually
lack comparable data on a few countries. We check the robustness of our results
by using alternative samples, in particular so as to judge the macroeconomic and
corporate governance variables using the same set of countries. Because we do not
have a full set of corporate governance data for "ve transition economies (China,
the Czech Republic, Hungary, Poland, and Russia) we also report summary
results for the macroeconomic regressions without these "ve countries.