Corporate earnings in the first quarter improved sharply.

Corporate earnings in Brazil have gone up roughly as fast as stock prices. With the price earnings ratio remaining stable and moderate, the stock market boom does not appear to reflect merely investor psychology.

On the contrary, the real question is why the increase in stock prices has not outpaced growth in corporate earnings. After all, in the 1990 s, the US stock market surge (as in many countries) was fueled by record high price earnings ratios.

It would also be desirable to reduce the US corporate tax rate gradually, bringing it closer to the 25 OECD average. That, too, would encourage more repatriation of overseas earnings.

Family earnings

Earnings related

Renminbi appreciation that switches Chinese spending toward foreign goods, including US exports, will work against this tendency. By giving American firms more earnings, it will increase corporate savings in the US.

Additional earnings limit

Instability of earnings

And with your earnings...

No limit to additional earnings.

Grundsatzkommission Corporate Governance (German Panel for Corporate Governance) (2000). Corporate Governance Rules for German Quoted Companies.

The role of the corporate sector, and corporate strategies

Intel's fourth quarter earnings 10.8 billion.

Statement on Global Corporate Governance Principles. International Corporate Governance Network.

Corporate strategy

Corporate responsibility

Revised Statement on Global Corporate Governance Principles. International Corporate Governance Network.

Finance Committee on Corporate Governance (2000). Malaysian Code on Corporate Governance.

God give you good earnings, good man.

Corporate Governance Committee (2004). The Belgian Code on Corporate Governance ('Lippens Code')

Committee on Corporate Governance (1999). Code of Best Practice for Corporate Governance.

Second, the profits and earnings of corporations and financial institutions will not rebound as fast as the consensus predicts, as weak economic growth, deflationary pressures, and surging defaults on corporate bonds will limit firms pricing power and keep profit margins low.

Corporate specific reasons.

Initiative Corporate strategy

Corporate fund raising.

Corporate criminal liability

Corporate criminal liability

Corporate leaders realized that economic incentives accrued from being a good corporate citizen.

Official earnings average 1.5 to 2 per day.

The pension is, however, earnings related (see below).

Least developed countries export earnings are also small.

Committee on Corporate Governance (1997). Corporate Governance in the Netherlands Forty Recommendations (Peters Code).

European Corporate Governance Institute. (In particular, see index of corporate governance codes by country.

The Secret Corporate Takeover

The Corporate Tax Conundrum

Whose Corporate Social Responsibility?

Operationalizing the corporate strategy

Corporate and income tax

corporate environmental policy statement

(b) The pension based on minimum earnings is maintained.

The disability benefit is neither earnings related nor taxable.

The compensatory allowance is payable in the amount of the difference between earnings received before the lowering of capacity for work and earnings received afterwards.

In Bangladesh, remittances were equivalent to 40 per cent of export earnings in Pakistan and Sri Lanka, they were equivalent to more than 25 per cent of export earnings and in the Philippines, they were equivalent to 25 per cent of export earnings.

So stock investors seem to be recognizing Brazil s economic vitality, carefully watching corporate earnings rise, and running with them. After being lone believers through 2002, Brazilian stock market participants are now finding that investors from all over the world want to join the party.