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Author : Jiekun Huang
Publisher :
ISBN 13 :
Total Pages : 33 pages
Book Rating : 4.:/5 (857 download)
Download or read book Coordination Costs, Institutional Investors, and Firm Value written by Jiekun Huang and published by . This book was released on 2013 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Yong Seung Lee
Publisher :
ISBN 13 :
Total Pages : 45 pages
Book Rating : 4.:/5 (857 download)
Download or read book The Influence of Institutional Investors on Firm Value written by Yong Seung Lee and published by . This book was released on 2013 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt: The impact of corporate governance on firm value has been extensively debated by academics and business practitioners. Some studies show that companies that allow minority shareholders to have more control are likely to create greater shareholder value than those firms with concentrated control, while other studies suggest that the impact of having democratic governance is either negligible or even negative. In developed countries institutional investors have a significant stake in most of the companies. Active engagement by institutional investors is expected to decrease agency costs by strengthening monitoring mechanisms of operations and performance evaluations of the management, resulting in an increase in firm value. However, some academics and business practitioners argue that such minority shareholders' active engagement could be detrimental to firm value. In this thesis, I study the influence of institutional investors' active shareholder engagement on firm value and the relationship between the characteristics of corporate governance and firm value of target companies. I review previous studies that have evaluated both the effect of corporate governance and of institutional investors' activism on firm value. I conduct empirical analyses to examine the relationship between the institutions' shareholder engagement and firm value.
Author : Wei Ting Loh
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)
Download or read book Institutional Investor Coordination and Firms’ Information Environments written by Wei Ting Loh and published by . This book was released on 2022 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study examines the impact of institutional investor coordination on firms’ capital market outcomes. I proxy for investor coordination by constructing networks of institutional investors who share common investments. Holding both the level and concentration of institutional ownership constant, I find that investor coordination is associated with a higher probability of informed trading and wider bid-ask spreads. Overall, results suggest that institutional investor coordination exacerbates the information disadvantage that other non-coordinating investors face in capital markets. However, institutional investor coordination can be beneficial in certain settings. Specifically, my results show that investor coordination is associated with a faster speed of price discovery in the short-window around public disclosures. These findings hold when studying within-firm changes in the number of institutional investors who are expected to be coordinating. In cross-sectional analyses, I find that the effects of coordination are stronger in settings where there is likely to be a greater amount of institutional investor interaction and connectedness.
Author : Tracie Woidtke
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (14 download)
Download or read book Essays on the impact of institutional investors on firm value written by Tracie Woidtke and published by . This book was released on 1997 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Emanuele Bajo
Publisher :
ISBN 13 :
Total Pages : 44 pages
Book Rating : 4.:/5 (13 download)
Download or read book Institutional Investors Networks and Firm Value written by Emanuele Bajo and published by . This book was released on 2017 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper investigates the role of institutional investor networks on firm value. Using US data over the period 2001-2013, we document that block-holdings from more central institutional investors (i.e. with larger co-ownership ties) enhance firm value more than those held by other investors. Our findings are consistent with the view that central institutional investors provide a certification benefit to the firm. On the opposite, we do not find evidence that the increase in value is due to monitoring, advisory, or information cost effects. The documented effects are robust to alternative specifications of network centrality and to endogeneity concerns.
Author : Bin Wang
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (89 download)
Download or read book Two Essays on Investment written by Bin Wang and published by . This book was released on 2014 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: In the first essay titled "Shareholder Coordination, Information Diffusion and Stock Returns", we show that the quality of information sharing networks linking firms' institutional investors has stock return predictability implications. First, we demonstrate that firms with high shareholder coordination experience less local comovement and less post earnings announcement drift, consistent with the notion that coordination improves firms' information environment. We then document that the stock return performance of firms with high shareholder coordination leads that of firms with low shareholder coordination, supporting the view that coordination acts as an information diffusion channel. Finally, we provide evidence consistent with the notion that the market does not readily recognize the superior quality of high shareholder coordination firms and prices it gradually through the trading of sophisticated institutional investors, thereby causing future returns to be positively associated with shareholder coordination. In the second essay titled "Shareholder Coordination and Stock Price Informativeness", we find that stock prices of firms with better information sharing networks linking institutional shareholders exhibit higher levels of idiosyncratic volatility. This positive relation between shareholder coordination and stock price informativeness is mainly driven by coordination among dedicated and independent institutions and exists even after accounting for endogeneity. We further show that institutional trading serves as an information diffusion channel that strengthens the relationship of shareholder coordination with price informativeness. Overall, our results indicate that a higher degree of shareholder coordination leads to more informative stock prices by encouraging the collection of and trading on private information.
Author : Bing Han
Publisher :
ISBN 13 :
Total Pages : 260 pages
Book Rating : 4.3/5 (243 download)
Download or read book Insider Ownership and Firm Value written by Bing Han and published by . This book was released on 2003 with total page 260 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Carolyn Kay Brancato
Publisher : Irwin Professional Publishing
ISBN 13 :
Total Pages : 272 pages
Book Rating : 4.F/5 ( download)
Download or read book Institutional Investors and Corporate Governance written by Carolyn Kay Brancato and published by Irwin Professional Publishing. This book was released on 1997 with total page 272 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume describes in detail the best practices being used to measure and enhance firm value while observing the rights of shareholders and managing the risks of dealing with them for long-term benefit of both companies and investors.
Author : OECD
Publisher : OECD Publishing
ISBN 13 : 9264116052
Total Pages : 78 pages
Book Rating : 4.2/5 (641 download)
Download or read book Corporate Governance Strengthening Latin American Corporate Governance The Role of Institutional Investors written by OECD and published by OECD Publishing. This book was released on 2011-07-01 with total page 78 pages. Available in PDF, EPUB and Kindle. Book excerpt: This report reflects long-term, in-depth discussion and debate by participants in the Latin American Roundtable on Corporate Governance.
Author : Pedro Matos
Publisher : CFA Institute Research Foundation
ISBN 13 : 1944960988
Total Pages : 80 pages
Book Rating : 4.9/5 (449 download)
Download or read book ESG and Responsible Institutional Investing Around the World: A Critical Review written by Pedro Matos and published by CFA Institute Research Foundation. This book was released on 2020-05-29 with total page 80 pages. Available in PDF, EPUB and Kindle. Book excerpt: This survey examines the vibrant academic literature on environmental, social, and governance (ESG) investing. While there is no consensus on the exact list of ESG issues, responsible investors increasingly assess stocks in their portfolios based on nonfinancial data on environmental impact (e.g., carbon emissions), social impact (e.g., employee satisfaction), and governance attributes (e.g., board structure). The objective is to reduce exposure to investments that pose greater ESG risks or to influence companies to become more sustainable. One active area of research at present involves assessing portfolio risk exposure to climate change. This literature review focuses on institutional investors, which have grown in importance such that they have now become the largest holders of shares in public companies globally. Historically, institutional investors tended to concentrate their ESG efforts mostly on corporate governance (the “G” in ESG). These efforts included seeking to eliminate provisions that restrict shareholder rights and enhance managerial power, such as staggered boards, supermajority rules, golden parachutes, and poison pills. Highlights from this section: · There is no consensus on the exact list of ESG issues and their materiality. · The ESG issue that gets the most attention from institutional investors is climate change, in particular their portfolio companies’ exposure to carbon risk and “stranded assets.” · Investors should be positioning themselves for increased regulation, with the regulatory agenda being more ambitious in the European Union than in the United States. Readers might come away from this survey skeptical about the potential for ESG investing to affect positive change. I prefer to characterize the current state of the literature as having a “healthy dose of skepticism,” with much more remaining to be explored. Here, I hope the reader comes away with a call to action. For the industry practitioner, I believe that the investment industry should strive to achieve positive societal goals. CFA Institute provides an exemplary case in its Future of Finance series (www.cfainstitute.org/research/future-finance). For the academic community, I suggest we ramp up research aimed at tackling some of the open questions around the pressing societal goals of ESG investing. I am optimistic that practitioners and academics will identify meaningful ways to better harness the power of global financial markets for addressing the pressing ESG issues facing our society.
Author : Benjamin Hermalin
Publisher : Elsevier
ISBN 13 : 0444635408
Total Pages : 762 pages
Book Rating : 4.4/5 (446 download)
Download or read book The Handbook of the Economics of Corporate Governance written by Benjamin Hermalin and published by Elsevier. This book was released on 2017-09-18 with total page 762 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Handbook of the Economics of Corporate Governance, Volume One, covers all issues important to economists. It is organized around fundamental principles, whereas multidisciplinary books on corporate governance often concentrate on specific topics. Specific topics include Relevant Theory and Methods, Organizational Economic Models as They Pertain to Governance, Managerial Career Concerns, Assessment & Monitoring, and Signal Jamming, The Institutions and Practice of Governance, The Law and Economics of Governance, Takeovers, Buyouts, and the Market for Control, Executive Compensation, Dominant Shareholders, and more. Providing excellent overviews and summaries of extant research, this book presents advanced students in graduate programs with details and perspectives that other books overlook. Concentrates on underlying principles that change little, even as the empirical literature moves on Helps readers see corporate governance systems as interrelated or even intertwined external (country-level) and internal (firm-level) forces Reviews the methodological tools of the field (theory and empirical), the most relevant models, and the field’s substantive findings, all of which help point the way forward
Author : William W. Bratton
Publisher : Oxford University Press
ISBN 13 : 0198723938
Total Pages : 817 pages
Book Rating : 4.1/5 (987 download)
Download or read book Institutional Investor Activism written by William W. Bratton and published by Oxford University Press. This book was released on 2015 with total page 817 pages. Available in PDF, EPUB and Kindle. Book excerpt: The past two decades has witnessed unprecedented changes in the corporate governance landscape in Europe, the US and Asia. Across many countries, activist investors have pursued engagements with management of target companies. More recently, the role of the hostile activist shareholder has been taken up by a set of hedge funds. Hedge fund activism is characterized by mergers and corporate restructuring, replacement of management and board members, proxy voting, and lobbying of management. These investors target and research companies, take large positions in their stock, criticize their business plans and governance practices, and confront their managers, demanding action enhancing shareholder value. This book analyses the impact of activists on the companies that they invest, the effects on shareholders and on activists funds themselves. Chapters examine such topic as investors' strategic approaches, the financial returns they produce, and the regulatory frameworks within which they operate. The chapters also provide historical context, both of activist investment and institutional shareholder passivity. The volume facilitates a comparison between the US and the EU, juxtaposing not only regulatory patterns but investment styles.
Author : William W. Jennings
Publisher :
ISBN 13 :
Total Pages : 40 pages
Book Rating : 4.:/5 (129 download)
Download or read book Further Evidence on Institutional Ownership and Corporate Value written by William W. Jennings and published by . This book was released on 2004 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: Whether institutional investors monitor corporations and improve firm value is a key question for corporate governance and investment management. I find little empirical support for the hypothesis that institutions undertake monitoring that increases firm quality and valuation. Granger causation tests show that while quality firms do attract institutional investment, institutions do not monitor and firm value subsequently declines. Instead, institutional incentives are critical; some institutions with strong incentives to monitor do, indeed, monitor. Institutions with concentrated portfolios successfully monitor while institutions with a larger percentage stake do not. Pensions and endowments are better monitors than insurers, banks and mutual funds.
Author : Chune Young Chung
Publisher :
ISBN 13 :
Total Pages : 46 pages
Book Rating : 4.:/5 (13 download)
Download or read book Institutional Investors and Cost Stickiness written by Chune Young Chung and published by . This book was released on 2018 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: Cost stickiness measures the degree of suboptimal cost reduction in response to a decline in a firm's activity. This study examines the role of institutional monitoring in addressing the value-decreasing cost-stickiness problem exhibited in many firms. Using alternative proxies for institutional monitoring, we find that long-term institutional investors are associated with reductions in cost stickiness and that these reductions lead to superior future market and accounting performance. Our findings are robust to different model specifications and are independent of the effect of internal governance.
Author : Aazam Virani
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (13 download)
Download or read book Three Essays on Corporate Governance written by Aazam Virani and published by . This book was released on 2014 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : International Monetary Fund
Publisher : International Monetary Fund
ISBN 13 : 1455216569
Total Pages : 180 pages
Book Rating : 4.4/5 (552 download)
Download or read book Coordinated Portfolio investment Survey written by International Monetary Fund and published by International Monetary Fund. This book was released on 1997-01-01 with total page 180 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents a coordinated portfolio investment survey guide provided to assist national compilers in the conduct of the Coordinated Portfolio Investment Survey, conducted under the auspices of the IMF with reference to the year-end 1997. The guide covers a variety of conceptual issues that a country must address when conducting a survey. It also covers the practical issues associated with preparing for a national survey. These include setting a timetable, taking account of the legal and confidentiality issues raised, developing a mailing list, and maintaining quality control checks.
Author : OECD
Publisher : OECD Publishing
ISBN 13 : 9264179542
Total Pages : 91 pages
Book Rating : 4.2/5 (641 download)
Download or read book Corporate Governance, Value Creation and Growth The Bridge between Finance and Enterprise written by OECD and published by OECD Publishing. This book was released on 2012-08-20 with total page 91 pages. Available in PDF, EPUB and Kindle. Book excerpt: This publication examines the role of corporate governance arrangements in providing right incentives to contribute the value creation process within the private enterprises and the implications of the differences in ownership structures on corporate governance practices and frameworks.
