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Institutional Investor Heterogeneity And Firm Valuation
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Book Synopsis Institutional Investor Heterogeneity and Firm Valuation by : Maria De-La-Hoz
Download or read book Institutional Investor Heterogeneity and Firm Valuation written by Maria De-La-Hoz and published by . This book was released on 2016 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This article analyses how the corporate valuation of Latin American firms is affected by the presence of a blockholder institutional investor. The study uses a data set of 562 firms from six Latin American countries for the 1997-2011 period. We found that the presence of an institutional investor has a positive effect of 8% on firm value, which increases to 21% for the cases where there is blockholder coalition with an institutional investor. After dividing the sample by investor type, we found that independent institutional ownership implies a positive premium on firms' Tobin's Q, while the presence of a grey investor has a negative effect on firm valuation.
Book Synopsis An Investigation of Institutional Investor and Firm Heterogeneity by : Muhammad Arif Qayyum
Download or read book An Investigation of Institutional Investor and Firm Heterogeneity written by Muhammad Arif Qayyum and published by . This book was released on 2011 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: In the first essay, we extend the research of Grinstein and Michaely (2005) on the relation between institutional ownership and payout policy by focusing on the institutions most likely to vote their shares. We account for heterogeneity among institutional investors as well as for firms. This paper accounts for heterogeneity among institutional investors based on their portfolio concentration and investment horizon and firms are differentiated based on their importance for institutional investors (based on percentage of total portfolio invested in the firm), free cash flow and debt-to-equity ratio. We examine the institutional holding data from 1980 to 2006. Like Grinstein and Michaely (2005) we don't find evidence that institutional investors influence dividend payouts even after controlling for heterogeneity among institutional investors and firms. Our results indicate that institutional investors increase their holding prior to increase in repurchases in firms where they are long-term institutional investors. We also find similar relation between firm importance and repurchases. Our results do not support the notion that institutional investors are attracted to high dividend paying firms or firms with higher repurchases. In the second essay, we investigate relation between institutional holding and firm value. We examine whether institutional investor influence firm performance or they just follow momentum strategies. This paper takes into account the heterogeneity among institutional investors in that firm, firm importance for an institutional investor and institutional focus on a particular firm. We analyze annual data from 1980 to 2006. We don't find statistically significant evidence that institutional investors monitor and influence firm decisions to increasing firm value. In addition, our results suggest that that firms that increase their firm value attract investment from institutional investors. We also find that this relationship is stronger for institutional investors with long-term investment horizon.
Book Synopsis Institutional Investor Horizon and Firm Valuation Around the World by : Simon Döring
Download or read book Institutional Investor Horizon and Firm Valuation Around the World written by Simon Döring and published by . This book was released on 2020 with total page 63 pages. Available in PDF, EPUB and Kindle. Book excerpt: Using a comprehensive dataset of firms from 34 countries, we study the effect of institutional investors' investment horizons on firm valuation around the world. We find a positive relation between institutional ownership and firm value that is driven by short-horizon institutional investors. Accounting for the interaction between investors' investment horizon and nationality, we show that foreign short-horizon institutions, which are more likely to discipline managers through the threat of exit rather than engaging in monitoring made costly by the liability of foreignness, are the investor group with the strongest effect on firm value. Reinforcing the threat of exit channel, we find that the value-enhancing effect of short-horizon investors is stronger in the presence of multiple short-horizon investors, who are more likely to engage in competitive trading. The positive valuation effect of short-horizon investors is stronger when stock liquidity is high, which makes the exit threat more credible, and in firms prone to free cash flows agency problems. Overall, our results are consistent with short-horizon institutional investors, especially foreign institutional owners, affecting firm value by disciplining managers through credible threats of exit.
Book Synopsis Institutional Investor Preferences and Firm Value by : Gwinyai T. Utete
Download or read book Institutional Investor Preferences and Firm Value written by Gwinyai T. Utete and published by . This book was released on 2007 with total page 208 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Institutional Investors and Firm Valuation by : Maria De-La-Hoz
Download or read book Institutional Investors and Firm Valuation written by Maria De-La-Hoz and published by . This book was released on 2015 with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt: This article analyses how the corporate valuation of Latin American firms is affected by the presence of an institutional blockholder investor. The study uses a data set of 562 firms from six Latin American countries for the period 1997 to 2011. As in similar studies, we found that the presence of an institutional investor has a positive effect of 8% on firm value. After dividing the sample by investor type, we found that the presence of a grey investor (pension funds and insurance companies) has a negative effect on firm valuation, while independent investors (banks, investment and mutual funds) have a positive effect on firm valuation. This is one of the first studies to evaluate the relationship between investor activism and corporate valuation in Latin American economies with the most significant capital market development.
Book Synopsis The Effects of Institutional Investor Objectives on Firm Valuation and Governance by : Paul Borochin
Download or read book The Effects of Institutional Investor Objectives on Firm Valuation and Governance written by Paul Borochin and published by . This book was released on 2016 with total page 70 pages. Available in PDF, EPUB and Kindle. Book excerpt: We find that ownership by different types of institutional investors has varying implications for future firm misvaluation and governance characteristics. Dedicated institutional investors decrease future firm misvaluation, in both direction and magnitude, relative to fundamentals. In contrast, transient institutional investors have the opposite effect. Using SEC Regulation FD as an exogenous shock to information dissemination, we find evidence consistent with dedicated institutions having an information advantage. Similarly, dedicated investors are associated with better future governance characteristics, while transient investors are not. The valuation effects are primarily driven by institutional portfolio concentration while the governance effects are driven by portfolio turnover. These results imply a more nuanced relationship between institutional ownership and firm value and corporate governance.
Book Synopsis Institutional Investors In Global Capital Markets by : Narjess Boubakri
Download or read book Institutional Investors In Global Capital Markets written by Narjess Boubakri and published by Emerald Group Publishing. This book was released on 2011-09-27 with total page 402 pages. Available in PDF, EPUB and Kindle. Book excerpt: Examines various issues concerning the strategies of institutional investors, the role of institutional investors in corporate governance, their impact on local and international capital markets, as well as the emergence of sovereign and other asset management funds and their interactions with micro and macro economic and market environments.
Book Synopsis Institutional Investors and Corporate Governance by : Theodor Baums
Download or read book Institutional Investors and Corporate Governance written by Theodor Baums and published by Walter de Gruyter. This book was released on 1994 with total page 732 pages. Available in PDF, EPUB and Kindle. Book excerpt: The volume contains 23 articles by international experts, both scholars and practioners dealing with the development of institutional investors (such as banks, insurances, investment companies, pension funds etc.), their investment and voting policies, the impact on managements of the companies concerned and related issues. The consequences of the international development on capital markets as well as policy implications for the respective national legislations are treated.
Book Synopsis Being Different: Institutional Investor Heterogeneity, Cultural Distance and the Performance of Listed Companies by : Jos Offerein
Download or read book Being Different: Institutional Investor Heterogeneity, Cultural Distance and the Performance of Listed Companies written by Jos Offerein and published by . This book was released on 2024 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Institutional Investor by : Manuel Frederick Cohen
Download or read book The Institutional Investor written by Manuel Frederick Cohen and published by . This book was released on 1970 with total page 140 pages. Available in PDF, EPUB and Kindle. Book excerpt: Prepared for distribution at a seminar on the Institutional investor.
Book Synopsis The Influence of Institutional Investors on Firm Value by : Yong Seung Lee
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.
Book Synopsis Investor Heterogeneity and Trading by : Anzhela Knyazeva
Download or read book Investor Heterogeneity and Trading written by Anzhela Knyazeva and published by . This book was released on 2018 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the impact of investor heterogeneity on trading. Institutional investors play a crucial role in the information environment of firms. We argue that heterogeneity in the information ability of institutional investors has a significant impact on trading around information releases. We propose novel measures of within-firm investor heterogeneity and find that investor heterogeneity increases abnormal trading volume around news, holding constant the average levels of investor sophistication. We also find larger spread reductions around announcements for firms with greater investor heterogeneity. The effect of investor heterogeneity on trading around news continues to hold after accounting for total institutional ownership, the presence certain types of institutional investors, and analyst coverage.
Book Synopsis Institutional Investors in Global Markets by : Gordon L. Clark
Download or read book Institutional Investors in Global Markets written by Gordon L. Clark and published by Oxford University Press. This book was released on 2017 with total page 275 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is about what institutional investors do, how they do it, and when and where they do it; it is about the production of investment returns in the global economy. Being a book about the production process, it also tackles some of the key issues found in the academic literature on the theory of the firm.
Book Synopsis Investor Engagement: Investors and Management Practice under Shareholder Value by : Roderick Martin
Download or read book Investor Engagement: Investors and Management Practice under Shareholder Value written by Roderick Martin and published by OUP Oxford. This book was released on 2007-07-05 with total page 240 pages. Available in PDF, EPUB and Kindle. Book excerpt: The growth of shareholder value has been a major change in Western economies since the 1980s. This growth has reignited debates concerning relations between investors and managers. This book argues that investors are more than passive providers of finance, on whose behalf managers seek to maximize shareholder returns. Instead, many investors directly influence management practice, through investor engagement. The book examines the role of institutional investors and private equity firms, two types of investors with overlapping but different reasons for engagement. Questions addressed include: What are the incentives, and disincentives, for investment engagement? How is investor engagement organized? What areas of management practice are of particular concern to investors? The discussion shows in detail how private equity firms play a major role in developing new companies, beyond the provision of finance, especially in the IT, biotechnology, and pharmaceutical sectors. The discussion is primarily based on British and US research. The debate has wider international relevance, because there are strong pressures for establishing shareholder value as the international 'norm' for systems of corporate governance. Following a detailed discussion of Germany, the authors conclude that there is no inevitable trend to shareholder value: shareholder value depends upon complementary institutional arrangements in national business systems, which are far from universal. The book concludes with a critical analysis of the justifications for shareholder value and investor engagement, highlighting the weaknesses of both efficiency and equity justifications.
Book Synopsis Institutional Investors, Corporate Ownership, and Corporate Governance by : Stuart L. Gillan
Download or read book Institutional Investors, Corporate Ownership, and Corporate Governance written by Stuart L. Gillan and published by . This book was released on 2002 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Essays on the impact of institutional investors on firm value by : Tracie Woidtke
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:
Book Synopsis Institutional Investors Networks and Firm Value by : Emanuele Bajo
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.
