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The Impact Of Institutional Ownership And Board Structure On Earnings Management And Acquisition Performance Of Sp 500 Index Firms Around Their Addition To The Index And An Experimental Approach To Buyers Brokerage
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Book Synopsis The Impact of Institutional Ownership and Board Structure on Earnings Management and Acquisition Performance of S&P 500 Index Firms Around Their Addition to the Index and an Experimental Approach to Buyer's Brokerage by : Muhammed Abdullah Sahin
Download or read book The Impact of Institutional Ownership and Board Structure on Earnings Management and Acquisition Performance of S&P 500 Index Firms Around Their Addition to the Index and an Experimental Approach to Buyer's Brokerage written by Muhammed Abdullah Sahin and published by . This book was released on 2010 with total page 296 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis ESG and Responsible Institutional Investing Around the World: A Critical Review by : Pedro Matos
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.
Book Synopsis Relationship Between Institutional Ownership/blockholders and Firm Performance by : Man Yin Leung
Download or read book Relationship Between Institutional Ownership/blockholders and Firm Performance written by Man Yin Leung and published by . This book was released on 2017 with total page 82 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Ownership Structure, Board Composition and Investors' Protection by : Giuliano Iannotta
Download or read book Ownership Structure, Board Composition and Investors' Protection written by Giuliano Iannotta and published by . This book was released on 2015 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: Research Question/Issue: The level and effectiveness of investors' protection is considered to foster financial markets development and economic growth. While previous studies focused on the relationship between the institutional setting and investors' protection at country level, we investigate if ownership structure and board composition may significantly affect investors' protection at firm level. Research Findings/Insights: We collected data for S&P500 companies in the period between 2001 and 2006. Then we tested the impact of ownership structure and board composition on firm investors' protection. Our results show that the presence of institutional investors and of a large blockholder among shareholders has a positive impact on investors' protection. At the same time our results indicate that ratio of outside directors have a negative influence on the same variable. Theoretical/Academic Implications: Our study contributes to the development of corporate governance studies as it (i) indicates that some governance variables at firm level may influence investors' protection, (ii) shows that ownership structure is a complex variable that includes both the identity and the amount of shares owned, and (iii) questions the validity of some board recommendations founded on agency theory and encouraging a strong presence of outside directors. Practitioner/Policy Implications: Our results suggest policymakers to favor the presence and the activism of institutional investors as they may improve the investors' protection. At the same time, the study casts some doubts about the effectiveness of outside directors as good monitors and encourages both policymakers and companies to devote more attention to other governance variables.
Book Synopsis The Impact of Institutional Ownership on Corporate Operating Performance by : Anthony Saunders
Download or read book The Impact of Institutional Ownership on Corporate Operating Performance written by Anthony Saunders and published by . This book was released on 2010 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the relationship between institutional investor involvement in and the operating performance of large firms. We confirm a significant relationship between a firm's operating cash flow returns and both the percent of institutional stock ownership and the number of institutional stockholders. However, the positive relationship between the number of institutional investors holding stock and operating cash flow returns is found only for pressure-insensitive institutional investors (those with no business relationship with the firm). The number of pressure-sensitive institutional investors (those with an existing or potential business relationship with the firm) has no impact on performance. These results suggest that institutional investors that need to protect actual or promote potential business relationships with firms in which they invest are compromised as monitors of the firm, and lend credence to calls for greater independence of board members from firms.
Book Synopsis Institutional Investors, Long-Term Investment, and Earnings Management by : Brian J. Bushee
Download or read book Institutional Investors, Long-Term Investment, and Earnings Management written by Brian J. Bushee and published by . This book was released on 2011 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the influence of institutional investors on the incentives of corporate managers to alter long-term investment for earnings management purposes. Many critics argue that the short-term focus of institutional investors encourages managers to sacrifice long-term investment to meet current earnings targets. Others argue that the large stockholdings and sophistication of institutions allow them to fulfill a monitoring role in preventing such myopic investment behavior. I examine these competing views by testing whether institutional ownership affects Ramp;D spending for firms that could reverse a decline in earnings with a reduction in Ramp;D. The results indicate that managers are less likely to cut Ramp;D to reverse an earnings decline when institutional ownership is high, implying that institutions typically serve a monitoring role relative to individual investors. However, I find that a high proportion of ownership by institutions exhibiting ?transient? ownership behavior (i.e., high portfolio turnover and momentum trading) significantly increases the probability that managers reduce Ramp;D to boost earnings. These results indicate that high turnover and momentum trading by institutional investors can encourage myopic investment behavior when such institutional investors have extremely high levels of ownership in a firm; otherwise, institutional ownership serves to reduce pressures on managers for myopic investment behavior.
Book Synopsis The Impact of Institutional Stock Ownership on a Firm's Earnings Management Practice by : Santanu Mitra
Download or read book The Impact of Institutional Stock Ownership on a Firm's Earnings Management Practice written by Santanu Mitra and published by . This book was released on 2002 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Impact of Institutional Ownership on Corporate Operating Performance by : Marcia Millon Cornett
Download or read book The Impact of Institutional Ownership on Corporate Operating Performance written by Marcia Millon Cornett and published by . This book was released on 2013 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the relationship between institutional investor involvement in and the operating performance of large firms. We confirm a significant relationship between a firm's operating cash flow returns and both the percent of institutional stock ownership and the number of institutional stockholders. However, the positive relationship between the number of institution al investors holding stock and operating cash flow returns is found only for pressure-insensitive institutional investors (those with no business relationship with the firm). The number of pressure-sensitive institutional investors (those with an existing or potential business relationship with the firm) has no impact on performance. These results suggest that institutional investors that need to protect actual or promote potential business relationships with firms in which they invest are compromised as monitors of the firm, and lend credence to calls for greater independence of board members from firms.
Book Synopsis Common Institutional Ownership and Earnings Management by : Santhosh Ramalingegowda
Download or read book Common Institutional Ownership and Earnings Management written by Santhosh Ramalingegowda and published by . This book was released on 2020 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This study examines the relation between earnings management and block ownership of same-industry peer firms by a common set of institutional investors (common institutional ownership). This relation is important given the tremendous growth of common institutional ownership and the significant influence of blockholders on financial reporting. We hypothesize that common institutional ownership mitigates earnings management by enhancing institutions' monitoring efficiency and by encouraging institutions to internalize the negative externality of a firm's earnings management on peer firms' investments. Consistent with our hypothesis, we find that higher common institutional ownership is related to less earnings management. Analyses of a quasi-natural experiment based on financial institution mergers show that this negative relation is unlikely to be driven by the endogeneity of common institutional ownership. Cross-sectional tests provide evidence that the negative relation is stronger among firms for which common institutional ownership is likely to generate a greater reduction in institutions' information acquisition and processing costs, and among firms whose severe financial misstatements are more likely to distort co-owned peer firms' investments, supporting both mechanisms underlying our hypothesis. Our findings inform the ongoing debate on the costs and benefits of common institutional ownership by highlighting an important benefit: the enhanced monitoring of financial reporting.
Book Synopsis Institutional Investors, Corporate Governance, and Earnings Management Around Merger by : Njah Mouna
Download or read book Institutional Investors, Corporate Governance, and Earnings Management Around Merger written by Njah Mouna and published by . This book was released on 2013 with total page 8 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the association between institutional ownership and the earnings management behavior of some French absorbing firms. Using a sample of 76 French mergers and absorptions concluded over the period ranging from 2000 to 2010, we undertake to present some empirical evidence highlighting that absorbing-firms manipulate earnings relevant to the year preceding the merger-offer in the presence of institutional cross-holding. However, the presence of active institutions turns out to limit the managerial accruals discretion. The monitoring role exerted by the active-institutional investors does restrict the opportunities of earnings management around mergers and acquisitions. Further analyses suggest that the average value of discretionary accruals with regards to the absorbing firms proves to be influenced by the nature of merger deal (takeover vs. restructuring).
Book Synopsis REAL EFFECTS OF S&P 500 INDEX by : Yong Wei
Download or read book REAL EFFECTS OF S&P 500 INDEX written by Yong Wei and published by Open Dissertation Press. This book was released on 2017-01-24 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation, "The Real Effects of S&P 500 Index Additions: Evidence From Corporate Investment" by Yong, Wei, 卫勇, was obtained from The University of Hong Kong (Pokfulam, Hong Kong) and is being sold pursuant to Creative Commons: Attribution 3.0 Hong Kong License. The content of this dissertation has not been altered in any way. We have altered the formatting in order to facilitate the ease of printing and reading of the dissertation. All rights not granted by the above license are retained by the author. DOI: 10.5353/th_b4490681 Subjects: Stocks - Prices - Mathematical models Corporations - Finance - Mathematical models
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 Behavioral Corporate Finance by : Hersh Shefrin
Download or read book Behavioral Corporate Finance written by Hersh Shefrin and published by College Ie Overruns. This book was released on 2017-04-16 with total page 300 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Investment Philosophies by : Aswath Damodaran
Download or read book Investment Philosophies written by Aswath Damodaran and published by John Wiley & Sons. This book was released on 2012-06-22 with total page 615 pages. Available in PDF, EPUB and Kindle. Book excerpt: The guide for investors who want a better understanding of investment strategies that have stood the test of time This thoroughly revised and updated edition of Investment Philosophies covers different investment philosophies and reveal the beliefs that underlie each one, the evidence on whether the strategies that arise from the philosophy actually produce results, and what an investor needs to bring to the table to make the philosophy work. The book covers a wealth of strategies including indexing, passive and activist value investing, growth investing, chart/technical analysis, market timing, arbitrage, and many more investment philosophies. Presents the tools needed to understand portfolio management and the variety of strategies available to achieve investment success Explores the process of creating and managing a portfolio Shows readers how to profit like successful value growth index investors Aswath Damodaran is a well-known academic and practitioner in finance who is an expert on different approaches to valuation and investment This vital resource examines various investing philosophies and provides you with helpful online resources and tools to fully investigate each investment philosophy and assess whether it is a philosophy that is appropriate for you.
Author :United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs. Subcommittee on Securities Publisher : ISBN 13 : Total Pages :378 pages Book Rating :4.F/5 ( download)
Book Synopsis The Impact of Institutional Investors on Corporate Governance, Takeovers, and the Capital Markets by : United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs. Subcommittee on Securities
Download or read book The Impact of Institutional Investors on Corporate Governance, Takeovers, and the Capital Markets written by United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs. Subcommittee on Securities and published by . This book was released on 1990 with total page 378 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Applied Corporate Finance by : Aswath Damodaran
Download or read book Applied Corporate Finance written by Aswath Damodaran and published by John Wiley & Sons. This book was released on 2014-10-27 with total page 663 pages. Available in PDF, EPUB and Kindle. Book excerpt: Aswath Damodaran, distinguished author, Professor of Finance, and David Margolis, Teaching Fellow at the NYU Stern School of Business, has delivered the newest edition of Applied Corporate Finance. This readable text provides the practical advice students and practitioners need rather than a sole concentration on debate theory, assumptions, or models. Like no other text of its kind, Applied Corporate Finance, 4th Edition applies corporate finance to real companies. It now contains six real-world core companies to study and follow. Business decisions are classified for students into three groups: investment, financing, and dividend decisions.
Book Synopsis Corporate Governance by : Robert A. G. Monks
Download or read book Corporate Governance written by Robert A. G. Monks and published by Wiley-Blackwell. This book was released on 2003-12-19 with total page 584 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the wake of the dramatic series of corporate meltdowns: Enron; Tyco; Adelphia; WorldCom; the timely new edition of this successful text provides students and business professionals with a welcome update of the key issues facing managers, boards of directors, investors, and shareholders. In addition to its authoritative overview of the history, the myth and the reality of corporate governance, this new edition has been updated to include: analysis of the latest cases of corporate disaster; An overview of corporate governance guidelines and codes of practice in developing and emerging markets new cases: Adelphia; Arthur Andersen; Tyco Laboratories; Worldcom; Gerstner's pay packet at IBM Once again in the new edition of their textbook, Robert A. G. Monks and Nell Minow show clearly the role of corporate governance in making sure the right questions are asked and the necessary checks and balances in place to protect the long-term, sustainable value of the enterprise. A CD-ROM containing a comprehensive case study of the Enron collapse, complete with senate hearings and video footage, accompanies the text. Further lecturer resources and links are available at www.blackwellpublishing.com/monks
