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Know Your Customer : Informed Trading by Banks

Haselmann, Rainer; Leuz, Christian; Schreiber, Sebastian - National Bureau of Economic Research - 2022

This study analyzes information production and trading behavior of banks with lending relationships. We combine trade-by-trade supervisory data and credit-registry data to examine banks' proprietary trading in borrower stocks around a large number of corporate events. We find that relationship...

Persistent link: https://www.econbiz.de/10013388877

Private Investment and Government Protection

Kousky, Carolyn - 2006

Hurricane Katrina did massive damage because New Orleans and the Gulf Coast were not appropriately protected. Wherever natural disasters threaten, the government -- in its traditional role as public goods provider -- must decide what level of protection to provide to an area. It does so by...

Persistent link: https://www.econbiz.de/10012466413

Legal Investor Protection and Takeovers

Burkart, Mike - 2011

We study the role of legal investor protection for the efficiency of the market for corporate control. Stronger legal investor protection limits the ease with which an acquirer, once in control, can extract private benefits at the expense of non-controlling investors. This, in turn, increases...

Persistent link: https://www.econbiz.de/10012461648

Custom Proxy Voting Advice

Hu, Edwin; Malenko, Nadya; Zytnick, Jonathon - National Bureau of Economic Research - 2024

This paper studies institutional investors' decision-making using novel data from a major proxy advisor. We highlight the significant role of customized proxy advice in shaping shareholders' voting decisions. About 80% of funds receive customized advice, and custom recommendations differ...

Persistent link: https://www.econbiz.de/10014576588

Internalizing Externalities : Disclosure Regulation for Hydraulic Fracturing, Drilling Activity and Water Quality

Bonetti, Pietro; Leuz, Christian; Michelon, Giovanna - National Bureau of Economic Research - 2023

The rise of shale gas and tight oil development has triggered a major debate about hydraulic fracturing (HF). In an effort to mitigate risks from HF, especially with respect to water quality, many U.S. states have introduced disclosure mandates for HF wells and fracturing fluids. We use this...

Persistent link: https://www.econbiz.de/10013537736

Investing with the Government : A Field Experiment in China

Colonnelli, Emanuele; Li, Bo; Liu, Ernest - National Bureau of Economic Research - 2022

We study the demand for government participation in China's venture capital and private equity market. We conduct a large-scale, non-deceptive field experiment in collaboration with the leading industry service provider, through which we survey both sides of the market: the capital investors and...

Persistent link: https://www.econbiz.de/10013334380

CEO Compensation and Adverse Shocks : Evidence from Changes in Environmental Regulations

Choi, Seungho; Levine, Ross; Park, Jonghyeon; Xu, Simon - National Bureau of Economic Research - 2024

Although corporate finance theory suggests how adverse shocks influence shareholder preferences toward corporate risk-taking and executive compensation, few researchers explore this relationship empirically. We construct a firm-year measure of unexpected shocks to environmental regulatory...

Persistent link: https://www.econbiz.de/10014635626

All Clear for Takeoff : Evidence from Airports on the Effects of Infrastructure Privatization

Howell, Sabrina T.; Jang, Yeejin; Kim, Hyeik; Weisbach, … - National Bureau of Economic Research - 2022

Infrastructure assets have undergone substantial privatization in recent decades. How do different types of owners … rather than operational changes. Overall, we find little evidence that privatization alone increases airport performance …; instead, infrastructure funds improve performance both in privatization and subsequent acquisitions from non-PE private firms …

Persistent link: https://www.econbiz.de/10013435106

Investor Protection : Origins, Consequences, and Reform

Porta, Rafael La - 1999

Recent research has documented large differences between countries in ownership concentration in publicly traded firms, in the breadth and depth of capital markets, in dividend policies, and in the access of firms to external finance. We suggest that there is a common element to the explanations...

Persistent link: https://www.econbiz.de/10012471353

Investor Protection and Corporate Valuation

Porta, Rafael La - 1999

We present a model of the effects of legal protection of minority shareholders and of cash flow ownership by a controlling shareholder on the valuation of firms. We then test this model using a sample of 371 large firms from 27 wealthy economies. Consistent with the model, we find evidence of...

Persistent link: https://www.econbiz.de/10012471382

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