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Emerging Market Business Groups, Foreign Investors, and Corporate Governance
Khanna, Tarun - 1999
We examine the interaction between three kinds of concentrated owners commonly found in an emerging market: family-run business groups, domestic financial institutions, and foreign financial institutions. Using data from India in the early 1990s, we find evidence that domestic international...
Persistent link: https://www.econbiz.de/10012471852
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The Granular Nature of Large Institutional Investors
Ben-David, Itzhak - 2016
, large institutions are likely to impose greater liquidity demand on the stocks they trade. Accordingly, we find that … ownership and trades by large institutions lead to higher volatility and to increased return and liquidity comovement. Moreover …
Persistent link: https://www.econbiz.de/10012456429
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Large Block Shareholders, Institutional Investors, Boards of Directors and Bank Value in the Nineteenth Century
Bodenhorn, Howard - 2013
Share prices of modern corporations are influenced by the size and structure of boards of directors, large individual and institutional investors, and shareholder voting rights, among other governance features. It is not clear whether the same features mattered historically, given recent...
Persistent link: https://www.econbiz.de/10012459707
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The Shifting Finance of Electricity Generation
Andonov, Aleksandar; Rauh, Joshua - National Bureau of Economic Research - 2024
Despite the incentives of incumbent domestic listed corporations (DLCs) in the electricity generation industry, private equity, institutional investors, and foreign corporations have played an outsized role in financing the energy transition. These new entrants are twice as likely to create...
Persistent link: https://www.econbiz.de/10014635696
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The Effect of Liquidity on Governance
Edmans, Alex - 2011
This paper studies the effect of stock liquidity on blockholders' choice of governance mechanisms. We focus on hedge … measure governance intent rather than only studying instances of actual governance. We find that liquidity increases the … likelihood that a hedge fund acquires a block in a firm. Conditional upon acquiring a stake, liquidity reduces the likelihood …
Persistent link: https://www.econbiz.de/10012461091
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Avoiding Idiosyncratic Volatility : Flow Sensitivity to Individual Stock Returns
Di Maggio, Marco; Franzoni, Francesco; Kogan, Shimon; … - National Bureau of Economic Research - 2023
Despite positive and significant earnings announcement premia, we find that institutional investors reduce their exposure to stocks before earnings announcements. A novel result on the sensitivity of flows to individual stock returns provides a potential explanation. We show that extreme...
Persistent link: https://www.econbiz.de/10014322748
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Divestment and Engagement : The Effect of Green Investors on Corporate Carbon Emissions
Kahn, Matthew E.; Matsusaka, John G.; Shu, Chong - National Bureau of Economic Research - 2023
This paper studies whether green investors can influence corporate greenhouse gas emissions through capital markets, either by divesting their stock and limiting polluters' access to capital, or holding polluters' stock and engaging with management. We focus on public pension funds, classifying...
Persistent link: https://www.econbiz.de/10014421217
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Day Traders, Noise, and Cost of Immediacy
Dalvi, Manoj; Deuskar, Prachi; Glosten, Lawrence R.; … - National Bureau of Economic Research - 2023
market liquidity and trading of other market participants. IDT contribute 10% to volume while losing 3.2 bp (73% of the half …-spread) on average on trades with others, including proprietary day traders (PDT), the primary intraday-liquidity providers, and …
Persistent link: https://www.econbiz.de/10014250145
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Reversals and the Returns to Liquidity Provision
Dai, Wei; Medhat, Mamdouh; Novy-Marx, Robert; Rizova, Savina - National Bureau of Economic Research - 2023
Different aspects of liquidity impact the performance of short-run reversals in different ways, consistent with the …
Persistent link: https://www.econbiz.de/10014226114
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Feedback and Contagion through Distressed Competition
Chen, Hui; Dou, Winston Wei; Guo, Hongye; Ji, Yan - National Bureau of Economic Research - 2023
Firms tend to compete more aggressively in financial distress; the intensified competition in turn reduces profit margins, pushing themselves further into distress and adversely affecting other firms. To study such feedback and contagion effects, we incorporate strategic competition into a...
Persistent link: https://www.econbiz.de/10013537735