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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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Intermediation via Credit Chains
He, Zhiguo; Li, Jian - National Bureau of Economic Research - 2022
The modern financial system features complicated financial intermediation chains, with each layer performing a certain degree of credit/maturity transformation. We develop a dynamic model in which an entrepreneur borrows from overlapping-generation households via layers of funds, forming a...
Persistent link: https://www.econbiz.de/10012814407
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Reaching for Yield in the Bond Market
Becker, Bo - 2013
Reaching-for-yield--investors' propensity to buy riskier assets in order to achieve higher yields--is believed to be an important factor contributing to the credit cycle. This paper presents a detailed study of this phenomenon in the corporate bond market. We show that insurance companies, the...
Persistent link: https://www.econbiz.de/10012459752
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Does Political Partisanship Cross Borders? Evidence from International Capital Flows
Kempf, Elisabeth; Luo, Mancy; Schäfer, Larissa; … - National Bureau of Economic Research - 2021
Does partisan perception shape the flow of international capital? We provide evidence from two settings, syndicated corporate loans and equity mutual funds, to show that ideological alignment with foreign governments affects the cross-border capital allocation by U.S. institutional investors....
Persistent link: https://www.econbiz.de/10012629500
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Momentum, Reversals, and Investor Clientele
Chui, Andy C. W.; Subrahmanyam, Avanidhar; Titman, Sheridan - National Bureau of Economic Research - 2021
Different share classes on the same firms provide a natural experiment to explore how investor clienteles affect momentum and short-term reversals. Domestic retail investors have a greater presence in Chinese A shares, and foreign institutions are relatively more prevalent in B shares. These...
Persistent link: https://www.econbiz.de/10012696362
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The Behavior of Intoxicated Investors : The role of institutional investors in propagating the crisis of 2007-2008
Manconi, Alberto - 2010
Using a novel data of institutional investors' bond holdings, we examine a transmission of the crisis of 2007-2008 from the securitized bond market to the corporate bond market via joint ownership of these bonds by investors. We posit that, ceteris paribus, corporate bonds held by investors with...
Persistent link: https://www.econbiz.de/10012462465
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Institutional Investors and Proxy Voting on Compensation Plans : The Impact of the 2003 Mutual Fund Voting Disclosure Regulation
Cremers, Martijn - 2009
in 2003, using a paired sample of management proposals on executive equity incentive compensation plans submitted before … and after the rule change. While voting support for management has decreased over time, we find no evidence that mutual … funds' support for management declined after the rule change, as expected by advocates of disclosure. In fact, we find …
Persistent link: https://www.econbiz.de/10012463200
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Mutual Fund Tax Clienteles
Sialm, Clemens - 2009
management strategies result in performance differences between funds held by different tax clienteles …
Persistent link: https://www.econbiz.de/10012463323
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Is Investor Rationality Time Varying? Evidence from the Mutual Fund Industry
Glode, Vincent - 2009
We provide new empirical evidence suggesting that the marginal investor in mutual funds behaves differently across market conditions. If the marginal investor allocates capital across mutual funds rationally, then the relative performance of funds should be unpredictable. We find however that...
Persistent link: https://www.econbiz.de/10012463611
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Informed Trading, Liquidity Provision, and Stock Selection by Mutual Funds
Da, Zhi - 2008
We show that a mutual fund's "stock selection skill" computed using the Daniel, Grinblatt, Titman and Wermers (1997) procedure can be decomposed into additional components that include impatient "informed trading" and "liquidity provision," thereby helping us understand how a fund creates value....
Persistent link: https://www.econbiz.de/10012464038