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We find that motivated monitoring by institutional investors mitigates firm investment inefficiency, estimated by … type. We also show that closer monitoring mitigates the problem of both over-investing free cash flows and under-investment …
Persistent link: https://www.econbiz.de/10012899694
We analyze a model where different traders are informed of different fundamentals that affect the security value. We identify a source for strategic complementarities in trading and information acquisition: The aggressive trading on information about one fundamental reduces the uncertainty in...
Persistent link: https://www.econbiz.de/10013008552
The relationship between investment efficiency and investment transparency is investigated using a sample of Australian … investment efficiency may influence the informativeness of investment disclosures, and present evidence that investment … achieve higher profitability and cash flow from operations surrounding the investment announcements, and that high sales …
Persistent link: https://www.econbiz.de/10012951609
We propose a theory in which each stock's environmental, social, and governance (ESG) score plays two roles: 1) providing information about firm fundamentals and 2) affecting investor preferences. The solution to the investor's portfolio problem is characterized by an ESG-efficient frontier,...
Persistent link: https://www.econbiz.de/10012847417
illiquid assets and cash, the World Wealth Report 2016 calculated that globally, 31% of high net worth investment portfolios …, investors, philanthropists, and nonprofits around the topic of impact investment — the practice of investing with the intention … of a drop in the bucket.Yet, if impact investment does its homework, and asserts itself as an investment style rather …
Persistent link: https://www.econbiz.de/10012831309
This chapter encapsulates the most recent findings on sovereign wealth fund (SWF) investment activity globally. The key …, SWF allocation strategies, their recent investment behavior and its likely evolution in the foreseeable future …
Persistent link: https://www.econbiz.de/10012962642
Impact investment has emerged as a socially aware response to contemporary socioeconomic challenges. The combined … pursuit of investment efficiency with proactive furtherance of socially beneficial goals appears particularly relevant in an … of impact investment: its origins, philosophy, taxonomy and evolution. The key research dilemma addressed herein boils …
Persistent link: https://www.econbiz.de/10013022672
Although outsourcing vs. vertical integration is generally treated as a binary choice in international trade literature, firm-level data reveal that inputs can be imported both within and across firms' boundaries, even within narrowly defined industries from the same host country. This paper...
Persistent link: https://www.econbiz.de/10012835866
firms and the overall economy. Foreign direct investment is usually defined as dominant or controlling ownership of a …
Persistent link: https://www.econbiz.de/10011458621
Existing models of the size and scope of investment activity traditionally assume an infinite pool of ex-ante identical … investigate optimal project selection in a model in which a portfolio manager observes a limited pool of heterogeneous investment … opportunities. We use an order statistics argument to derive predictions on the size and scope of the investment portfolio. Counter …
Persistent link: https://www.econbiz.de/10013008931