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We study the benefits of opening up local equity markets to foreign institutional investors using data on Qualified Foreign Institutional Investors (QFIIs) in China around the reform floating non-tradable shares. We find evidence supporting the view (Stulz (1999)) that as “outsiders,”...
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good monitors. Whereas affiliates of those groups that attract foreign institutional investment are no more difficult to … monitor than are unaffiliated firms, we find that group affiliation reduces the likelihood of foreign institutional investment … transactions) are more likely to attract such investment. We conclude that groups are difficult to monitor, and that foreign …
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We argue that the corporate governance of emerging economy IPO firms is influenced by firm-specific institutionally embedded block ownership groups. Applying an extended institutional logic perspective and using a mixed-effects ordered probit model, our findings from 190 IPO-firms from 22...
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good monitors. Whereas affiliates of those groups that attract foreign institutional investment are no more difficult to … monitor than are unaffiliated firms, we find that group affiliation reduces the likelihood of foreign institutional investment … transactions) are more likely to attract such investment. We conclude that groups are difficult to monitor, and that foreign …
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