We examine how the market values operating assets in the presence of time-varying ex ante risk that these assets may be … of current assets (cash balances, trade receivables, receivables due from the controlling shareholders, inventories) and … fixed assets on the publicly listed firm’s balance sheet. Our results show that in periods when the risk of tunneling from …

This study aims to examine the relevance of foreign ownership to stock return volatility in the Vietnam stock market … regressions with fixed effects, we find that foreign ownership decreases the volatility of stock returns. However, the stabilizing … impact of foreign ownership on stock return volatility becomes weaker in large firms since the coeffcient of the interaction …

It is a ubiquitous corporate governance phenomenon in many countries that shareholders pledge their ownership as … shareholders. With a sample consisted of 21,921 firm-year observations from 2007 to 2018, we find a significant casual negative … impact that dominant stockholder's share pledging has on both systematic right-tail risk and left-tail risk. Furthermore, we …