The colors of investors' money: The role of institutional investors around the world

• 成果类型: Article; Proceedings Paper
• 署名作者: Ferreira, Miguel A.; Matos, Pedro
• 署名单位: University of Southern California; Instituto Universitario de Lisboa
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/j.jfineco.2007.07.003
• 发表日期: 2008
• 页码: 499-533
• 关键词: institutional investors; Firm value; International capital markets; monitoring

摘要

We study the role of institutional investors around the world using a comprehensive data set of equity holdings from 27 countries. We find that all institutional investors have a strong preference for the stock of large firms and firms with good governance, while foreign institutions tend to overweight firms that are cross-listed in the U.S. and members of the Morgan Stanley Capital International World Index. Firms with higher ownership by foreign and independent institutions have higher firm valuations, better operating performance, and lower capital expenditures. Our results indicate that foreign and independent institutions, with potentially fewer business ties to firms, are involved in monitoring corporations worldwide. (C) 2008 Elsevier B.V. All rights reserved.