3期

最新文章

• Endogenous Entry and Partial Adjustment in IPO Auctions: Are Institutional Investors Better Informed? AI翻译
  作者：Chiang, Yao-Min; Qian, Yiming; Sherman, Ann E.
  作者单位：University of Iowa; National Chengchi University; DePaul University
  摘要：Using a unique dataset of complete bid information for every IPO auction in Taiwan during 1995-2000, we examine the behaviors and returns of two groups-institutional and retail investors in a setting in which underwriters do not have pricing or allocation discretion. We find that the bids of institutional investors are generally consistent with the predictions of IPO auction theory for informed bidders, while those of individual investors are not. Specifically, returns are higher when more ins...
• Extreme Governance: An Analysis of Dual-Class Firms in the United States AI翻译
  作者：Gompers, Paul A.; Ishii, Joy; Metrick, Andrew
  作者单位：Yale University; National Bureau of Economic Research; Harvard University; Stanford University
  摘要：We construct a comprehensive list of dual-class firms in the United States and use this list to analyze the relationship between insider ownership and firm value. Our data have two useful features. First, since dual-class stock separates cash-flow rights from voting rights, we can separately identify the impact of each. Second, we address endogeneity concerns by using exogenous predictors of dual-class status as instruments. In single-stage regressions, we find strong evidence that firm value ...
• Wall Street and Main Street: What Contributes to the Rise in the Highest Incomes? AI翻译
  作者：Kaplan, Steven N.; Rauh, Joshua
  作者单位：University of Chicago; National Bureau of Economic Research
  摘要：We study how much of the top end of the income distribution is represented by four sectors non-financial-firm top executives (Main Street); investment bankers and hedge, private equity, and mutual fund investors (Wall Street); corporate lawyers; and athletes and celebrities. Wall Street individuals comprise a higher percentage of the top income brackets than nonfinancial executives of public companies. While top executives' representation in the top brackets has increased from 1994 to 2004, Wa...
• Do Foreigners Invest Less in Poorly Governed Firms? (Reprinted from The Review of Financial Studies, vol 22, pg 3245-3285, 2009) AI翻译
  作者：Leuz, Christian; Lins, Karl V.; Warnock, Francis E.
  作者单位：Utah System of Higher Education; University of Utah; University of Chicago; National Bureau of Economic Research; University of Virginia; National Bureau of Economic Research
  摘要：As domestic sources of outside finance are limited in many countries around the world, it is important to understand factors that influence whether foreign investors provide capital to a country's firms. We study 4,409 firms from twenty-nine countries to assess whether and why concerns about corporate governance result in fewer foreign holdings. We find that foreigners invest less in firms that reside in countries with poor outsider protection and disclosure and have ownership structures that ...
• The Evolution of Corporate Ownership after IPO: The Impact of Investor Protection AI翻译
  作者：Foley, C. Fritz; Greenwood, Robin
  作者单位：Harvard University; National Bureau of Economic Research
  摘要：Panel data on corporate ownership in thirty-four countries between 1995 and 2006 reveal that newly public firms have concentrated ownership regardless of the level of investor protection. After listing, firms in countries with strong investor protection are more likely to experience decreases in ownership concentration; these decreases occur in response to growth opportunities, and they are associated with new share issuance. We conclude that ownership concentration falls after listing in coun...