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作者：Boubakri, Narjess; Cosset, Jean-Claude; Saffar, Walid
作者单位：American University of Sharjah; Universite de Montreal; HEC Montreal; Hong Kong Polytechnic University
摘要：Using a unique database of 381 newly privatized firms from 57 countries, we investigate the impact of shareholders' identity on corporate risk-taking behavior. We find strong and robust evidence that state (foreign) ownership is negatively (positively) related to corporate risk-taking. Moreover, we find that high risk-taking by foreign owners depends on the strength of country-level governance institutions. Our results suggest that relinquishment of government control, openness to foreign inve...
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作者：Banegas, Ayelen; Gillen, Ben; Timmermann, Allan; Wermers, Russ
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors; California Institute of Technology; University of California System; University of California San Diego; University System of Maryland; University of Maryland College Park
摘要：This paper implements strategies that use macroeconomic variables to select European equity mutual funds, including Pan-European, country, and sector funds. We find that several macro-variables are useful in locating funds with future outperformance and that country-specific mutual funds provide the best opportunities for fund rotation strategies using macroeconomic information. Specifically, our baseline long-only strategies that exploit time-varying predictability provide four-factor alphas ...
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作者：Mehrotra, Vikas; Morck, Randall; Shim, Jungwook; Wiwattanakantang, Yupana
作者单位：University of Alberta; National Bureau of Economic Research; Kyoto Sangyo University; National University of Singapore
摘要：We find inherited family firms more important in postwar Japan than generally realized, and also performing well on average. Non-consanguineous heir-run firms outperform blood heirs' firms, and roughly match founder-run listed firms, while blood heirs surpass professional managers at running family firms. Further, succession events suggest that adopted heirs cause elevated performance. We suggest that heir-run firms do well because non-consanguineous heirs displace the least talented blood hei...
