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作者：Khwaja, AI; Mian, A
作者单位：University of Chicago; Harvard University
摘要：How costly is the poor governance of market intermediaries? Using unique trade level data from the stock market in Pakistan, we find that when brokers trade on their own behalf, they earn annual rates of return that are 50-90 percentage points higher than those earned by outside investors. Neither market timing nor liquidity provision by brokers can explain this profitability differential. Instead we find compelling evidence for a specific trade-based pump and dump price manipulation scheme: W...
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作者：Almeida, H; Wolfenzon, D
作者单位：New York University
摘要：We develop an equilibrium model to understand how the efficiency of capital allocation depends on outside investor protection and the external financing needs of firms. We show that when capital allocation is constrained by poor investor protection, an increase in firms' external financing needs may improve allocative efficiency by fostering the reallocation of capital from low to high productivity projects. We also find novel empirical support for this prediction. (C) 2004 Elsevier B.V. All r...
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作者：Khorana, A; Servaes, H; Tufano, P
作者单位：Harvard University; University System of Georgia; Georgia Institute of Technology; University of London; London Business School; Centre for Economic Policy Research - UK; National Bureau of Economic Research
摘要：This paper studies the mutual fund industry in 56 countries and examines where this financial innovation has flourished. The fund industry is larger in countries with stronger rules, laws, and regulations, and specifically where mutual fund investors' rights are better protected. The industry is also larger in countries with wealthier and more educated populations, where the industry is older, trading costs are lower and in which defined contribution pension plans are more prevalent. The indus...
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作者：Benninga, S; Helmantel, M; Sarig, O
作者单位：Reichman University; University of Groningen; University of Pennsylvania; Tel Aviv University
摘要：We study the dynamics of IPOs by examining the tradeoff between an entrepreneur's private benefits, which are lost whenever the firm is publicly traded, and the gains from diversification. We characterize the timing dimension of the decision to go public and its impact on firm value and the evolution of firm risk over time. By endogenizing the timing of the decision to go public, we explain the clustering of IPOs and buyouts in time, the industry concentration of IPO waves, the high incidence ...
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作者：Moulton, PC
摘要：This paper examines whether investors care more about trading their exact quantity demands at some times than at others. Using a new data set of foreign exchange transactions, I find that customers trade more precise quantities at quarter-end, as evidenced by less trade-size clustering. Customers trade more odd lots and fewer round lots, while the number of trades and total volume are not significantly changed. I also find that the price impact of order flow is greater when customers care more...
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作者：Gaspar, JM; Massa, M; Matos, P
作者单位：INSEAD Business School; ESSEC Business School
摘要：This paper investigates how the investment horizon of a firm's institutional shareholders impacts the market for corporate control. We find that target firms with short-term shareholders are more likely to receive an acquisition bid but get lower premiums. This effect is robust and economically significant: Targets whose shareholders hold their stocks for less four months, one standard deviation away from the average holding period of 15 months, exhibit a lower premium by 3%. In addition, we f...
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作者：Bloomfield, R; O'Hara, M; Saar, G
作者单位：Cornell University
摘要：This paper uses experimental asset markets to investigate the evolution of liquidity in an electronic limit order market. Our market setting includes salient features of electronic limit order markets, as well as informed traders and liquidity traders. We focus on the strategies of the traders and how these are affected by trader type, characteristics of the market, and characteristics of the asset. We find that informed traders use more limit orders than do liquidity traders. Our main result ...
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作者：Allen, F; Qian, J; Qian, MJ
作者单位：University of Pennsylvania; Boston College
摘要：China is an important counterexample to the findings in the law, institutions, finance, and growth literature: Neither its legal nor financial system is well developed, yet it has one of the fastest growing economies. While the law-finance-growth nexus applies to the State Sector and the Listed Sector, with arguably poorer applicable legal and financial mechanisms, the Private Sector grows much faster than the others and provides most of the economy's growth. The imbalance among the three sect...
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作者：Moeller, T
作者单位：Texas Tech University System; Texas Tech University
摘要：Mergers and acquisitions are Well-suited events for a detailed study of the valuation effects of corporate governance structures. Using a sample of 388 takeovers announced in the friendly environment of the 1990s, I empirically show that target shareholder control, proxied by low target chief executive officer share ownership, low fractions of inside directors, and the presence of large Outside blockholders, is positively correlated with takeover premiums. In contrast, studies of takeovers in ...
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作者：Bekaert, G; Harvey, CR; Lundblad, C
作者单位：Duke University; Columbia University; National Bureau of Economic Research; Indiana University System; Indiana University Bloomington
摘要：We show that equity market liberalizations, on average, lead to a 1% increase in annual real economic growth. The effect is robust to alternative definitions of liberalization and does not reflect variation in the world business cycle. The effect also remains intact when an exogenous measure of growth opportunities is included in the regression. We find that capital account liberalization also plays a role in future economic growth, but, importantly, it does not subsume the contribution of equ...
