کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
960538 929491 2008 35 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
The colors of investors’ money: The role of institutional investors around the world
موضوعات مرتبط
علوم انسانی و اجتماعی مدیریت، کسب و کار و حسابداری حسابداری
پیش نمایش صفحه اول مقاله
The colors of investors’ money: The role of institutional investors around the world
چکیده انگلیسی

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.

ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Financial Economics - Volume 88, Issue 3, June 2008, Pages 499–533
نویسندگان
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