Foreign Institutional Investors And Corporate Governance In Emerging Markets
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Foreign Institutional Investors And Corporate Governance In Emerging Markets
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Author : Wei Huang
language : en
Publisher:
Release Date : 2015
Foreign Institutional Investors And Corporate Governance In Emerging Markets written by Wei Huang and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015 with categories.
Using data on China's split-share structure reform that floats non-tradable shares, we find that Qualified Foreign Institutional Investors (QFIIs) have greater influence over the controlling state shareholders than local mutual funds. QFIIs are less prone to political pressure and are more likely to participate in arm's-length negotiation and monitoring in state-controlled companies. The presence of QFII ownership shortens the duration of the reform and increases the compensation to minority tradable shareholders. Unlike local mutual funds, the positive relationship between state ownership and the compensation to tradable shareholders increases with the presence of QFII ownership. Furthermore, QFIIs increase the likelihood of revision in reform proposals among state-controlled companies. Domestic mutual funds seem to make earnest negotiations in non-state-controlled companies in the absence of political pressure. Evidence suggests that involving foreign institutional investors in corporate governance practices can significantly reduce expropriation by controlling shareholders in emerging markets.
Emerging Market Business Groups Foreign Investors And Corporate Governance
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Author : Krishna G. Palepu
language : en
Publisher:
Release Date : 1998
Emerging Market Business Groups Foreign Investors And Corporate Governance written by Krishna G. Palepu and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1998 with categories.
We examine the interaction between three kinds of concentrated owners commonly found in an emerging market: family-run business groups, domestic financial institutions, and foreign financial institutions. Using data from India in the early 1990s, we find evidence that domestic institutional investors are poor monitors, and that foreign institutional investors are good monitors. Whereas affiliates of those groups that attract foreign institutional investment are no more difficult to monitor than are unaffiliated firms, we find that group affiliation reduces the likelihood of foreign institutional investment. More transparent groups (where greater transparency is proxied for by a lower incidence of intra-group financial transactions) are more likely to attract such investment. We conclude that groups are difficult to monitor, and that foreign institutional investors serve a valuable monitoring function as emerging markets integrate with the global economy.
Emerging Market Business Groups Foreign Investors And Corporate Governance
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Author : Tarun Khanna
language : en
Publisher:
Release Date : 2010
Emerging Market Business Groups Foreign Investors And Corporate Governance written by Tarun Khanna and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010 with categories.
We examine the interaction between three kinds of concentrated owners commonly found in an emerging market: family-run business groups, domestic financial institutions, and foreign financial institutions. Using data from India in the early 1990s, we find evidence that domestic international investors are poor monitors, and that foreign institutional investors are good monitors. Whereas affiliates of those groups that attract foreign institutional investment are no more difficult to monitor than are unaffiliated firms, we find that group affiliation reduces the likelihood of foreign institutional investment. More transparent groups (where greater transparency is proxied for by a lower incidence of intra-group financial transactions) are more likely to attract such investment. We conclude that groups are difficult to monitor, and that foreign institutional investors serve a valuable monitoring function as emerging markets integrate with the global economy.
Institutional Investors Corporate Ownership And Corporate Governance
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Author : Stuart L. Gillan
language : en
Publisher:
Release Date : 2002
Institutional Investors Corporate Ownership And Corporate Governance written by Stuart L. Gillan and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002 with Corporate governance categories.
Institutional Investors In Global Capital Markets
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Author : Narjess Boubakri
language : en
Publisher: Emerald Group Publishing
Release Date : 2011-09-27
Institutional Investors In Global Capital Markets written by Narjess Boubakri and has been published by Emerald Group Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-09-27 with Business & Economics categories.
Examines various issues concerning the strategies of institutional investors, the role of institutional investors in corporate governance, their impact on local and international capital markets, as well as the emergence of sovereign and other asset management funds and their interactions with micro and macro economic and market environments.
Essays On Corporate Governance In Emerging Markets
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Author : Sudarat Bo Ananchotikul
language : en
Publisher:
Release Date : 2007
Essays On Corporate Governance In Emerging Markets written by Sudarat Bo Ananchotikul and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007 with categories.
Portfolio Preferences Of Foreign Institutional Investors
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Author : Reena Aggarwal
language : en
Publisher: World Bank Publications
Release Date : 2003
Portfolio Preferences Of Foreign Institutional Investors written by Reena Aggarwal and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003 with Foreign exchange categories.
The Diffusion Of Corporate Governance To Emerging Markets
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Author : Woochan Kim
language : en
Publisher:
Release Date : 2015
The Diffusion Of Corporate Governance To Emerging Markets written by Woochan Kim and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015 with categories.
This paper investigates whether foreign institutional investors in emerging markets can enhance shareholder value. We pay special attention to two dimensions of investor heterogeneity: whether an investor declares itself as an activist, and whether an investor comes from a country with a strong tradition of investor activism. First, we apply an event study approach to the announcements of block purchases by foreign institutional investors in Korea. We find that stock prices rise on average, but only when foreign institutional investors declare themselves as activists. Source country identities also matter: The positive stock price reactions are more pronounced when the activist investors come from source countries with a strong tradition of investor activism. Second, we examine corporate financial policies and governance practices of target firms one to three years following block purchases by foreign activist investors. We find that target firms are more likely to reduce cash holdings, raise leverage ratios, and peg dividend payouts and stock repurchases more closely to changes in earnings, but only if foreign activists are from countries with a strong tradition of activism. We conclude that openness to foreign activist investors, especially those from countries with a strong tradition of activism, can indeed put pressures on firms in emerging markets to adopt corporate governance practices that enhance shareholder values.
Institutional Activism In Corporate Governance
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Author : Wenge Wang
language : en
Publisher: Springer Nature
Release Date : 2019-11-22
Institutional Activism In Corporate Governance written by Wenge Wang and has been published by Springer Nature this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-11-22 with Business & Economics categories.
Using both qualitative and quantitative methods, this book examines whether qualified foreign institutional investors (QFIIs), through their shareholder activism, have a meaningful positive impact on the corporate governance of firms listed on the mainland Chinese stock market. Capital flows into and out of China are still subject to tight controls, and the QFII scheme is one important avenue through which QFIIs can become invested in the Chinese stock market. This book is an invaluable resource for anyone interested in learning about ways to invest in one of the world’s largest economies. Wang discusses in depth what specific opportunities, challenges and restrictions to expect in the process, and how investing in China differs from investing in countries with a more open capital account.
Timber Production War Project
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Author :
language : en
Publisher:
Release Date : 1944
Timber Production War Project written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1944 with Timber categories.