This study investigates the relationships between bank activism and target firms’ debtholder value, shareholder value, and firm performance. We find that bank activists are more likely to target firms with heavier syndicated loan borrowing and lower credit quality than other shareholder...

This paper examines whether analysts’ decisions to follow or visit a firm are affected by a specific governance structure—multiple large shareholders (MLS). Using a sample of 3,369 Chinese firms listed on the Shanghai and Shenzhen stock markets, we compare analyst activities for MLS firms...

Common ownership (i.e., financial institutions’ block holding of stock in industry rivals) and its implications for investors are matters of current interest and debate (SEC 2018). Motivated by this debate and the salience of common ownership, we investigate whether and how auditors price...

Research Question/Issue: This paper addresses the effect of having multiple large shareholders on shareholder protection. More specifically, we examine to what extent this effect depends on whether such large shareholders are beneficiary or fiduciary.Research Findings/Insights: Analyzing...

This study aims to shed some light on the causal link between bank credit supply and economic growth in Turkey for the banks with the different ownership structures between 1993Q4 and 2017Q3. Wavelet coherence test is used to obtain this objective and to answer the following questions: (i) does...

This study identifies a new economic benefit of common institutional ownership, which refers to the increasingly contentious phenomenon of U.S. firms sharing stockholders with their industry competitors. We find a significantly negative relation between common ownership and insider trading...

Using oil, gas, and coal to create platform chemicals on an enormous scale, the petrochemical industry constitutes a core part of the global energy order. Given prospects for demand growth for petrochemicals, the sector is set to become increasingly important to the fossil fuel interests....

Using the 2014 to 2019 Forbes China Celebrity Lists, this study empirically examined the relationship between celebrity shareholders and corporate risk. The findings suggest that celebrity shareholders increased corporate risk. And the main reason is that the capital structure of the enterprise...

This paper focuses on the effect of preferential trade agreements and their depth on firm ownership, in particular, along global value chains. It measures shareholder-affiliate ownership links at the country-sector-pair level to discern between vertical and horizontal links. The findings show...