Using geographically proximate institutions as a close approximation to informed investors, this paper examines the informational role of institutional investors in stock markets. We find that both the level of and change in local institutional ownership predict future stock returns; in...

This paper investigates the long-term performance of Japanese firms issuing convertible debt and equity. We examine a wide range of types of issues: private issues, public issues, offshore issues, and rights issues. We find the issuing firms perform poorly (except for equity rights issues) even...

This paper investigates the long-term equity performance of Japanese firms issuing convertible debt and equity. We find that issuing firms perform poorly (except for equity rights issues) compared to non-issuing firms even though the stock-price reaction to convertible debt and equity issues is...

This paper studies stock ownership in Japanese firms by non-Japanese investors from 1975 to 1991. Existing models predicting that foreign investors hold national market portfolios or portfolios tilted towards high expected return stocks are inconsistent with our evidence. We document that...

This paper studies the shareholder wealth effects associated with 875 new security issues in Japan from January 1, 1985 to May 31, 1991. The announcement of convertible debt issues has a significant positive abnormal return of l.05%. There is an abnormal return of 0.45% at the announcement of...

This paper studies the shareholder wealth effects associated with 875 new security issues in Japan from January 1, 1985 to May 31, 1991. The sample includes public equity, private equity, rights offerings, straight debt, warrant debt, and convertible debt issues. Contrary to the U.S., the...

This paper examines the determinants of firm stock-price performance from 1990 to 1993quot; in Japan. During that period of time, the typical firm on the Tokyo Stock Exchange lost morequot; than half its value and banks experienced severe adverse shocks. We show that firms whose debtquot; had a...

This paper uses data on foreign stock ownership in Japan from 1975 to 1991 to examine the determinants of the home bias in portfolio holdings. Existing models of international portfolio choice predicting that foreign investors hold national market portfolios or portfolios tilted towards high...

Using a comprehensive sample of equity-linked private securities offerings by Korean firms from 1989 to 2000, we examine whether such offerings can be used as a mechanism for tunneling among firms belonging to a chaebol. We find that the chaebol-affiliated issuers sell private securities at a...