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Institutional Ownership and Audit Quality : Evidence from Russell Index Reconstitutions

Chen, Tao - 2020

This paper investigates the monitoring effect of institutional investors on portfolio firms' audit quality. We identify an exogenous discontinuity in institutional ownership around the Russell index threshold to overcome the endogeniety concerns. We find that an exogenous increase in a firm's...

Persistent link: https://www.econbiz.de/10012855082

Corporate ownership structure and the choice between bank debt and public debt

Lin, Chen; Ma, Yue; Malatesta, Paul; Xuan, Yuhai - In: Journal of Financial Economics 109 (2013) 2, pp. 517-534

This article examines the relation between a borrowing firm's ownership structure and its choice of debt source using a novel data set on corporate ownership, control, and debt structures for 9,831 firms in 20 countries from 2001 to 2010. We find that the divergence between the control rights...

Persistent link: https://www.econbiz.de/10010678710

Corporate ownership structure and bank loan syndicate structure

Lin, Chen; Ma, Yue; Malatesta, Paul; Xuan, Yuhai - In: Journal of Financial Economics 104 (2012) 1, pp. 1-22

Using a novel data set on corporate ownership and control, we show that the divergence between the control rights and cash-flow rights of a borrowing firm's largest ultimate owner has a significant impact on the concentration and composition of the firm's loan syndicate. When the...

Persistent link: https://www.econbiz.de/10010571681

Ownership structure and financial constraints: Evidence from a structural estimation

Lin, Chen; Ma, Yue; Xuan, Yuhai - In: Journal of Financial Economics 102 (2011) 2, pp. 416-431

This article examines the impact of the divergence between corporate insiders' control rights and cash-flow rights on firms' external finance constraints via generalized method of moments estimation of an investment Euler equation. Using a large sample of U.S. firms during the 1994–2002...

Persistent link: https://www.econbiz.de/10010576089

Trade-induced Competition and Ownership Dynamics

Hu, Qing - 2019

This paper documents a causal effect of trade-induced competition on the ownership dynamics of firms using the largest trade liberalization in China. By exploiting varying degrees of tariff reductions across industries, we find that firms that are more affected by competitive shock experience a...

Persistent link: https://www.econbiz.de/10012897579

Managerial Risk-Taking Incentives and Merger Decisions

Lin, Chen - 2017

the acquirer has a higher degree of informational opacity, weak governance, and excess cash …

Persistent link: https://www.econbiz.de/10012974548

Chief Executive Officer Incentives, Monitoring, and Corporate Risk Management : Evidence from Insurance Use

Adams, Mike - 2012

Corporate governance and risk management issues have received prominent publicity in recent years following several … context of derivatives' trading, little is known regarding the linkage between corporate governance and alternative corporate … the impacts of various governance monitoring mechanisms and CEO characteristics on the corporate insurance decision …

Persistent link: https://www.econbiz.de/10013111017

Ownership Structure and Financial Constraints : Evidence from a Structural Estimation

Lin, Chen - 2011

Persistent link: https://www.econbiz.de/10013133658

Ownership Structure and the Cost of Corporate Borrowing

Lin, Chen - 2012

This article identifies an important channel through which excess control rights affect firm value. Using a new, hand-collected data set on corporate ownership and control of 3,468 firms in 22 countries during the 1996–2008 period, we find that the cost of debt financing is significantly...

Persistent link: https://www.econbiz.de/10013116544