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Analyst forecasts and European mutual fund trading
Franck, Alexander; Kerl, Alexander - In: Journal of Banking & Finance 37 (2013) 8, pp. 2677-2692
This paper addresses the questions whether European mutual fund managers rely on sell-side analyst information and whether this behavior impacts fund performance. Results show that mutual funds significantly increase (decrease) their holdings in stocks when any of the consensus forecast measures...
Persistent link: https://www.econbiz.de/10010679251
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Index Fund and ETF Ownership and the German Market for Corporate Control
Dobmeier, Ludwig - 2019
If a bidder launches a takeover offer for a listed company being part of a stock market index, then index funds and exchange traded funds (ETF) as shareholders of this company cannot easily tender their shares without losing track of the index. This paper analyzes the impact of index fund and...
Persistent link: https://www.econbiz.de/10012864050
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6th World Pensions Forum held in London : Greening, Governance and Asset Ownership
Weeks, David - 2019
The sixth annual World Pensions Forum was held on 23-24 February 2017 at the Queen's House in the Royal Borough of Greenwich.Over 120 representatives attended: from pension and sovereign funds, central banks and government agencies including financial regulators. Topics discussed included...
Persistent link: https://www.econbiz.de/10012860338
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Do Private equity investors create value? : evidence from the hotel industry
Spaenjers, Christophe; Steiner, Eva - 2020
We dissect the performance of private equity (PE) investors in commercial real estate. We observe acquisitions, dispositions, and granular performance data for several thousand U.S. hotels. Investments by PEs specializing in the hospitality industry lead to more substantial operating efficiency...
Persistent link: https://www.econbiz.de/10012414812
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The stock market reaction to the 2005 non-tradable share reform in China
Beltratti, Andrea; Bortolotti, Bernardo; Caccavaio, Marianna - 2011
During 2005-2006, the Chinese government implemented a reform aimed at eliminating the so-called non-tradable shares (NTS), shares typically held by the State or by politically connected institutional investors that were issued at the early stage of financial market development. Our analysis,...
Persistent link: https://www.econbiz.de/10011605385
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The link between firm risk-taking and CEO power of listed firms on the Vietnamese stock market : the role of state ownership
Ngoc Thanh Tran; Thi Ngoc Dung Pham; Dien Duan Nguyen; … - In: Cogent business & management 11 (2024) 1, pp. 1-16
The Chief Executive Officer (CEO) is pivotal in firm governance and is tasked with policy implementation and maximizing … shareholder benefit. However, predicting CEO behaviour remains challenging, especially when considering CEO power (CEOP). Hence …. Interestingly, CEO risk aversion increases in state-owned firms’ participants, suggesting heightened supervision. Moreover, each …
Persistent link: https://www.econbiz.de/10014526511
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Ownership, wealth, and risk taking : evidence on private equity fund managers
Bienz, Carsten; Thorburn, Karin S.; Walz, Uwe - 2020
We examine the incentive effects of private equity (PE) professionals' ownership in the funds they manage. In a simple model, we show that managers select less risky firms and use more debt financing the higher their ownership. We test these predictions for a sample of PE funds in Norway, where...
Persistent link: https://www.econbiz.de/10012303223
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VC Ownership Post-IPO : When, Why, and How Do VCs Exit?
Basnet, Anup; Kuntara Pukthuanthong; Turtle, Harry J.; … - 2022
We examine how the ownership of lead venture capital firms (VCs) evolves after their portfolio companies (PCs) are publicly listed. The VC investment period before the IPO, the VC age, the PC age, and the percentage change in the post-IPO stock price all incentivize earlier VC exit. Lead VCs...
Persistent link: https://www.econbiz.de/10013308073
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From State to Market: A Survey of Empirical Studies on Privatization
Megginson, William L.; Netter, Jeffry M. - Fondazione ENI Enrico Mattei (FEEM) - 1999
This study surveys the academic and professional literature examining the privatisation of state-owned enterprises (SOEs), with a focus on empirical studies. Privatisation has been instrumental in reducing state ownership in many countries and had a transforming effect on global stock markets,...
Persistent link: https://www.econbiz.de/10005423173
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From State to Market: A Survey of Empirical Studies on Privatization
Megginson, William L.; Netter, Jeffry M. - 1999
This study surveys the academic and professional literature examining the privatisation of state-owned enterprises (SOEs), with a focus on empirical studies. Privatisation has been instrumental in reducing state ownership in many countries and had a transforming effect on global stock markets,...
Persistent link: https://www.econbiz.de/10011608465