• 主题
高级搜索  >
历史搜索 清空历史
首页> 外文学位 >The impact of shareholders on corporate investment: Evidence from mutual fund holdings.
【24h】

The impact of shareholders on corporate investment: Evidence from mutual fund holdings.

机译：股东对公司投资的影响：来自共同基金持有的证据。

获取原文
获取原文并翻译 | 示例
页面导航
  • 摘要
  • 著录项
  • 相似文献
  • 相关主题

摘要

I study the impact of mutual funds on the real investment activities of firms they hold. To address the endogeneity of mutual fund ownership, I use the shock to ownership caused by the 2003/4 mutual fund trading scandal that adversely affected flows of implicated families. I find statistically and economically significant changes in real investments of firms held by implicated families following the scandal. Capital expenditures, R&D, and number of acquisitions decreased more in firms held by families whose ownership was historically associated with higher levels of these investment policies ("high investment types"). Moreover, firms held by high types decreased investments following the shock, while firms held by low types experienced increased investments. The effects of the scandal are especially strong for important shareholders, firms with high sensitivity of compensation to stock prices, and firms with liquid stocks. These findings provide evidence on the causal effect of institutional shareholders on the real activity of firms and highlight an additional link between financial and real sides of firms.
机译：我研究了共同基金对其所持公司的实际投资活动的影响。为了解决共同基金所有权的内生性，我使用了由2003/4年共同基金交易丑闻引起的所有权冲击，该丑闻对相关家庭的流动产生了不利影响。在丑闻之后，我发现牵连家族所拥有的公司的实际投资在统计上和经济上都有重大变化。在历史上所有权与这些投资政策（“高投资类型”）较高相关的家族所拥有的公司中，资本支出，研发和并购数量下降得更多。此外，受到冲击的高类型企业减少了投资，而低类型企业则增加了投资。丑闻对重要股东，对股票价格具有高敏感性的公司以及持有流动性股票的公司的影响尤其强烈。这些发现为机构股东对公司实际活动的因果关系提供了证据，并突出了公司财务和实际方面之间的附加联系。

著录项

  • 作者

    Kisin, Roni.;

  • 作者单位

    The University of Chicago.;

  • 授予单位 The University of Chicago.;
  • 学科 Business Administration General.;Economics Finance.
  • 学位 Ph.D.
  • 年度 2010
  • 页码 84 p.
  • 总页数 84
  • 原文格式 PDF
  • 正文语种 eng
  • 中图分类 宗教;
  • 关键词

相似文献

  • 外文文献
  • 中文文献
  • 专利
获取原文

客服邮箱：kefu@zhangqiaokeyan.com

京公网安备：11010802029741号 ICP备案号：京ICP备15016152号-6 六维联合信息科技 (北京) 有限公司©版权所有

  • 客服微信

  • 服务号