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首页> 外文期刊>Journal of Finance >Which Investors Fear Expropriation? Evidence from Investors' Portfolio Choices
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Which Investors Fear Expropriation? Evidence from Investors' Portfolio Choices

机译：哪些投资者害怕被征用？投资者投资组合选择的证据

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摘要

Using a data set that provides unprecedented detail on investors' stockholdings, we analyze whether investors take the quality of corporate governance into account when selecting stocks. We find that all categories of investors (domestic and foreign, institutional and small individual) who generally enjoy only security benefits are reluctant to invest in companies with weak corporate governance. In contrast, individuals connected with company insiders are more likely to invest in weak corporate governance companies. These findings suggest that it is important to distinguish between investors who enjoy private benefits or access private information, and investors who enjoy only security benefits.
机译：我们使用提供了前所未有的投资者持股细节的数据集，来分析投资者在选择股票时是否考虑公司治理的质量。我们发现，通常只享受安全利益的所有类别的投资者（国内和国外，机构和小型个人）都不愿投资于公司治理薄弱的公司。相反，与公司内部人士有联系的个人更有可能投资于公司治理薄弱的公司。这些发现表明，区分享受私人利益或访问私人信息的投资者与仅享受安全利益的投资者是很重要的。

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