| 来源类型 | Discussion paper
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| 规范类型 | 论文
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| 来源ID | DP4771
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| DP4771 Content and Advertising in the Media: Pay-TV versus Free-To-Air |
| Tommaso Valletti; Martin Peitz
|
| 发表日期 | 2004-12-23
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| 出版年 | 2004
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| 语种 | 英语
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| 摘要 | This Paper investigates the impact of ownership patterns on the way the firm is monitored, on the liquidity of its shares, and on its stock price. Building on the literature showing that local mutual funds (funds holding geographically close firms) enjoy superior returns due to private information, we use local ownership as a proxy for the amount of informed investment. Since location is reasonably exogenous, local ownership provides an identifying restriction that is used to address endogeneity concerns that have been raised in the literature (Demsetz and Lehn, 1985). Using data on a broad panel of US firms, we show that informed ownership improves the quality of governance of the firm and induces value-enhancing decisions (less over-investment and fewer but better acquisitions). At the same time, its presence in the firm increases the adverse selection discount required by less informed investors to trade, reducing the firm?s liquidity. Both effects are properly impounded in the firm?s stock price. Our results provide an economic interpretation of why ownership seems to be unrelated to performance. Informed investors affect prices indirectly, and in opposite directions: their monitoring activity tends to raise prices, but the lower liquidity induced by their presence tends to reduce prices. |
| 主题 | Financial Economics
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| 关键词 | Local ownership
Corporate governance
Liquidity
Monitoring
Mutual funds
Private ownership
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| URL | https://cepr.org/publications/dp4771
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| 来源智库 | Centre for Economic Policy Research (United Kingdom)
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| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/533687
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推荐引用方式
GB/T 7714 |
Tommaso Valletti,Martin Peitz. DP4771 Content and Advertising in the Media: Pay-TV versus Free-To-Air. 2004.
|
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