| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP6462 |
| DP6462 Understanding Trust | |
| Luigi Zingales; Paola Sapienza; Anna Toldra Simats | |
| 发表日期 | 2007-09-21 |
| 出版年 | 2007 |
| 语种 | 英语 |
| 摘要 | Sweden offers a unique natural experiment to analyze the microeconomic effects of institutionalized saving on ownership structure, corporate governance and performance of listed companies. First, the Swedish pension reform increased the participation of pension funds in the domestic stock market and caused a significant reshuffling in the ownership of the existing pension funds. Second, the availability of detailed data on firm ownership allows us to document the effects of the pension reform. We show that the effects of institutional investment on firm performance depend on the industry structure of pension funds. In particular, we find that firm performance improves if large independent private pension funds and public pension funds increase their equity stakes in the firm, but not if smaller pension funds and pension funds related to financial institutions and industrial groups increase their shareholdings. Additionally, controlling shareholders appear reluctant to relinquish control and the control premium increases if public pension funds acquire shares. |
| 主题 | Financial Economics |
| 关键词 | Control premium Controlling shareholders Dual class shares Pension funds |
| URL | https://cepr.org/publications/dp6462 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/535291 |
| 推荐引用方式 GB/T 7714 | Luigi Zingales,Paola Sapienza,Anna Toldra Simats. DP6462 Understanding Trust. 2007. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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