| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP16316 |
| DP16316 Ethnic Investing and the Value of Firms | |
| Jonas Hjort | |
| 发表日期 | 2021-07-01 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | We study ethnic investing, using transaction data from Kenya’s stock exchange and CEO/board turnover. We show that a given investor invests more in a given firm when the firm is run by coethnics and earns lower risk-adjusted returns on such investments. We then model and empirically test for the aggregate impact of (i) the implied taste- or psychology-driven investor discrimination and (ii) counteracting demand- and supply-side forces. Our estimates imply that listed Kenyan firms could collectively be worth 37 percent more—with minority-run firms benefitting the most—if the neutral proportion of active investors increased from 4.2 to 50 percent. |
| 主题 | Development Economics |
| URL | https://cepr.org/publications/dp16316 |
| 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/545281 |
| 推荐引用方式 GB/T 7714 | Jonas Hjort. DP16316 Ethnic Investing and the Value of Firms. 2021. |
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