| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w14931 |
| 来源ID | Working Paper 14931 |
| Why Do Foreign Firms Have Less Idiosyncratic Risk than U.S. Firms? | |
| Söhnke M. Bartram; Gregory Brown; René M. Stulz | |
| 发表日期 | 2009-04-30 |
| 出版年 | 2009 |
| 语种 | 英语 |
| 摘要 | Using a large panel of firms across the world from 1991-2006, we show that the median foreign firm has lower idiosyncratic risk than a comparable U.S. firm. Country characteristics help explain variation in the level of idiosyncratic risk, but less so than firm characteristics. Idiosyncratic risk falls as government stability and respect for the rule of law improve. Idiosyncratic risk is positively related to stock market development but negatively related to bond market development. Surprisingly, we find that idiosyncratic risk is generally negatively related to corporate disclosure quality. Finally, idiosyncratic risk generally increases with shareholder protection. Though there is evidence that R² increases with creditor rights and falls with the quality of disclosure, these results are driven by the relations between these variables and systematic risk rather than by the impact of these variables on idiosyncratic risk. |
| 主题 | Macroeconomics ; Money and Interest Rates ; Financial Economics ; Portfolio Selection and Asset Pricing ; Financial Markets ; Corporate Finance |
| URL | https://www.nber.org/papers/w14931 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/572607 |
| 推荐引用方式 GB/T 7714 | Söhnke M. Bartram,Gregory Brown,René M. Stulz. Why Do Foreign Firms Have Less Idiosyncratic Risk than U.S. Firms?. 2009. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w14931.pdf（430KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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