When financial institutions are large shareholders: The role of macro corporate governance environments

Journal of Finance

Volumn 61, Issue 6, 2006, Pages 2975-3007

  Li, Donghui ^a   Moshirian, Fariborz ^a   Pham, Peter Kien ^a   Zein, Jason ^a  

^a UNIVERSITY OF NEW SOUTH WALES   (Australia)

Author keywords

[No Author keywords available]

Indexed keywords

EID: 33846206938     PISSN: 00221082     EISSN: 15406261     Source Type: Journal    
DOI: 10.1111/j.1540-6261.2006.01009.x     Document Type: Article

References (39)

1. Admati, Anat R., Paul Pfleiderer, and Josef Zechner, 1994, Large shareholder activism, risk sharing, and financial market equilibrium, Journal of Political Economy 102, 1097-1130.
2. Aggarwal, Reena, Leora Klapper, and Peter D. Wysocki, 2005, Portfolio preferences of foreign institutional investors, Journal of Banking and Finance 29, 2919-2946.
3. Anand, Vineeta, 1993, 93 proxy season quiet but effective, Pensions and Investment Age 21, May 31, 3.
4. Berkowitz, Daniel, Katharina Pistor, and Jean-Francois Richard, 2003, Economic development, legality, and the transplant effect, European Economic Review 47, 165-195.
5. Bhide, Amar, 1994, Efficient markets, deficient governance: U.S. securities regulations protect investors and enhance market liquidity. But do they alienate managers and shareholders? Harvard Business Review 72, 128-140.
6. Black, Bernard S., 1990, Shareholder passivity reexamined, Michigan Law Review 89, 520-608.
7. Black, Bernard S., and John C. Coffee, Jr., 1994, Hail Britannia?: Institutional investor behavior under limited regulation, Michigan Law Review 92, 1997-2087.
8. Brickley, James A., Ronald C. Lease, and Clifford W. Smith, Jr., 1988, Ownership structure and voting on antitakeover amendments, Journal of Financial Economics 20, 267-291.
9. Bushman, Robert M., Joseph D. Piotroski, and Abbie J. Smith, 2004, What determines corporate transparency? Journal of Accounting Research 42, 207-252.
10. Chan, Kalok, Vicentiu M. Corvig, and Lilian K. Ng, 2005, What determines the domestic bias and foreign bias? Evidence from mutual fund equity allocations worldwide, Journal of Finance 60, 1495-1534.
11. Claessens, Stijn, Simeon Djankov, and Larry H.P. Lang, 2000, The separation of ownership and control in East Asian corporations, Journal of Financial Economics 58, 81-112.
12. Coffee, John C., Jr., 1991, Liquidity versus control: The institutional investor as corporate monitor, Columbia Law Review 91, 1277-1368.
13. Dahlquist, Magnus, Lee Pinkowitz, René M. Stulz, and Rohan Williamson, 2003, Corporate governance and the home bias, Journal of Financial and Quantitative Analysis 38, 87-110.
14. Denis, Diane K., and John J. McConnell, 2003, International corporate governance, Journal of Financial and Quantitative Analysis 38, 1-36.
15. Dyck, Alexander, and Luigi Zingales, 2004, Private benefits of control: An international comparison, Journal of Finance 59, 537-600.
16. Edwards, Franklin R., and Glenn R. Hubbard, 2000, The growth of institutional stock ownership: A promise unfulfilled, Journal of Applied Corporate Finance 13, 92-104.
17. Faccio, Mara, and Larry H.P. Lang, 2002, The ultimate ownership of Western European corporations, Journal of Financial Economics 65, 365-395.
18. Gelos, Gaston, and Shang-Jin Wei, 2005, Transparency and international portfolio holdings, Journal of Finance 60, 2987-3020.
19. Gompers, Paul A., and Andrew Metrick, 2001, Institutional investors and equity prices, Quarterly Journal of Economics 116, 229-259.
20. Gordon, Jeffrey N., 1994, Institutions as relational investors: A new look at cumulative voting, Columbia Law Review 94, 124-181.
21. Gorton, Gary B., and Mathias Kahl, 2002, The scarcity of effective monitors and its implications for corporate takeovers and ownership structures, Working paper, Anderson Graduate School of Management.
22. International Corporate Governance Network, 2003, Cross border proxy voting: Case studies from the 2002 proxy voting season.
23. Kahn, Charles, and Andrew Winton, 1998, Ownership structure, speculation and shareholder intervention, Journal of Finance 53, 99-129.
24. Kaufmann, Daniel, Aart Kraay, and Massimo Mastruzzi, 2003, Governance matters III: Governance indicators for 1996-2002, Working paper, The World Bank.
25. Khorana, Ajay, Henri Servaes, and Peter Tufano, 2005, Explaining the size of the mutual fund industry around the world, Journal of Financial Economics 78, 145-185.
26. La Porta, Rafael, Florencio Lopez-de-Silanes, and Andrei Shleifer, 1999, Corporate ownership around the world, Journal of Finance 54, 471-517.
27. La Porta, Rafael, Florencio Lopez-de-Silanes, and Andrei Shleifer, 2006, What works in securities laws, Journal of Finance 61, 1-32.
28. La Porta, Rafael, Florencio Lopez-de-Silanes, Andrei Shleifer, and Robert Vishny, 1997, Legal determinants of external finance, Journal of Finance 52, 1131-1150.
29. La Porta, Rafael, Florencio Lopez-de-Silanes, Andrei Shleifer, and Robert Vishny, 1998, Law and finance, Journal of Political Economy 106, 1115-1155.
30. Maug, Ernst, 1998, Large shareholders as monitors: Is there a trade-off between liquidity and control? Journal of Finance 53, 65-98.
31. McConnell, John J., and Henri Servaes, 1990, Additional evidence on equity ownership and corporate value, Journal of Financial Economics 27, 595-612.
32. Nenova, Tatiana, 2003, The value of corporate voting rights and control: A cross-country analysis, Journal of Financial Economics 68, 325-351.
33. Noe, Thomas H., 2002, Institutional activism and financial market structure, Review of Financial Studies 15, 289-318.
34. Pagano, Marco, and Paolo Volpin, 2005, Political economy of corporate governance, American Economic Review 95, 1005-1030.
35. Parrino, Robert, Richard W. Sias, and Laura T. Starks, 2003, Voting with their feet: Institutional ownership changes around forced CEO turnover, Journal of Financial Economics 68, 3-46.
36. Pound, John, 1991, Proxy voting and the SEC: Investor protection versus market efficiency, Journal of Financial Economics 29, 241-286.
37. Roe, Mark J., 1990, Political and legal restraints on ownership and control of public companies, Journal of Financial Economics 27, 7-41.
38. Shleifer, Andrei, and Robert W. Vishny, 1986, Large shareholders and corporate control, Journal of Political Economy 94, 461-488.
39. Van Nuys, Karen, 1993, Corporate governance through the proxy process: Evidence from the 1989 Honeywell proxy solicitation, Journal of Financial Economics 34, 101-132.