메뉴 건너뛰기




Volumn 15, Issue 4, 2009, Pages 488-504

Does institutional activism increase shareholder wealth? Evidence from spillovers on non-target companies

Author keywords

Institutional activism; Korea corporate governance fund; Shareholder wealth; Spillovers

Indexed keywords


EID: 67649488313     PISSN: 09291199     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.jcorpfin.2009.03.002     Document Type: Article
Times cited : (28)

References (57)
  • 1
    • 68349144500 scopus 로고    scopus 로고
    • Differences in governance practices between U.S. and foreign firms: Measurement, causes, and consequences
    • in press, forthcoming
    • Aggarwal, R., Erel, I., Stulz, R., Williamson, R., in press. Differences in governance practices between U.S. and foreign firms: measurement, causes, and consequences. Review of financial studies, forthcoming.
    • Review of financial studies
    • Aggarwal, R.1    Erel, I.2    Stulz, R.3    Williamson, R.4
  • 2
    • 67649513516 scopus 로고    scopus 로고
    • Infrastructure requirements for an economically efficient system of public financial reporting and disclosure
    • Ball R. Infrastructure requirements for an economically efficient system of public financial reporting and disclosure. American Economic Review (2001) 1369-1401
    • (2001) American Economic Review , pp. 1369-1401
    • Ball, R.1
  • 4
    • 0040212676 scopus 로고    scopus 로고
    • Foreign speculators and emerging equity markets
    • Bekaert G., and Harvey C. Foreign speculators and emerging equity markets. Journal of Finance (2000) 565-613
    • (2000) Journal of Finance , pp. 565-613
    • Bekaert, G.1    Harvey, C.2
  • 5
    • 0242626584 scopus 로고    scopus 로고
    • Greener pastures and the impact of dynamic institutional preferences
    • Bennett J., Sias R., and Starks L. Greener pastures and the impact of dynamic institutional preferences. Review of Financial Studies (2003) 1203-1238
    • (2003) Review of Financial Studies , pp. 1203-1238
    • Bennett, J.1    Sias, R.2    Starks, L.3
  • 8
    • 0003087504 scopus 로고    scopus 로고
    • Shareholder activism and corporate governance in the United States
    • Newman P. (Ed)
    • Black B. Shareholder activism and corporate governance in the United States. In: Newman P. (Ed). The New Palgrave Dictionary of Economics and Law (1998)
    • (1998) The New Palgrave Dictionary of Economics and Law
    • Black, B.1
  • 9
    • 0348142492 scopus 로고    scopus 로고
    • The legal and institutional preconditions for strong securities markets
    • Black B. The legal and institutional preconditions for strong securities markets. UCLA Law Review (2001) 781-855
    • (2001) UCLA Law Review , pp. 781-855
    • Black, B.1
  • 10
    • 33645852244 scopus 로고    scopus 로고
    • Predicting firms' corporate governance choices: evidence from Korea
    • Black B., Jang H., and Kim W. Predicting firms' corporate governance choices: evidence from Korea. Journal of Corporate Finance (2005) 660-691
    • (2005) Journal of Corporate Finance , pp. 660-691
    • Black, B.1    Jang, H.2    Kim, W.3
  • 12
    • 33745787883 scopus 로고    scopus 로고
    • Does corporate governance affect firms' market values? Evidence from Korea
    • Black B., Jang H., and Kim W. Does corporate governance affect firms' market values? Evidence from Korea. Journal of Law, Economics, & Organization (2006) 366-413
    • (2006) Journal of Law, Economics, & Organization , pp. 366-413
    • Black, B.1    Jang, H.2    Kim, W.3
  • 14
    • 67649557015 scopus 로고    scopus 로고
    • Hedge fund activism, corporate governance, and firm performance
    • Vanderbilt University
    • Brav A., Jiang W., Thomas R., and Partnoy F. Hedge fund activism, corporate governance, and firm performance. Working Paper (2007), Vanderbilt University
    • (2007) Working Paper
    • Brav, A.1    Jiang, W.2    Thomas, R.3    Partnoy, F.4
  • 15
    • 0040747533 scopus 로고    scopus 로고
    • International portfolio investment flows
    • Brennan M., and Cao H. International portfolio investment flows. Journal of Finance (1997) 1851-1880
    • (1997) Journal of Finance , pp. 1851-1880
    • Brennan, M.1    Cao, H.2
  • 16
    • 0039658576 scopus 로고    scopus 로고
    • The influence of institutions on corporate governance through private negotiations: evidence from TIAA-CREF
    • Carleton W., Nelson J., and Weisbach M. The influence of institutions on corporate governance through private negotiations: evidence from TIAA-CREF. Journal of Finance (1998) 1335-1362
    • (1998) Journal of Finance , pp. 1335-1362
    • Carleton, W.1    Nelson, J.2    Weisbach, M.3
  • 17
    • 0141800063 scopus 로고    scopus 로고
    • Shareholder activism in Korea: an analysis of PSPD's activities
    • Choi W., and Cho S. Shareholder activism in Korea: an analysis of PSPD's activities. Pacific-Basin Finance Journal (2003) 349-363
    • (2003) Pacific-Basin Finance Journal , pp. 349-363
    • Choi, W.1    Cho, S.2
  • 22
    • 19944408608 scopus 로고    scopus 로고
    • To steal or not to steal: firm attributes, legal environment, and valuation
    • Durnev A., and Kim E. To steal or not to steal: firm attributes, legal environment, and valuation. Journal of Finance (2005) 1461-1493
    • (2005) Journal of Finance , pp. 1461-1493
    • Durnev, A.1    Kim, E.2
  • 25
    • 0346207692 scopus 로고    scopus 로고
    • Market efficiency, long-term returns, and behavioral finance
    • Fama E. Market efficiency, long-term returns, and behavioral finance. Journal of Financial Economics (1998) 283-306
    • (1998) Journal of Financial Economics , pp. 283-306
    • Fama, E.1
  • 26
    • 67649538480 scopus 로고    scopus 로고
    • Current status and future agendas towards greater transparency of Korean companies and better monitoring by securities markets
    • (in Korean)
    • Federation of Korean Industries (FKI). Current status and future agendas towards greater transparency of Korean companies and better monitoring by securities markets. research report (2006) (in Korean)
    • (2006) research report
    • Federation of Korean Industries (FKI)1
  • 27
    • 27844468604 scopus 로고    scopus 로고
    • Disclosure incentives and effects on cost of capital around the world
    • Francis J., Khurana I., and Pereira R. Disclosure incentives and effects on cost of capital around the world. Accounting Review (2005) 1125-1162
    • (2005) Accounting Review , pp. 1125-1162
    • Francis, J.1    Khurana, I.2    Pereira, R.3
  • 28
    • 0000353081 scopus 로고    scopus 로고
    • Corporate governance proposals and shareholder activism: the role of institutional investors
    • Gillan S., and Starks L. Corporate governance proposals and shareholder activism: the role of institutional investors. Journal of Financial Economics (2000) 275-305
    • (2000) Journal of Financial Economics , pp. 275-305
    • Gillan, S.1    Starks, L.2
  • 29
    • 28144440002 scopus 로고    scopus 로고
    • Corporate governance, corporate ownership, and the role of institutional investors: a global perspective
    • Gillan S., and Starks L. Corporate governance, corporate ownership, and the role of institutional investors: a global perspective. Journal of Applied Finance (2003) 4-22
    • (2003) Journal of Applied Finance , pp. 4-22
    • Gillan, S.1    Starks, L.2
  • 36
    • 0031256734 scopus 로고    scopus 로고
    • Why is there a home bias? An analysis of foreign portfolio equity ownership in Japan
    • Kang J., and Stulz R. Why is there a home bias? An analysis of foreign portfolio equity ownership in Japan. Journal of Financial Economics (1997) 3-28
    • (1997) Journal of Financial Economics , pp. 3-28
    • Kang, J.1    Stulz, R.2
  • 37
    • 84971968085 scopus 로고
    • On the efficiency of least squares regression with security abnormal returns as the dependent variable
    • Karafiath I. On the efficiency of least squares regression with security abnormal returns as the dependent variable. Journal of Financial and Quantitative Analysis (1994) 279-300
    • (1994) Journal of Financial and Quantitative Analysis , pp. 279-300
    • Karafiath, I.1
  • 38
    • 0004027338 scopus 로고    scopus 로고
    • The impact of shareholder activism on target companies
    • University of Washington
    • Karpoff J. The impact of shareholder activism on target companies. A survey of empirical findings. Working Paper (2001), University of Washington
    • (2001) A survey of empirical findings. Working Paper
    • Karpoff, J.1
  • 40
    • 8844252399 scopus 로고    scopus 로고
    • Corporate governance, investor protection and performance in emerging markets
    • Klapper L., and Love I. Corporate governance, investor protection and performance in emerging markets. Journal of Corporate Finance (2004) 703-728
    • (2004) Journal of Corporate Finance , pp. 703-728
    • Klapper, L.1    Love, I.2
  • 43
    • 12344322164 scopus 로고    scopus 로고
    • Determinants of the size and structure of corporate boards
    • University of Pittsburg
    • Lehn K., Patro S., and Zhao M. Determinants of the size and structure of corporate boards. Working Paper (2005), University of Pittsburg 1935-2000
    • (2005) Working Paper , pp. 1935-2000
    • Lehn, K.1    Patro, S.2    Zhao, M.3
  • 44
  • 45
    • 37149050359 scopus 로고    scopus 로고
    • The determinants of board structure
    • University of Georgia
    • Linck J., Netter J., and Yang T. The determinants of board structure. Working Paper (2007), University of Georgia
    • (2007) Working Paper
    • Linck, J.1    Netter, J.2    Yang, T.3
  • 46
    • 0002964458 scopus 로고
    • Long term rewards from shareholder activism: a study of the CalPERS effect
    • Nesbitt S. Long term rewards from shareholder activism: a study of the CalPERS effect. Journal of Applied Corporate Finance (1994) 75-80
    • (1994) Journal of Applied Corporate Finance , pp. 75-80
    • Nesbitt, S.1
  • 47
    • 33746845873 scopus 로고    scopus 로고
    • Does the contribution of corporate cash holdings and dividends to firm value depend on governance? A cross-country analysis
    • Pinkowitz L., Stulz R., and Williamson R. Does the contribution of corporate cash holdings and dividends to firm value depend on governance? A cross-country analysis. Journal of Finance (2006) 2725-2751
    • (2006) Journal of Finance , pp. 2725-2751
    • Pinkowitz, L.1    Stulz, R.2    Williamson, R.3
  • 48
    • 0039604286 scopus 로고    scopus 로고
    • Of what value are shareholder proposals sponsored by public pension funds?
    • Prevost A., and Rao R. Of what value are shareholder proposals sponsored by public pension funds?. Journal of Business (2000) 177-204
    • (2000) Journal of Business , pp. 177-204
    • Prevost, A.1    Rao, R.2
  • 49
    • 0042568505 scopus 로고    scopus 로고
    • Less is more: making shareholder activism a valued mechanism of corporate governance
    • Romano R. Less is more: making shareholder activism a valued mechanism of corporate governance. Yale Journal of Regulation (2001) 174-252
    • (2001) Yale Journal of Regulation , pp. 174-252
    • Romano, R.1
  • 50
    • 0142157048 scopus 로고    scopus 로고
    • Pseudo market timing and the long-run underperformance of IPOs
    • Schultz P. Pseudo market timing and the long-run underperformance of IPOs. Journal of Finance (2003) 483-517
    • (2003) Journal of Finance , pp. 483-517
    • Schultz, P.1
  • 51
    • 0003149182 scopus 로고
    • The challenge of institutionalization of the equity market
    • Saunders A. (Ed), Business One Irwin, Homewood
    • Schwartz R., and Shapiro J. The challenge of institutionalization of the equity market. In: Saunders A. (Ed). Recent Developments in Finance (1992), Business One Irwin, Homewood
    • (1992) Recent Developments in Finance
    • Schwartz, R.1    Shapiro, J.2
  • 52
    • 0039120739 scopus 로고    scopus 로고
    • Shareholder activism by institutional investors: evidence from CalPERS
    • Smith P. Shareholder activism by institutional investors: evidence from CalPERS. Journal of Finance (1996) 227-252
    • (1996) Journal of Finance , pp. 227-252
    • Smith, P.1
  • 53
    • 0013246703 scopus 로고    scopus 로고
    • Abnormal returns to rivals of acquisition targets: a test of the 'Acquisition Probability Hypothesis
    • Song M., and Walkling R. Abnormal returns to rivals of acquisition targets: a test of the 'Acquisition Probability Hypothesis. Journal of Financial Economics (2000) 143-172
    • (2000) Journal of Financial Economics , pp. 143-172
    • Song, M.1    Walkling, R.2
  • 54
  • 57
    • 0040238831 scopus 로고    scopus 로고
    • Good timing: CEO stock option awards and company news announcements
    • Yermack D. Good timing: CEO stock option awards and company news announcements. Journal of Finance (1997) 449-476
    • (1997) Journal of Finance , pp. 449-476
    • Yermack, D.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.