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Local ownership as private information: Evidence on the monitoring-liquidity trade-off

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Cited by:

  1. Bin Wang & Wonseok Choi & Ibrahim Siraj, 2018. "Local investor attention and post-earnings announcement drift," Review of Quantitative Finance and Accounting, Springer, vol. 51(1), pages 219-252, July.
  2. Tristan Auvray & Olivier Brossard, 2012. "Too Dispersed to Monitor? Ownership Dispersion, Monitoring, and the Prediction of Bank Distress," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 44(4), pages 685-714, June.
  3. Tianjiao Zhao & Xiang Xiao & Qinghui Dai, 2021. "Transportation Infrastructure Construction and High-Quality Development of Enterprises: Evidence from the Quasi-Natural Experiment of High-Speed Railway Opening in China," Sustainability, MDPI, vol. 13(23), pages 1-23, December.
  4. Becker, Bo & Cronqvist, Henrik & Fahlenbrach, Rüdiger, 2011. "Estimating the Effects of Large Shareholders Using a Geographic Instrument," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 46(4), pages 907-942, August.
  5. Baik, Bok & Kang, Jun-Koo & Kim, Jin-Mo, 2010. "Local institutional investors, information asymmetries, and equity returns," Journal of Financial Economics, Elsevier, vol. 97(1), pages 81-106, July.
  6. Staglianò, Raffaele & La Rocca, Maurizio & Gerace, Dionigi, 2018. "The impact of ownership concentration and analyst coverage on market liquidity: Comparative evidence from an auction and a specialist market," Economic Modelling, Elsevier, vol. 70(C), pages 203-214.
  7. Chi, Yi & Hu, Ning & Lu, Dong & Yang, Yang, 2023. "Green investment funds and corporate green innovation: From the logic of social value," Energy Economics, Elsevier, vol. 119(C).
  8. Jennie Bai & Massimo Massa, 2021. "Is Human-Interaction-based Information Substitutable? Evidence from Lockdown," NBER Working Papers 29513, National Bureau of Economic Research, Inc.
  9. Wenjun Wang, 2023. "Can experience mitigate precautionary bidding? Evidence from a quasi-experiment at an IPO auction," Journal of Asset Management, Palgrave Macmillan, vol. 24(2), pages 148-163, March.
  10. Graeme G. Acheson & John D. Turner, 2011. "Investor behaviour in a nascent capital market: Scottish bank shareholders in the nineteenth century," Economic History Review, Economic History Society, vol. 64(1), pages 188-213, February.
  11. Laura Gianfagna & Armando Rungi, 2017. "Does corporate control matter to financial volatility?," Working Papers 09/2017, IMT School for Advanced Studies Lucca, revised Nov 2017.
  12. Mazur, Mieszko & Salganik-Shoshan, Galla, 2017. "Teaming up and quiet intervention: The impact of institutional investors on executive compensation policies," Journal of Financial Markets, Elsevier, vol. 35(C), pages 65-83.
  13. Massa, Massimo & Bai, Jennie, 2021. "Is Hard and Soft Information Substitutable? Evidence from the Lockdowns," CEPR Discussion Papers 15744, C.E.P.R. Discussion Papers.
  14. Tristan Auvray & Olivier Brossard, 2012. "Too Dispersed to Monitor? Ownership Dispersion, Monitoring, and the Prediction of Bank Distress," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 44(4), pages 685-714, June.
  15. Byun, Seong K. & Oh, Jong-Min, 2018. "Local corporate social responsibility, media coverage, and shareholder value," Journal of Banking & Finance, Elsevier, vol. 87(C), pages 68-86.
  16. Grosfeld, Irena, 2009. "Large shareholders and firm value: Are high-tech firms different?," Economic Systems, Elsevier, vol. 33(3), pages 259-277, September.
  17. Chu, Gang & Dowling, Michael & Shen, Dehua & Zhang, Yongjie, 2023. "Information demand density matters: Evidence from the post-earnings announcement drift," International Review of Financial Analysis, Elsevier, vol. 86(C).
  18. Derouiche, Imen & Jaafar, Kaouther & Zemzem, Ahmed, 2016. "Firm geographic location and voluntary disclosure," Journal of Multinational Financial Management, Elsevier, vol. 37, pages 29-47.
  19. Wang, Xiaoqiong & Wei, Siqi, 2021. "Does the investment horizon of institutional investors matter for stock liquidity?," International Review of Financial Analysis, Elsevier, vol. 74(C).
  20. Clemens Sialm & Zheng Sun & Lu Zheng, 2020. "Home Bias and Local Contagion: Evidence from Funds of Hedge Funds," The Review of Financial Studies, Society for Financial Studies, vol. 33(10), pages 4771-4810.
  21. Boubaker, Sabri & Derouiche, Imen & Lasfer, Meziane, 2015. "Geographic location, excess control rights, and cash holdings," International Review of Financial Analysis, Elsevier, vol. 42(C), pages 24-37.
  22. Miguel A. Soto-Araneta & Cecilia Téllez-Valle & Emma Berenguer, 2013. "El comportamiento de la liquidez de valores de Pymes en un mercado alternativo bursátil," Economic Analysis Working Papers (2002-2010). Atlantic Review of Economics (2011-2016), Colexio de Economistas de A Coruña, Spain and Fundación Una Galicia Moderna, vol. 2, pages 1-1, December.
  23. Benson, Bradley W. & Chen, Yu & James, Hui L. & Park, Jung Chul, 2020. "So far away from me: Firm location and the managerial ownership effect on firm value," Journal of Corporate Finance, Elsevier, vol. 64(C).
  24. Khalil Jebran & Shihua Chen & Ruibin Zhang, 2022. "Board social capital and stock price crash risk," Review of Quantitative Finance and Accounting, Springer, vol. 58(2), pages 499-540, February.
  25. Wenjun Wang, 2024. "You scratch my back and i scratch yours: evidence from relationship-based bidding in IPO auctions," Review of Quantitative Finance and Accounting, Springer, vol. 62(4), pages 1593-1613, May.
  26. Li, Xuan, 2023. "Home bias in shareholder voting," Discussion Papers 2023/21, Norwegian School of Economics, Department of Business and Management Science.
  27. Ayers, Benjamin C. & Ramalingegowda, Santhosh & Eric Yeung, P., 2011. "Hometown advantage: The effects of monitoring institution location on financial reporting discretion," Journal of Accounting and Economics, Elsevier, vol. 52(1), pages 41-61, June.
  28. Chwee Ming Tee & Angelina Seow Voon Yee & Aik Lee Chong, 2018. "Institutional Investors’ Monitoring and Stock Price Crash Risk: Evidence from Politically Connected Firms," Review of Pacific Basin Financial Markets and Policies (RPBFMP), World Scientific Publishing Co. Pte. Ltd., vol. 21(04), pages 1-35, December.
  29. Kim, Donghyun & Wang, Qinghai & Wang, Xiaoqiong, 2022. "Geographic clustering of institutional investors," Journal of Financial Economics, Elsevier, vol. 144(2), pages 547-570.
  30. Deepika Srivastava, 2022. "Impact of foreign ownership on firm’s performance: a study of Indian manufacturing industry," Indian Economic Review, Springer, vol. 57(2), pages 393-419, December.
  31. Mazur, Mieszko & Salganik-Shoshan, Galla & Walker, Thomas & Wang, Jun, 2018. "Proximity and litigation: Evidence from the geographic location of institutional investors," Journal of Financial Markets, Elsevier, vol. 40(C), pages 60-74.
  32. Rahim, Imad & Mian, Rehman U. & Mian, Affan, 2024. "Country-level heterogeneity in foreign institutional investment horizons and firm value," International Review of Financial Analysis, Elsevier, vol. 92(C).
  33. Ovtchinnikov, Alexei V. & Pantaleoni, Eva, 2012. "Individual political contributions and firm performance," Journal of Financial Economics, Elsevier, vol. 105(2), pages 367-392.
  34. Huang, Xiaoran & Kang, Jun-Koo, 2017. "Geographic concentration of institutions, corporate governance, and firm value," Journal of Corporate Finance, Elsevier, vol. 47(C), pages 191-218.
  35. An, Heng & Zhang, Ting, 2013. "Stock price synchronicity, crash risk, and institutional investors," Journal of Corporate Finance, Elsevier, vol. 21(C), pages 1-15.
  36. Kiyoung Chang & Ying Li & Ha‐Chin Yi, 2021. "Informed equity ownership and bank loan contracting," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 48(7-8), pages 1368-1403, July.
  37. Nadia Belkhir Boujelbene & Abdelfatteh Bouri & Jean-Luc Prigent, 2014. "Corporate Governance and Market Microstructure: Evidence on Institutional Investors in the Tunisian Stock Exchange," International Journal of Academic Research in Accounting, Finance and Management Sciences, Human Resource Management Academic Research Society, International Journal of Academic Research in Accounting, Finance and Management Sciences, vol. 4(2), pages 58-71, April.
  38. George D. Cashman & David M. Harrison & Michael J. Seiler & Hainan Sheng, 2019. "The Impact of Geographic and Cultural Dispersion on Information Opacity," The Journal of Real Estate Finance and Economics, Springer, vol. 59(2), pages 166-208, August.
  39. Lepori, Gabriele M., 2023. "Acute illness symptoms among investment professionals and stock market dynamics: Evidence from New York City," Journal of Empirical Finance, Elsevier, vol. 70(C), pages 165-181.
  40. Kang, Jun-Koo & Luo, Juan & Na, Hyun Seung, 2018. "Are institutional investors with multiple blockholdings effective monitors?," Journal of Financial Economics, Elsevier, vol. 128(3), pages 576-602.
  41. P. Krishna Prasanna & Anish S. Menon, 2012. "Corporate governance and stock market liquidity in India," International Journal of Behavioural Accounting and Finance, Inderscience Enterprises Ltd, vol. 3(1/2), pages 24-45.
  42. Eduard Gaar & David Scherer & Dirk Schiereck, 2022. "The home bias and the local bias: A survey," Management Review Quarterly, Springer, vol. 72(1), pages 21-57, February.
  43. Wu, Yizhong & Lee, Chien-Chiang & Lee, Chi-Chuan & Peng, Diyun, 2022. "Geographic proximity and corporate investment efficiency: Evidence from high-speed rail construction in China," Journal of Banking & Finance, Elsevier, vol. 140(C).
  44. Chwee Ming Tee & Puspavathy Rassiah, 2020. "Ethnic board diversity, earnings quality and institutional investors: evidence from Malaysian corporate boards," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 60(4), pages 4257-4290, December.
  45. Huang, Yichu & Fan, Yaoyao, 2022. "Risk along the supply chain: Geographic proximity and corporate risk taking," Finance Research Letters, Elsevier, vol. 50(C).
  46. Miller, Steve & Qiu, Bin & Wang, Bin & Yang, Tina, 2022. "Monitoring institutional ownership and corporate innovation," Journal of Empirical Finance, Elsevier, vol. 69(C), pages 144-165.
  47. Kershen Huang & Chenguang Shang & Chi Zhang, 2021. "Working hard for long‐distance relationships: Geographic proximity and relationship‐specific investments," Financial Management, Financial Management Association International, vol. 50(4), pages 985-1011, December.
  48. Derrick W. H. Fung & Jason J. H. Yeh, 2018. "Inherent Virtue or Inevitable Evil: The Effects of Directors' and Officers' Insurance on Firm Value," Risk Management and Insurance Review, American Risk and Insurance Association, vol. 21(2), pages 243-288, September.
  49. repec:hur:ijaraf:v:4:y:2014:i:2:p:62-75 is not listed on IDEAS
  50. Mittal, Amit & Garg, Ajay Kumar, 2017. "Private information implications for acquirers and targets in horizontal mergers," MPRA Paper 85355, University Library of Munich, Germany.
  51. Harold Mulherin, J., 2007. "Measuring the costs and benefits of regulation: Conceptual issues in securities markets," Journal of Corporate Finance, Elsevier, vol. 13(2-3), pages 421-437, June.
  52. Kale, Jayant R. & Loon, Yee Cheng, 2011. "Product market power and stock market liquidity," Journal of Financial Markets, Elsevier, vol. 14(2), pages 376-410, May.
  53. Lilian Ng & Fei Wu & Jing Yu & Bohui Zhang, 2016. "Foreign Investor Heterogeneity and Stock Liquidity around the World," Review of Finance, European Finance Association, vol. 20(5), pages 1867-1910.
  54. Harris, Oneil, 2018. "The impact of industrial districts on the pricing of IPOs," The Quarterly Review of Economics and Finance, Elsevier, vol. 69(C), pages 274-285.
  55. Kim, Taeyeon & Hwang, Hyoseok (David) & Kim, Hyun-Dong, 2023. "Do local investors know more? Evidence from securities class actions," Journal of Banking & Finance, Elsevier, vol. 156(C).
  56. Chelley-Steeley, Patricia L. & Lambertides, Neophytos & Steeley, James M., 2015. "The effects of non-trading on the illiquidity ratio," Journal of Empirical Finance, Elsevier, vol. 34(C), pages 204-228.
  57. Xuan Yang & Qiusheng Zhang & Xiaotian Shen & Jie Qin & Qian Sun & Yuanze Xu, 2022. "Could the Opening of HSR Reduce the M&A Premium?," Sustainability, MDPI, vol. 14(10), pages 1-28, May.
  58. Kee-Hong Bae & Jin-Mo Kim & Yang Ni, 2013. "Is Firm-specific Return Variation a Measure of Information Efficiency?," International Review of Finance, International Review of Finance Ltd., vol. 13(4), pages 407-445, December.
  59. Samuel Jones & Michael Stroup, 2013. "Economic freedom and the mispricing of single-state municipal bond closed-end funds," Journal of Economics and Finance, Springer;Academy of Economics and Finance, vol. 37(2), pages 173-187, April.
  60. Wang, Qin (Emma) & Zhang, Jun, 2023. "Local institutional investors and debt maturity," Journal of Financial Markets, Elsevier, vol. 62(C).
  61. Oksana Kim, 2016. "Market Efficiency and Arbitrage Opportunities for Russian Depositary Receipts Cross-Listed on the London Stock Exchange," Review of Pacific Basin Financial Markets and Policies (RPBFMP), World Scientific Publishing Co. Pte. Ltd., vol. 19(02), pages 1-36, June.
  62. Anindita Chakravarty & Rajdeep Grewal, 2011. "The Stock Market in the Driver's Seat! Implications for R&D and Marketing," Management Science, INFORMS, vol. 57(9), pages 1594-1609, March.
  63. Todd Mitton, 2022. "Methodological Variation in Empirical Corporate Finance," The Review of Financial Studies, Society for Financial Studies, vol. 35(2), pages 527-575.
  64. Weiß, Christian, 2010. "The Ownership Concentration of Firms: Three Essays on the Determinants and Effects," EconStor Theses, ZBW - Leibniz Information Centre for Economics, number 30247, January.
  65. Li, Wanli & Lai, Yin & Zhong, Yufen, 2024. "The closer the better: Supplier geographic proximity and corporate information disclosure violation," The North American Journal of Economics and Finance, Elsevier, vol. 69(PA).
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