检索结果-南通市图书馆

Do institutional investors Drive Financialization of Real Sectors?

维普期刊数据库

同方期刊数据库评论

在线全文

学校读者我要写书评

暂无评论

China Finance and Economic Review 2019年第2期8卷 25-46页

作者： Wei Liu Yuqiang Cao School of Management of Jinan University China School of Accounting of Guangdong University of Forcign Studies China

The trend that China's economy is being"off the real to the virtual"is a typical fact in recent years.A large number of firms invest and hold financial asscts,the investing and profit-generating channels of the real sectors are becoming more and more *** utilizing sample of Chinese A-share manufacturing firms from the year of 2007 to 2015,and using fixed effect model,this paper investigates the driving factor of the financialization of real *** results show that:(1)institutional investors,overall,drive the financialization of real sectors;(2)instiutional investors are heterogeneous,that is,long-term institutional investors do not show a significant correlation with the financialization of real sectors;however,short-term institutional investors significantly drive the financialization of real sectors;(3)the *** further investigation show that the driving effect of institutional investors on financialization is more significant in state owned firms than that in private *** findings have implications as follows:guiding the investment behavior of institutional investors,leading financial sector to serve the real economy,promoting financial structure reform.

关键词： institutional investors “off the real to the virtual” real sectors financialization

Valuation Effects of US-China Trade Conflict:The Role of institutional investors

在线全文

维普期刊数据库

学校读者我要写书评

暂无评论

China & World Economy 2023年第6期31卷 56-78页

作者： Jiahui Chen Guangyu Nie College of Business Shanghai University of Finance and EconomicsChina

Employing an event study approach to the US-China trade conflict,we found that this conflict had an overall negative effect on the stock market performance of Chinese listed firms,but firms with institutional investor holdings(IIH)exhibited smaller losses than their counterparts in response to a US presidential memo announcing a trade *** also examined the heterogeneous effects of this conflict on *** positive effect of IIH was larger for firms with foreign exposure and firms located in provinces with a higher degree of *** investor holdings helped to reduce firms'cost of refinancing and improved their long-run performance given the same shortterm loss in response to the US presidential announcement during the trade *** findings explain the role of institutional investors in alleviating the effects of the US-China trade conflict and achieving financial stability from a *** results have policy implications for corporate governance and financial market stabilization in response to trade policy uncertainty.

关键词： China foreign exposure institutional investors trade conflict

Testing the short-termism hypothesis:institutional investors,family control,and capital spending in Malaysia

在线全文

维普期刊数据库

学校读者我要写书评

暂无评论

International Journal of Innovation Studies 2022年第2期6卷 67-77页

作者： Saed A.Sulub Zalailah Salleh Hafiza Aishah Hashim School of Graduate Studies University of Hargeisa25263 HargeisaSomaliland Faculty of Business Economics and Social DevelopmentUniversiti Malaysia Terengganu21030Kuala TerengganuMalaysia

We have examined whether institutional ownership and family control in Malaysia are linked to capital *** panel data from 220 listed companies in Malaysia,we showed that institutional ownership is positively associated with capital expenditure(CAPEX).Consistent with institutional investors’monitoring role in corporate governance,the results indicate that this relationship was driven by the presence of growth ***,we found that family control was negatively associated with *** analyses showed that this relationship was moderated by company *** larger family firms invest less in CAPEX,smaller family firms invest more in CAPEX,indicating that the benefits of lower agency conflicts in family firms hold only for smaller *** results are robust to alternative empirical measurements that account for firm characteristics and the endogeneity of institutional shareholding.

关键词： institutional investors Innovation Capital expenditures Corporate governance Malaysia

The Evidence of institutional investors' Herd Behavior and the Research on Market Simulation

在线全文

维普期刊数据库

学校读者我要写书评

暂无评论

International Journal of Plant Engineering and Management 2013年第1期18卷 1-7页

作者： XIA Wei-li SUN Tong-tong WEI Xing-ji School of Management Northwestern Polytechnical University

In the context of vigorously developing China＇s securities market institutional investors in the period of economic transition, this paper does the empirical research on the herd behavior from the view of the interaction between individual and institutional investors. This paper adopts the standard deviation of trading volume the cross-section to measure herd behavior. The results show that no matter what the market is in bull status and bear status, institutional investors perform herd behavior and with the expansion of the shareholding scale in a bull market, the herd behavior is higher, which suggests that the vigorous development of institutional investors has not eliminated herd behavior. This paper further confirms that there is the endogenous volatility in the market based on an artificial stock market. Finally it is demonstrated the herd behavior of institutional investors cause abnormal fluctuations in the market.

关键词： herd behavior volatility institutional investors

Do institutional investors have superior stock selection ability in China?

维普期刊数据库

同方期刊数据库评论

在线全文

学校读者我要写书评

暂无评论

China Journal of Accounting Research 2011年第3期4卷 107-119页

作者： Yihong Deng Yongxing Xu The School of Economics&Management Tsinghua University The Finance Department of Guangxi Zhuang Autonomous Region

This paper uses unique data on the shareholdings of both institutional and individual investors to directly investigate whether institutional investors have better stock selection ability than individual investors in *** for other factors,we find that institutional investors increase(decrease)their shareholdings in stocks that subsequently exhibit positive(negative)short-and long-term cumulative abnormal *** contrast individual investors decrease(increase)their shareholdings in stocks that subsequently exhibit positive(negative)short-and long-term cumulative abnormal *** findings indicate that institutional investors have superior stock selection ability in China.

关键词： institutional investors Stock selection ability Individual investors

Does investor communication improve corporate social responsibility?A machine learning-based textual analysis

在线全文

维普期刊数据库

学校读者我要写书评

暂无评论

China Journal of Accounting Research 2024年第3期17卷 25-49页

作者： Siyu Fan Dongmin Kong Jie Lu Honghai Yu School of Management and Engineering Nanjing UniversityNanjingChina Department of Accountancy City University of Hong KongHong KongChina School of Economics Huazhong University of Science and TechnologyWuhanChina

In this study,we take a machine learning-based approach to measure institutional investor attention to corporate social responsibility(CSR)issues when communicating with firms during site *** find that institutional investors can effectively enhance CSR performance through CSR-related communica*** effect remains robust to various checks and is more pronounced for non-state-owned enterprises and firms with lower levels of institutional ownership and in periods following the issuance of Green Investment Guide*** also identify information asymmetry and financing constraints as the two mechanisms underlying this ***,our findings highlight the importance of private interactions between management and institutional investors in promoting CSR.

关键词： Corporate Social Responsibility institutional investors Site Visits Textual Analysis

Are all investment decisions to subscribe to new stocks mindless?Investor heterogeneity and behavior in the process of subscribing to new stocks

在线全文

维普期刊数据库

学校读者我要写书评

暂无评论

China Journal of Accounting Research 2016年第4期9卷 283-304页

作者： Zhe Li Fang Wang Xiaohong Dong School of Business Renmin University of China School of Management China Women's University Business Institute Anhui University of Finance & Economics

The IPO process is a way for companies to improve their corporate governance and for investors to assess company *** paper posits that investor choices vary with differences in investment ability and *** groups of investors with large holdings,namely individual investors,bluechip institutional investors and underperforming institutional investors,are compared by their use of three types of corporate governance information:board characteristics,equity structure and affiliated ***,institutional investors make greater use of corporate governance information than individual investors,with blue-chip institutional investors making the greatest ***,bull-bear markets exert a significant influence on the behavior of both individual and underperforming institutional *** results enrich the IPO literature and contribute to optimal social fund allocation in the stock market.

关键词： Corporate governance information institutional investors Historical performance New stock subscriptions

The impact of the Social Security Fund on auditor litigation risk

在线全文

维普期刊数据库

学校读者我要写书评

暂无评论

China Journal of Accounting Research 2020年第2期13卷 201-221页

作者： Lei Zhu Qianwen Zheng School of Accounting Southwestern University of Finance and EconomicsChina

In this study,we examine the effect of the Social Security Fund on auditor litigation *** audit fees as a proxy for auditor perceptions of litigation risk,we find that the Social Security Fund significantly reduces auditor litigation ***,we show that the Social Security Fund influences auditor litigation risk through reducing both the audit risk and the business risk of public *** addition,the impact of the Social Security Fund for reducing auditor litigation risk is more obvious in the group of firms with low levels of internal governance,which indicates that the Social Security Fund plays an important governance role as a high-quality institutional *** summary,we verify that the Social Security Fund,when acting as an institutional investor,plays an important role in corporate governance,and that it helps to reduce auditor litigation *** results provide empirical support for expanding the governance role of the Social Security Fund as an institutional investor in China’s A-share market.

关键词： Social Security Fund Auditor litigation risk External corporate governance institutional investors

Italian Asset Managers＇ Behavior： Evidence on Overconfidence, Risk Taking and Gender

在线全文

维普期刊数据库

学校读者我要写书评

暂无评论

Journal of Modern Accounting and Auditing 2011年第12期7卷 1368-1385页

作者： Daniela Beckmann Torben Lutje Luca Rebeggiani Leibniz Universitat Hannover Germany

This paper offers new insights into the Italian mutual fund industry. Surveying Italian professionals, we do not only reveal typical gender differences but also detect divergence to their German counterparts. While disclosing Italian professionals＇ overly positive self-assessment in general, we find evidence for male overconfidence in particular--though without being accompanied by excessive control illusion of the own information level. Asset managers＇ risk taking reveals further differences： Italian female professionals do not only assess themselves as more risk averse than their male colleagues, they also prefer a more passive portfolio management compared to the level they are allowed to. Moreover, in a tournament scenario near the end of the investment period female asset managers do not try to become the ultimate top performer when they have outperformed their peer group so far. However, in case of underperformance, the risk of deviating from the benchmark makes especially female professionals willing to seize a chance of catching up. Overall, compared to their German counterparts, we find Italian asset managers to be slightly more risk averse. Matching bounded former results on Italian mutual funds, we discuss interdependencies as well as impact of our findings at the individual asset managers＇ level on trading activity, management style and performance.

关键词： institutional investors gender overconfidence risk taking tournament behavior