Long-term Effects of Cross-linking, Investor Recognition, and Ownership Structure on Valuation - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Long-term Effects of Cross-linking, Investor Recognition, and Ownership Structure on Valuation write by Bank of Canada. This book was released on 2006. Long-term Effects of Cross-linking, Investor Recognition, and Ownership Structure on Valuation available in PDF, EPUB and Kindle.
The Long-Term Effects of Cross-Listing, Investor Recognition, and Ownership Structure on Valuation
The Long-Term Effects of Cross-Listing, Investor Recognition, and Ownership Structure on Valuation - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook The Long-Term Effects of Cross-Listing, Investor Recognition, and Ownership Structure on Valuation write by Michael R. King. This book was released on 2013. The Long-Term Effects of Cross-Listing, Investor Recognition, and Ownership Structure on Valuation available in PDF, EPUB and Kindle. The widening of a foreign firm's U.S. investor base and the improved information environment associated with cross-listing on a U.S. exchange are distinct effects. Valuations of Canadian firms peak in the year of cross-listing and fall monotonically thereafter, irregardless of the level of U.S. investor holdings or the ownership structure of the firm. Cross-listed firms with a 20%+ blockholder attract a similar number of U.S. institutional investors as widely-held firms on average, but experience a lower increase in valuation at high levels of investor recognition. While U.S. investors are less willing to invest in firms with dual-class shares, these firms benefit more from cross-listing even when they fail to widen their U.S. investor base, suggesting that the reduction in information asymmetry between controlling and minority investors has a separate impact on valuation for firms where agency problems are greatest.
The Long-term Effects of Cross-listing, Investor Recognition, and Ownership Structure on Valuation
The Long-term Effects of Cross-listing, Investor Recognition, and Ownership Structure on Valuation - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook The Long-term Effects of Cross-listing, Investor Recognition, and Ownership Structure on Valuation write by Michael R. King. This book was released on 2006. The Long-term Effects of Cross-listing, Investor Recognition, and Ownership Structure on Valuation available in PDF, EPUB and Kindle. The authors show that the widening of a foreign firm's U.S. investor base and the improved information environment associated with cross-listing on a U.S. exchange each have a separately identifiable effect on a firm's valuation. The increase in valuation associated with cross-listing is transitory, not permanent. Valuations of Canadian firms peak in the year of cross-listing and fall monotonically thereafter, regardless of the level of U.S. investor holdings or the ownership structure of the firm.
Chinese and Global Financial Integration through Stock Connect
Chinese and Global Financial Integration through Stock Connect - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Chinese and Global Financial Integration through Stock Connect write by Flora Huang. This book was released on 2023-10-19. Chinese and Global Financial Integration through Stock Connect available in PDF, EPUB and Kindle. This significant and timely book explores a novel market mechanism, Stock Connect, which gives mutual market access to Chinese and international investors, and provides original analyses and fresh insights. This mechanism could become the new normal in future global financial integration. By examining this cross-border scheme from a regulatory perspective via a three-tiered analytical framework (investors, issuers and regulators), this book unearths the profound implications of Stock Connect to local and global financial markets and the legal impediments to its implementation. It covers a broad range of topics in this cross-boundary investment channel, including an overview of four existing connectivity arrangements (Shanghai-Hong Kong, Shenzhen-Hong Kong, Shanghai-London and China-Switzerland), the uniqueness of these connectivity arrangements, investor protection, regulations of connect issuers, regulatory cooperation and enforcement, the impacts on local and global financial markets, the implications for the world market connectivity as well as the challenges and future of Stock Connect. This pioneering study will appeal to a broad range of readers who are interested in the on-going reshaping of international financial systems and China's emerging influence in the international financial order.
ESG and Responsible Institutional Investing Around the World: A Critical Review
ESG and Responsible Institutional Investing Around the World: A Critical Review - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook ESG and Responsible Institutional Investing Around the World: A Critical Review write by Pedro Matos. This book was released on 2020-05-29. ESG and Responsible Institutional Investing Around the World: A Critical Review available in PDF, EPUB and Kindle. This survey examines the vibrant academic literature on environmental, social, and governance (ESG) investing. While there is no consensus on the exact list of ESG issues, responsible investors increasingly assess stocks in their portfolios based on nonfinancial data on environmental impact (e.g., carbon emissions), social impact (e.g., employee satisfaction), and governance attributes (e.g., board structure). The objective is to reduce exposure to investments that pose greater ESG risks or to influence companies to become more sustainable. One active area of research at present involves assessing portfolio risk exposure to climate change. This literature review focuses on institutional investors, which have grown in importance such that they have now become the largest holders of shares in public companies globally. Historically, institutional investors tended to concentrate their ESG efforts mostly on corporate governance (the “G” in ESG). These efforts included seeking to eliminate provisions that restrict shareholder rights and enhance managerial power, such as staggered boards, supermajority rules, golden parachutes, and poison pills. Highlights from this section: · There is no consensus on the exact list of ESG issues and their materiality. · The ESG issue that gets the most attention from institutional investors is climate change, in particular their portfolio companies’ exposure to carbon risk and “stranded assets.” · Investors should be positioning themselves for increased regulation, with the regulatory agenda being more ambitious in the European Union than in the United States. Readers might come away from this survey skeptical about the potential for ESG investing to affect positive change. I prefer to characterize the current state of the literature as having a “healthy dose of skepticism,” with much more remaining to be explored. Here, I hope the reader comes away with a call to action. For the industry practitioner, I believe that the investment industry should strive to achieve positive societal goals. CFA Institute provides an exemplary case in its Future of Finance series (www.cfainstitute.org/research/future-finance). For the academic community, I suggest we ramp up research aimed at tackling some of the open questions around the pressing societal goals of ESG investing. I am optimistic that practitioners and academics will identify meaningful ways to better harness the power of global financial markets for addressing the pressing ESG issues facing our society.
