Cross-Border Target Selection and Investor Protection Disparity
نویسندگان
چکیده
منابع مشابه
Investor Protection, Cross Listings and Opportunistic Earnings Management
This paper, based on the Brockman and Chung (2003) framework, tests the hypothesis that H-shares registered under Chinese law (with lower level of investor protection and legal enforcement) are associated with higher levels of opportunistic earnings management than local shares registered under Hong Kong law, which are traded on the same Hong Kong equity market. The results using a sample of 85...
متن کاملInvestor Protection and Asset Pricing∗
Corporations in most countries are run by controlling shareholders, who have substantially smaller cash flow rights than their control rights in the firm. This separation of ownership and control allows the controlling shareholders to pursue private benefits at the cost of outside minority investors by diverting resources away from the firm and distorting corporate investment and payout policie...
متن کاملThe Effect of Investor Protection
This paper tests the hypotheses that poor investor-protection environments lead to higher information asymmetry in security markets. We compare China-based stocks, which operate in a relatively unprotected environment, to Hong Kong-based stocks. The information component in the market friction of China stocks is shown to be up to 20% larger than that of Hong Kong-based stocks. The effect is rob...
متن کاملThe Politics of Investor Protection and Competition
External finance is critical for less established entrepreneurs, so poor investor protection can hinder competition. We model how lobbying for weaker investor protection reduces access to finance and decreases competition in countries where politicians are less accountable to voters. Weaker accountability thus produces a smaller economic elite. As empirical support for this result, in a broad p...
متن کاملBurglar Target Selection: A Cross-national Comparison.
OBJECTIVES This study builds on research undertaken by Bernasco and Nieuwbeerta and explores the generalizability of a theoretically derived offender target selection model in three cross-national study regions. METHODS Taking a discrete spatial choice approach, we estimate the impact of both environment- and offender-level factors on residential burglary placement in the Netherlands, the Uni...
متن کاملذخیره در منابع من
با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید
ژورنال
عنوان ژورنال: SSRN Electronic Journal
سال: 2009
ISSN: 1556-5068
DOI: 10.2139/ssrn.1364864