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Investor Protection and Corporate Valuation 总被引:127,自引:0,他引:127
Rafael La porta Florencio Lopez-De-Silanes rei Shleifer & Robert Vishny 《The Journal of Finance》2002,57(3):1147-1170
We present a model of the effects of legal protection of minority shareholders and of cash-flow ownership by a controlling shareholder on the valuation of firms. We then test this model using a sample of 539 large firms from 27 wealthy economies. Consistent with the model, we find evidence of higher valuation of firms in countries with better protection of minority shareholders and in firms with higher cash-flow ownership by the controlling shareholder. 相似文献
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Contrary to popular perception, Russia entered the transition with significant inequality. Using the large Russian Longitudinal Monitoring Survey dataset, we demonstrate that inequality has subsequently risen yet further and by end-1996 was roughly comparable to inequality in Mexico, Colombia or Malaysia. Driving this increase has been not only wealth transfers through privatization but also changes in government expenditure and a sharp growth in earnings dispersion. There has been a large, associated shift in the structure of income. The paper also looks at the incidence and depth of poverty over the period 1992-96. At the start of transition, roughly half the population of households fell below the poverty line. While this has subsequently declined, at end-1996 nearly 40 per cent of households were below the poverty line and a substantial stratum of households were locked in chronic poverty. 相似文献
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We develop and test a statistical model to identify Australian general insurers experiencing financial distress over the 1999–2001 period. Using a logit model and two measures of financial distress we are able to predict, with reasonable confidence, the insurers more likely to be distressed. They are generally small and have low return on assets and cession ratios. Relative to holdings of liquid assets they have high levels of property and reinsurance assets, and low levels of equity holdings. They also write more overseas business, and less motor insurance and long‐tailed insurance lines, relative to fire and household insurance. 相似文献
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Agency Problems and Dividend Policies around the World 总被引:62,自引:0,他引:62
Rafael La Porta Florencio Lopez-de-Silanes rei Shleifer & Robert W. Vishny 《The Journal of Finance》2000,55(1):1-33
This paper outlines and tests two agency models of dividends. According to the "outcome model," dividends are paid because minority shareholders pressure corporate insiders to disgorge cash. According to the "substitute model," insiders interested in issuing equity in the future pay dividends to establish a reputation for decent treatment of minority shareholders. The first model predicts that stronger minority shareholder rights should be associated with higher dividend payouts; the second model predicts the opposite. Tests on a cross section of 4,000 companies from 33 countries with different levels of minority shareholder rights support the outcome agency model of dividends. 相似文献
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The Australian Prudential Regulation Authority's (APRA's) supervisors use expert judgment to rate the risk of failure of general insurers (GIs). Using statistical data, we model the determinants of GI ratings and solvency cover and find: (1) sufficient predictive power in statistical data to identify GIs for earlier review and assist in quality assurance of APRA's ratings and (2) that profitability, solvency cover, investment, and underwriting risk play different roles in rating foreign branch and Australian-incorporated GIs. We conclude that supervisors generally correctly incorporate our a priori expectations of the effects of risk indicators on GI risk into their ratings. 相似文献
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