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This paper explores the effects of different types of bank ownership concentration on changes in bank risk during acquisition years. Using multi-country data from 2000 to 2006, during which market failures caused by various crises and government interventions are less influential to acquisition decisions, we collect 505 banking acquisition deals from 23 countries to examine which type of ownership concentration (such as financial intermediary, capital investor, non-financial, and state ownership) brings larger changes to an acquirer’s risk from pre-acquisition year to post-acquisition year (including non-performing loans, capital adequacy ratio, loan loss reserve, and credit rating). The empirical analyses show that acquirer banks with a concentration of shares owned by financial intermediaries and non-financial firms experience larger risk changes during acquisition years. In contrast, the risk changes of acquirer banks with a concentration of capital investors and state ownership are lower. Robustness checks from the random effect estimation, instrumental variables model, reverse causality, and different subsamples of (non-)U.S. or different levels of regulation enforcement confirm these results. 相似文献
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本文在一个内生经济增长的OLG模型框架下研究现收现付制的公共养老保险计划对个人消费和储蓄的长期影响。分析表明,公共养老保险对个人消费和储蓄有着不同的影响。存在家庭内部赡养的情况下,适度规模的公共养老保险基金不会降低个人储蓄率,而通过降低生育率,提高个人消费。较大规模的公共养老保险基金则先后挤出个人储蓄和消费水平。 相似文献
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We investigate the effect of ownership structure on initial public offering (IPO) valuation in the Taiwanese market, in which many large shareholders exert control through pyramidal structures and cross-shareholdings with voting rights that are in excess of cash flow rights. Our analysis indicates that outside shareholders incorporate the effect of potential expropriation by entrenched large shareholders in valuing an IPO, since a deviating voting-cash structure is negatively associated with the valuation metric at both the offer and initial secondary market prices relative to the corresponding intrinsic value. We also show that a deviating voting-cash structure correlates negatively with IPO underpricing. 相似文献
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We find that agency problems are embedded in firm’s excess and abnormal equity investments that are mainly dictated by controlling
shareholder’s motives and ethical choices manifested in ownership and board structure. The excess equity investment is gauged
with respect to industry average. The abnormal equity investment is specifically referred to the number of nominal investment
companies that are fully controlled by the controlling owners while subject to little governance. Our empirical evidences
of 345 Taiwanese non-financial listed firms show that firm’s excess and abnormal equity investments are negatively correlated
with controlling shareholder’s cash flow rights while are positively correlated with the control–cash flow deviation, and
board affiliation. The results are supportive of the positive incentive hypothesis and the negative entrenchment hypothesis
put forth by La Porta et al. (2002, Journal of Finance
57, 1147–1171) and Claessen et al. (2002, Journal of Finance
57, 2741–2742). The negative relation between equity investment and firm’s value further supports the agency postulation that
corporate excess and abnormal equity investments represent a leeway for controlling shareholder to exploit wealth of minority
shareholders. This study potentially contributes to the literature of business ethics by portraying an empirically testable
linkage from controlling owner’s ethical choices to his actions and therefore firm’s value.
Yin-Hua Yeh, Ph.D., is Professor and Director of the Graduate Institute of Finance at Fu-Jen Catholic University (FJU) in
Taiwan. He is also the Director of the Center for Corporate Governance and Business Ethics at FJU. His main research and teaching
areas are corporate governance, corporate finance, and merger and acquisition.
Tsun-Siou Lee, Ph.D., is Professor of Finance at National Taiwan University. His main research and teaching areas are corporate
governance, futures and options, and financial innovation.
Pei-Gi Shu, Ph.D., is Professor of Business Administration at Fu-Jen Catholic University in Taiwan. He is also the Vice Dean
of Management College at FJU. His main research and teaching areas are mutual funds and behavioral finance. 相似文献
5.
Does Trading Improve Individual Investor Performance? 总被引:2,自引:0,他引:2
Shu Pei-Gi Chiu Shean-Bii Chen Hsuan-Chi Yeh Yin-Hua 《Review of Quantitative Finance and Accounting》2004,22(3):199-217
From 52,649 accounts and 10,615,117 transaction records obtained from a renowned brokerage house in Taiwan we find that individual investors purchase 73.4% and sell 64.5% of their stock portfolios each month. This is more than ten times the statistics for their U.S. counterparts. In general, individual investors have positive abnormal returns from factor-based models. However, they would have earned higher returns from following a buy-and-hold strategy. We find a U-shaped rather than a monotonic turnover and performance relation. The results do not support the overconfidence argument proposed by Barber and Odean (2000, 2001) nor does the rational model of Grossman and Stiglitz (1980). We find that investors with large portfolio values tend to be informed traders whose excess trading does create performance value. We also investigate whether men are more overconfident than women and find that even though men trade more excessively than women, men's performance measures are not dramatically lower than women's. Specifically, the own-benchmark adjusted gross return for men is higher than that for women. The regression results indicate that electronic traders rather than men are overconfident. 相似文献
6.
Pei-Gi Shu Yin-Hua Yeh Shean-Bii Chiu Fu-Sheng Ho 《Review of Quantitative Finance and Accounting》2011,36(4):533-554
The main purpose of this paper to examine how the reputation effect of venture capital (VC) is associated with the initial
return and ex-post performance of its invested IPO firms. In this paper, we use 267 Taiwanese IPO firms in 1994–2007 periods
and find that VC-backed firms outperform non-VC-backed firms in terms of ex-post equity market-to-book ratio, ROA and R&D
expenditure ratio. For those VC-backed IPOs, reputable VC-backed firms outperform mediocre VC-backed ones. Moreover, among
the four proxies of VC reputation, the market share with respect to total IPO proceeds is most promising in explaining IPO
firms’ ex-post performance. The overall result confirms the reputation effect associated with VC. 相似文献
7.
In this study we explore how corporate governance affects the level of related-party transactions (RPTs) and how it moderates the motives of using RPTs in Taiwan, an ownership-concentrated economy. The empirical results show that good corporate governance is effective in constraining RPTs with the negative relation being sustainable across different measures of RPTs (raw, residual and industry-adjusted RPTs) and across different types of RPTs (related sales, lending and guarantee, and related borrowings). The propping-up hypothesis indicates that the level of related sales is positively correlated with the condition that firms plan to issue seasoned equity next period and the condition of a decrease in the reported earnings. The internal capital market hypothesis indicates that the level of related lending and guarantee (related borrowing) is negatively (positively) correlated with the condition of an increase in capital expenditure and an increase in net working capital. The empirical results lend partial support to the two hypotheses. More importantly, we find that corporate governance moderates the relation between the motives and the level of RPTs. 相似文献
8.
产业政策研究的新进展——中国工业经济学会2007年年会学术观点综述 总被引:2,自引:0,他引:2
本文对中国工业经济学会2007年年会暨“产业政策:反思与评价”研讨会的主要学术观点进行了综述。涉及产业政策理论、区域和国际比较、产业规制政策研究等前沿内容,反映了当前产业经济学研究中关于产业政策研究的新进展。 相似文献
9.
Yeh Yin-Hua Lee Tsun-siou Pen Jen-fu 《Review of Quantitative Finance and Accounting》2002,18(3):239-257
In most countries where firms list separate shares for trading by foreign and domestic investors, the prices of the foreign shares tend to be higher. In China, the reverse tends to be true. In this paper, we would like to focus on the information content in lagged premiums of Chinese A over B traded shares. The lagged premiums are found to have certain predictive power over the future returns and volatility of both A and B shares, with some interesting patterns. Specifically, an increase in the premium ratio of A shares will be followed by a rise in the return of A shares and a fall in the return of B shares. It is found that both of the investors in Chinese A- and B-share markets reveal positive feedback trading behavior. Moreover, the liquidity and information availability will affect the magnitude of such behavior especially in B-share markets. By using multivariate GARCH model, it is also demonstrated that the unexpected changes in the premium ratio of A-share price over B-share price contribute to the return volatility of both A shares and B shares. These patterns may provide foundations for the development of pricing models for equity shares under market segmentation. 相似文献
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