Distracted passive institutional shareholders and firm transparency
Tài liệu tham khảo
Admati, 2009, The “Wall Street Walk” and shareholder activism: Exit as a form of voice, Review of Financial Studies, 22, 2645, 10.1093/rfs/hhp037
Ali, 2008, The limitations of industry concentration measures constructed with Compustat data: Implications for finance research, The Review of Financial Studies, 22, 3839, 10.1093/rfs/hhn103
Anderson, 2009, Founders, heirs, and corporate opacity in the United States, Journal of Financial Economics, 92, 205, 10.1016/j.jfineco.2008.04.006
Appel, 2016, Passive investors, not passive owners, Journal of Financial Economics, 121, 111, 10.1016/j.jfineco.2016.03.003
Armstrong, 2014, Do independent directors cause improvements in firm transparency?, Journal of Financial Economics, 113, 383, 10.1016/j.jfineco.2014.05.009
Armstrong, 2010, The role of information and financial reporting in corporate governance and debt contracting, Journal of Accounting and Economics, 50, 179, 10.1016/j.jacceco.2010.10.001
Baker, 2013, Chapter 5 - behavioral corporate finance: An updated survey, Vol. 2, 357
Barber, 2008, All that glitters: The effect of attention and news on the buying behavior of individual and institutional investors, The Review of Financial Studies, 21, 785, 10.1093/rfs/hhm079
Barry, 1985, Differential information and security market equilibrium, Journal of Financial and Quantitative Analysis, 20, 407, 10.2307/2330758
Basu, R. S., Pierce, S., & Stephan, A. (2017). The effect of investor inattention on voluntary disclosure. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3071399.
Boone, 2015, The effect of institutional ownership on firm transparency and information production, Journal of Financial Economics, 117, 508, 10.1016/j.jfineco.2015.05.008
Botosan, 2004, The role of information precision in determining the cost of equity capital, Review of Accounting Studies, 9, 233, 10.1023/B:RAST.0000028188.71604.0a
Bushee, 2001, Do institutional investors prefer near-term earnings over long-run value?, Contemporary Accounting Research, 18, 207, 10.1506/J4GU-BHWH-8HME-LE0X
Crane, 2016, The effect of institutional ownership on payout policy: Evidence from index thresholds, Review of Financial Studies, 29, 1377, 10.1093/rfs/hhw012
Corwin, 2008, Limited attention and the allocation of effort in securities trading, The Journal of Finance, 63, 3031, 10.1111/j.1540-6261.2008.01420.x
D'Souza, 2010, The interdependence between institutional ownership and information dissemination by data aggregators, The Accounting Review, 85, 159, 10.2308/accr.2010.85.1.159
Datta, 2013, Product market power, industry structure, and corporate earnings management, Journal of Banking & Finance, 37, 3273, 10.1016/j.jbankfin.2013.03.012
Dellavigna, 2009, Investor inattention and Friday earnings announcements, The Journal of Finance, 64, 709, 10.1111/j.1540-6261.2009.01447.x
Diamond, 1991, Disclosure, liquidity, and the cost of capital, The Journal of Finance, 46, 1325, 10.1111/j.1540-6261.1991.tb04620.x
Fama, 1980, Agency problems and the theory of the firm, The Journal of Political Economy, 288, 10.1086/260866
Fich, 2015, Motivated monitors: The importance of institutional investors׳ portfolio weights, Journal of Financial Economics, 118, 21, 10.1016/j.jfineco.2015.06.014
Gao, 2013, Informational feedback, adverse selection, and optimal disclosure policy, Journal of Accounting Research, 51, 1133, 10.1111/1475-679X.12019
Gibbons, 1992, Optimal incentive contracts in the presence of career concerns: Theory and evidence, Journal of Political Economy, 100, 468, 10.1086/261826
Gillan, 2000, Corporate governance proposals and shareholder activism: The role of institutional investors, Journal of Financial Economics, 57, 275, 10.1016/S0304-405X(00)00058-1
Grossman, 1980, Takeover bids, the free-rider problem, and the theory of the corporation, The Bell Journal of Economics, 42, 10.2307/3003400
Guercio, 1999, The motivation and impact of pension fund activism, Journal of Financial Economics, 52, 293, 10.1016/S0304-405X(99)00011-2
Hansen, 1999, Threshold effects in non-dynamic panels: Estimation, testing, and inference, Journal of Econometrics, 93, 345, 10.1016/S0304-4076(99)00025-1
Healy, 1999, Stock performance and intermediation changes surrounding sustained increases in disclosure, Contemporary Accounting Research, 16, 485, 10.1111/j.1911-3846.1999.tb00592.x
Holmström, 1999, Managerial incentive problems: A dynamic perspective, The Review of Economic Studies, 66, 169, 10.1111/1467-937X.00083
Iliev, 2015, Are mutual funds active voters?, Review of Financial Studies, 28, 446, 10.1093/rfs/hhu062
Investment Company Institute, 2014. 2014 Investment Company Fact Book, 54th edition. Washington, DC.
ISS, 2014. Best practice principles for providers of shareholder voting research and analysis. 〈http://www.issgovernance.com/file/duediligence/BPP-ISS-ComplianceStatement-1406010.pdf〉. Accessed September 30, 2014.
Kempf, 2017, Distracted shareholders and corporate actions, Review of Financial Studies, 30, 1660, 10.1093/rfs/hhw082
Khan, 2017, Institutional ownership and corporate tax avoidance: New evidence, The Accounting Review, 92, 101, 10.2308/accr-51529
Kuang, 2014, CEO origin and accrual-based earnings management, Accounting Horizons, 28, 605, 10.2308/acch-50810
Lemma, 2018, Institutional ownership, product market competition, and earnings management: Some evidence from international data, Journal of Business Research, 90, 151, 10.1016/j.jbusres.2018.04.035
Leuz, 2000, The economic consequences of increased disclosure, Journal of Accounting Research, 38, 91, 10.2307/2672910
Li, B., Liu, Z., & Wang, E. R. (2016). When Dedicated Investors Are Distracted: The Effect of Institutional Monitoring on Corporate Tax Avoidance. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2801559.
Liu, C. Y., Low, A., Masulis, R. W., & Zhang, L. (2017). Monitoring the Monitor: Distracted Institutional Investors and Board Governance. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2934755.
Lo, 2004, Asset prices and trading volume under fixed transactions costs, Journal of Political Economy, 112, 1054, 10.1086/422565
Matvos, 2010, Heterogeneity and peer effects in mutual fund proxy voting, Journal of Financial Economics, 98, 90, 10.1016/j.jfineco.2010.03.014
McCahery, 2016, Behind the scenes: The corporate governance preferences of institutional investors, The Journal of Finance, 71, 2905, 10.1111/jofi.12393
Lemma, 2015, Corruption, debt financing and corporate ownership, Journal of Economic Studies, 42, 433, 10.1108/JES-02-2013-0029
Roberts, 2013, Chapter 7 - Endogeneity in Empirical Corporate Finance1, Vol. 2, 493
Rubin, 2007, Ownership level, ownership concentration and liquidity, Journal of Financial Markets, 10, 219, 10.1016/j.finmar.2007.04.002
Shleifer, 1986, Large Shareholders and Corporate Control, Journal of Political Economy, 94, 461, 10.1086/261385