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Departamentos de relações com investidores no Brasil : uma análise dos efeitos de suas estruturas e atividades Porto Alegre 2012

Reiter, Nayana
Fonte: Universidade Federal do Rio Grande do Sul Publicador: Universidade Federal do Rio Grande do Sul
Tipo: Dissertação Formato: application/pdf
POR
Relevância na Pesquisa
36.52%
O aumento do valor de mercado e da liquidez em bolsa das ações e a expansão da cobertura de analistas e da participação de investidores institucionais são apontados na literatura como metas centrais dos programas de Relações com Investidores - RI. Os resultados de estudos internacionais apontaram relação significativa entre características dos programas de RI das companhias e a consecução destas metas. Entretanto, para o cenário brasileiro, as pesquisas sobre relações com investidores em sua maioria tomam o formato de questionários e visam avaliar a estrutura e o valor das RI na percepção dos profissionais da área e do mercado. Pouco realmente se sabe sobre os efeitos das RI no comportamento das ações das empresas brasileiras. Portanto, o objetivo deste estudo é verificar se a estrutura e as atividades de relações com investidores são realmente fatores determinantes da valorização das ações, liquidez em bolsa, cobertura de analistas e participação de investidores institucionais para as companhias abertas brasileiras. Os resultados encontrados apontam que as características dos departamentos de RI tem impacto indireto na liquidez das ações, através da expansão da cobertura de analistas e do número de investidores institucionais. O número de funcionários do departamento de RI apareceu como determinante importante tanto da cobertura de analistas quanto da participação de investidores institucionais. Já a qualidade das relações com investidores e o fato da empresa possuir um diretor exclusivo de RI apareceram como fatores explicativos importantes da cobertura de analistas. A principal contribuição deste trabalho é a de analisar uma questão até então negligenciada pela literatura acadêmica brasileira...

Blockholders presence, identity and institutional context. Are they relevant for firm value?

Sacramento, Mário; Moreira, António Carrizo; Vieira, Elisabete F. Simões
Fonte: Inderscience Publicador: Inderscience
Tipo: Artigo de Revista Científica
ENG
Relevância na Pesquisa
36.55%
This study analyses the relationship between ownership concentration and firm value. Our findings, based on a dynamic panel data analysis, show that there is a quadratic relationship between the company’s value and its ownership concentration. Additionally, our evidence suggests that for countries where investor protection is low, the relationship follows an inverted ‘U’ shape, while for countries where investor protection is high, the relationship is positive and nearly linear. Moreover, the influence of blockholders depends on their identity. This paper highlights the superior performance of family firms in controlling agency problems, a situation which contrasts vis-à-vis institutional shareholders. Finally, we report that the family effect is nonlinear. Indeed the positive effect starts to taper off at around 30% of ownership being somewhat smaller and less statistically significant between 30% and 50% of ownership. Moreover, in contrast to recent studies, the family effect is more pronounced in majority-controlled firms.

An Industry in the Making: The Emergence of Institutional Elder Care in Urban China

Feng, Zhanlian; Zhan, Heying Jenny; Feng, Xiaotian; Liu, Chang; Sun, Mingyue; Mor, Vincent
Fonte: PubMed Publicador: PubMed
Tipo: Artigo de Revista Científica
EN
Relevância na Pesquisa
36.48%
Demographic shifts in China pose unprecedented challenges in the care of a rapidly growing older population. Sporadic reports suggest the recent emergence of institutional elder care in China, but little is currently known about this phenomenon. This study documents the growth, ownership, financing, staffing, and resident characteristics of elder care institutions using survey data collected in 2009 from Nanjing, China, supplemented with government registry data from seven additional major Chinese cities. Between one-half and two-thirds of facilities operating in these cities were founded in the last decade, primarily in the non-government sector. In Nanjing, government ownership dominated homes built before 1990 (96%) but was increasingly rare in the 1990s (60%) and in the 2000s (23%), a pattern observed in the other seven cities as well. In Nanjing, the average home now draws more than 80% of its daily operating revenues from private-pay or other non-government sources, and this share increases sharply with the recency of facility establishment. The majority (85%) of non-government-owned homes are receiving ongoing per-bed subsidies from the government. The lack of clinical staff characterizes the majority of study facilities; most care staff are rural migratory workers. There is considerable variability across facilities in the case-mix of residents in terms of functional dependence and acuity levels. These findings portray the emergence and rapid growth of a nascent industry of institutional long-term care in urban China and a fundamental shift in institutional ownership...

Innovation and Institutional Ownership

Zingales, Luigi; Reenen, John Van; Aghion, Philippe
Fonte: National Bureau of Economic Research Publicador: National Bureau of Economic Research
Tipo: Artigo de Revista Científica
EN_US
Relevância na Pesquisa
66.64%
We find that institutional ownership in publicly traded companies is associated with more innovation (measured by cite-weighted patents). To explore the mechanism through which this link arises, we build a model that nests the lazy-manager hypothesis with career-concerns, where institutional owners increase managerial incentives to innovate by reducing the career risk of risky projects. The data supports the career concerns model. First, whereas the lazy manager hypothesis predicts a substitution effect between institutional ownership and product market competition (and managerial entrenchment generally), the career-concern model allows for complementarity. Empirically, we reject substitution effects. Second, CEOs are less likely to be fired in the face of profit downturns when institutional ownership is higher. Finally, using instrumental variables, policy changes and disaggregating by type of owner we find that the effect of institutions on innovation does not appear to be due to endogenous selection.; Economics

The Ownership and Trading of Debt Claims in Chapter 11 Restructurings

Ivashina, Victoria; Iverson, Benjamin; Smith, David C.
Fonte: Elsevier Publicador: Elsevier
Tipo: Artigo de Revista Científica
EN_US
Relevância na Pesquisa
36.55%
What is the ownership structure of bankrupt debt claims? How does the ownership evolve though bankruptcy? And how does debt ownership influence Chapter 11 outcomes? To answer these questions, we construct a data set that identifies the entire capital structure for 136 companies filing for U.S. Chapter 11 bankruptcy protection between 1998 and 2009 and that covers over 71,000 different investors. We categorize the investors in the capital structure of bankrupt firms according to their institutional type and track them from the initial filing until the vote on the plan of reorganization. We document several novel facts about the role of different institutional investors, the impact of debt ownership concentration, and the role of trading in bankruptcy. We find that trading during the case leads to higher concentration of ownership, particularly among debt claims that are eligible to vote on the bankruptcy plan of reorganization. Active investors, including hedge funds, are the largest net buyers of claims in bankruptcy. While initial ownership concentration is important for coordination of a prearranged bankruptcy filing, it is consolidation of ownership during bankruptcy—and specifically consolidation of ownership of voting classes—that has an impact on the speed of restructuring...

A Tale of Two Provinces: The Institutional Environment and Foreign Ownership in China

Huang, Yasheng; Di, Wenhua
Fonte: MIT - Massachusetts Institute of Technology Publicador: MIT - Massachusetts Institute of Technology
Tipo: Trabalho em Andamento Formato: 382633 bytes; application/pdf
EN_US
Relevância na Pesquisa
36.6%
In this paper, we use a unique dataset covering joint ventures in two provinces of China, Jiangsu and Zhejiang, to test the effect of the institutional environment for domestic private firms on ownership structures of FDI projects. Unlike many studies on this subject, we approach the issue from the perspective of local firms seeking FDI rather than from the perspective of foreign firms seeking to invest in China. Applying the prevailing bargaining framework in studies on ownership structures of FDI projects, we find that a more liberal institutional environment for domestic private firms is associated with less foreign ownership of the joint ventures operating there. Several mechanisms can contribute to this outcome. One is that a more liberal institutional environment may enhance the bargaining power of those domestic firms negotiating with foreign firms to form alliances (the capability effect). The other mechanism is that a more liberal institutional environment may reduce some of the auxiliary benefits associated with FDI - such as greater property rights granted to foreign investors - and thereby attenuate incentive to form alliances with foreign firms (the incentive effect).

Effects of Privatization and Ownership in Transition Economies

Estrin, Saul; Hanousek, Jan; Kocenda, Evzen; Svejnar, Jan
Fonte: Banco Mundial Publicador: Banco Mundial
Relevância na Pesquisa
36.83%
The paper evaluates the effects of privatization in the post-communist economies and China. In post-communist economies privatization to foreign owners results in a rapid improvement in performance of firms, while performance effects of privatization to domestic owners are less impressive and vary across regions, coinciding with differences in policies and institutional development. In China relatively more estimates suggest that privatization to domestic owners improves the level of performance. Concentrated private ownership has a stronger positive effect on performance than dispersed ownership in the post-communist economies, but foreign joint ventures rather than wholly owned foreign firms have a positive effect in China. Worker or collective ownership does not have a negative effect. In the post-communist economies new firms are equally or more efficient than firms privatized to domestic owners, and foreign start-ups are more efficient than domestic ones. Privatization is not associated with lower employment. When accompanied by complementary reforms...

The Foundations of Financial Inclusion : Understanding Ownership and Use of Formal Accounts

Allen, Franklin; Demirguc-Kunt, Asli; Klapper, Leora; Peria, Maria Soledad Martinez
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
EN_US
Relevância na Pesquisa
36.49%
Financial inclusion -- defined here as the use of formal accounts -- can bring many welfare benefits to individuals. Yet we know very little about the factors underpinning financial inclusion across individuals and countries. Using data for 123 countries and over 124,000 individuals, this paper tries to understand the individual and country characteristics associated with the use of formal accounts and what policies are effective among those most likely to be excluded: the poor and rural residents. The authors find that greater ownership and use of accounts is associated with a better enabling environment for accessing financial services, such as lower account costs and greater proximity to financial intermediaries. Policies targeted to promote inclusion -- such as requiring banks to offer basic or low-fee accounts, exempting some depositors from onerous documentation requirements, allowing correspondent banking, and using bank accounts to make government payments -- are especially effective among those most likely to be excluded. Finally...

Ownership Structure and Initial Public Offerings

Aggarwal, Reena; Klapper, Leora
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
EN_US
Relevância na Pesquisa
36.42%
The authors study the relationship between ownership structure, corporate governance, and the initial public offering (IPO) process. They examine equity ownership by different institutions, such as foreign and domestic financial institutions, banks with and without lending relationships, venture capitalists, and corporations prior to an IPO. The authors also analyze the relationship between ownership structure and corporate governance. They use a unique dataset of 152 Indian IPOs during the period 1999-2001 to analyze ownership of shares by main groups of shareholders. The authors find a relationship between ownership structure and firm-specific factors such as sales, leverage, and profitability, and IPO characteristics such as percentage of equity locked up, gross proceeds, and exchange of listing. There is also a strong relationship between ownership by different types of institutions. Ownership is also tied to bank lending relationships. Finally, the authors find strong relationships between ownership types and corporate governance. For example...

The Relationship between Price Momentum and Institutional Ownership

Chen, J.L.
Fonte: Universidade de Adelaide Publicador: Universidade de Adelaide
Tipo: Conference paper
Publicado em //2009 EN
Relevância na Pesquisa
46.29%
This paper tests whether momentum is related to the institutional holding level. The empirical evidence shows that when controlled for the effect of firm size, momentum profits are positively related to institutional holdings. Moreover, this relationship seems to be stronger in small-capitalization firms. The result is consistent with previous literature that institutional investors tend to herd and have positive-feedback trading in smaller firms. Our finding suggests that investors could choose smaller firms with higher institutional holdings to achieve higher momentum profits. Furthermore, we find that the change of institutional holding is positively related to next quarter’s return, which is consistent with the hypothesis that institutional investors are better informed than individual investors.; Jiun-Lin Chen

Strengthening Inclusive Ownership through Capacity Development; Operational Lessons from Case Studies

Balbo Di Vinadio, Tommaso; Sinha, Priyanka; Sachdeva, Paramjit
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Working Paper; Publications & Research :: Working Paper; Publications & Research
ENGLISH; EN_US
Relevância na Pesquisa
36.53%
Ownership of development goals and priorities by local stakeholders is widely viewed as a critical factor impacting development effectiveness and achievement of the Millennium Development Goals (MDGs). The 2008 Accra Agenda for Action identifies the concept as one of inclusive ownership, involving parliaments, local authorities and civil society organizations (CSOs), as well as governments. The importance and challenges of building such broad-based ownership across society were a key discussion topic at the Fourth High Level Forum on Aid Effectiveness in November 2011 at Busan. This study aims to generate deeper operational knowledge on what can be done to foster inclusive ownership; its initial findings were presented at Busan. This study involves a retrospective review of a small sample of cases. From these cases it is possible to demonstrate that inclusive ownership, when considered in terms of the operational dimensions examined in the study, can improve as a result of strategic capacity development efforts. It also shows how using an analytic lens such as the CDRF...

The Importance of Stakeholder Ownership for Capacity Development Results

Smithers, Nicola
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Working Paper; Publications & Research :: Working Paper; Publications & Research
ENGLISH; EN_US
Relevância na Pesquisa
36.6%
Capacity development is widely accepted as critical to achieving the Millennium Development Goals (MDG) and other development outcomes, but the results from capacity development initiatives have often been disappointing. This challenge signifies the urgent need to advance capacity development knowledge and practice. As a contribution to addressing this challenge, the World Bank Institute (WBI) has developed a strategic, country-led and approach to results focused capacity development, which involves collective action across society and an emphasis throughout on achieving results. The conceptual framework and processes for WBI’s approach are captured in the Capacity Development and Results Framework (CDRF) (Otoo, Agapitova and Behrens 2009). The focus of this paper is on the strength of stakeholder ownership. Drawing on a review of recent studies, literature and relevant examples, this paper seeks to deepen understanding of the importance of stakeholder ownership and its contributing institutional characteristics to achieving development goals. The paper identifies future collaborative research that would shed light on which change strategies are likely to be most effective in strengthening stakeholder ownership in different contexts.

Assessing Borrower Ownership Using Reform Readiness Analysis; Evaluar la identificacion de los prestatarios mediante el analisis de preparacion para la reforma

Morrow, Daniel
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Brief; Publications & Research
ENGLISH
Relevância na Pesquisa
36.53%
The succesful selection and design of Bank lending operations involving policy reforms depends on the World Bank's capacity to assess borrower ownership. The Bank must know whether there is sufficient ownership to justify lending and, if not, how to work with the government to build broader ownership as a prerequisite for lending. This Note surveys the tools that the Bank has typically used to assess borrower ownership, recommends a promising new assessment instrument called reform readiness analysis, and describes how to use this new instrument. The Note also discusses how the Bank might contribute to building ownership.

How Well Do Institutional Theories Explain Firms’ Perceptions of Property Rights?

Ayyagari, Meghana; Demirgüç-Kunt, Asli; Maksimovic, Vojislav
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
ENGLISH
Relevância na Pesquisa
36.62%
The authors examine how well several institutional and firm-level factors and their interactions explain firms' perceptions of property rights protection. Their sample includes private and public firms that vary in size from very small to large in 62 countries. Together, the institutional theories they investigate account for approximately 70 percent of the country-level variation, indicating that the literature is addressing first-order factors. Firm-level characteristics such as legal organization and ownership structure are comparable to institutional factors in explaining variation in property rights protection. A country's legal origin and formalism index predict property rights variation better than its openness to international trade, its religion, its ethnic diversity, natural endowments or its political system. However, these results are driven by the inclusion of former socialist economies in the sample. When the authors exclude the former socialist economies, legal origin explains considerably less than openness to trade and endowments. Examining a broader set of variables for robustness, they again find that when they exclude former socialist countries, legal origin explains comparatively little of the variation in perceptions of judicial efficiency...

State Ownership: A Residual Role?

Perotti, Enrico
Fonte: World Bank, Washington, D.C. Publicador: World Bank, Washington, D.C.
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
ENGLISH; EN_US
Relevância na Pesquisa
36.55%
The author reviews the state of thinking on the governance role of state ownership. He argues that a gradual transfer of operational control and financial claims over state assets remains the most desirable goal, but it needs to be paced to avoid regulatory capture, and the capture of the privatization process itself. In addition, the speed of transfer should be timed on the progress in developing a strong regulatory governance system, to which certain residual rights of intervention must be vested. In many countries institutional weakness limits regulatory capacity and reliability, yet the author's conclusion is that in such environments, maintaining state control undermines the very emergence of institutional capacity, and so the balance should tip toward progressively less direct state control. After all, what are "institutions" if not governance mechanisms with some degree of autonomy from both political and private interests? The gradual creation of institutions partially autonomous from political power must become central to the development of an optimal mode of regulatory governance. The author offers some suggestions about creating maximum accountability in regulatory governance...

Liquidity, institutional ownership and regulation fair disclosure

Lin, Ji
Fonte: Brock University Publicador: Brock University
Relevância na Pesquisa
46.62%
There is a body of academic literature addressing two issues of importance for leveling the playing field for all classes of investors: 1) the impact of institutional investors on liquidity; and 2) the impact of Regulation Fair Disclosure on institutional investors and liquidity. Our study addresses both issues with the purpose of attaining a better understanding and explanation of this relationship. We classify institutional ownership according to Bushee's (1998, 2001) methodology; transient institutions, dedicated institutions and quasi-indexers. Our results indicate that while transient institutions and quasi-indexers have a positive impact on liquidity, dedicated institutional ownership is negatively associated with liquidity. This result is consistent with prior theoretical studies. We also find that the effectiveness ofthe Regulation Fair Disclosure in improving liquidity is limited to firms with higher transient institutional ownership, whereas quasi-indexed institutions have not been significantly affected by the regulations. In fact, the liquidity of firms is lower for firms with higher dedicated institutional holdings, which is evidence of the "chilling effect".

ASYMMETRIC INFORMATION IN EMERGING MARKETS: LESSONS FROM CHINA

DING, Xiaoya
Fonte: Quens University Publicador: Quens University
Tipo: Tese de Doutorado
EN; EN
Relevância na Pesquisa
36.64%
Asymmetric information has crucial implications for various market participants in financial markets, including investors (local and foreign), firms, and governments. The information asymmetry problem is especially severe in emerging markets. My dissertation attempts to address a few information-related questions that interest both academicians and practitioners. The first study adds some new evidence to the on-going debate of whether local or foreign investors are better informed. I offer a new perspective to the issue by examining two market segments within one country but separated by the relevance of local knowledge measured by state ownership. I find that state ownership has a dramatic asymmetric effect on local and foreign institutional investors in China’s stock market. Local (foreign) institutional investors have an informational advantage in state-owned enterprises (SOEs), while foreign institutional investors have an informational advantage in non-state-owned enterprises (non-SOEs). Moreover, the informational advantage of local institutional investors is less evident in SOEs with high board independence and better audit quality. Building on these results, the second study further uses local and foreign institutional ownership as a measure of private information and examines whether firm-specific return volatility proxies for price informativeness. I find firm-specific return volatility is positively related to private information. Therefore the results support the notion that firm-specific return volatility measures the rate of private information impounded into stock prices. My research contributes to the literature in at least four important ways. My findings reconcile the two opposing views on local and foreign investors in the literature and suggest that the informational advantages of local and foreign investors vary with the relevance of local knowledge. Examining only the whole market in past research masks important variation in the relative advantages of local and foreign investors in market segments within a country. My study also suggests that taking into account firm-level characteristics...

Corporate Governance and Corporate Control: Evidence from Trading

Haddaji, Wady
Fonte: Universidade Duke Publicador: Universidade Duke
Tipo: Dissertação Formato: 374640 bytes; application/pdf
Publicado em //2009 EN_US
Relevância na Pesquisa
36.69%

In Chapter 1, I document a negative (positive) relationship between changes in large (small) blockholders' ownership and abnormal returns. The evidence in this paper suggests that an increase in the relatively large blockholders' ownership raises the consumption of private benefits while an increase in the relatively small blockholders' ownership constrains large blockholders from expropriating minority shareholders. Moreover, I find an inversely U-shaped relationship between changes in the largest blockholders' ownership and firm value. As large blockholders' ownership and control increase, the negative effect of firm value driven by expropriating minority shareholders starts to exceed the incentive benefits of monitoring by the largest blockholder. I also show that the negative relationship between changes in institutional investors' control and abnormal returns declines as analysts' following increases.

In Chapter 2, I study the role of trading as a governance mechanism. I hypothesize that governance through trading plays a significant monitoring role in practice and that engaging in "voice" and "exit" can be substitutes. I show that abnormal turnover following earnings announcements is significantly higher for firms with large institutional blockholders than for those with small individual

shareholders. For firms with majority institutional ownership...

The impact of the corporate ownership in the market value of Brazilians companies; El impacto de la estructura de propiedad en el valor de mercado de empresas brasileñas; O impacto da estrutura de propriedade no valor de mercado de empresas brasileiras

Coutinho, Eduardo Senra; Amaral, Hudson Fernandes; Bertucci, Luiz Alberto
Fonte: Universidade de São Paulo. Faculdade de Economia, Administração e Contabilidade Publicador: Universidade de São Paulo. Faculdade de Economia, Administração e Contabilidade
Tipo: info:eu-repo/semantics/article; info:eu-repo/semantics/publishedVersion; Artigo Avaliado pelos Pares Formato: application/pdf
Publicado em 01/06/2006 POR
Relevância na Pesquisa
36.5%
Extensive research has been carried out about the implications of the separation between the control and the ownership of firms which, in the vast majority, have been associated to the ownership concentration effects and the presence of insiders. More recently, research has been focused on identifying the impact of the presence of institutional investors on the firms' performance. The debate over the companies' administration emerges from the preoccupation of most investors regarding the firms' asset management and, consequently, the return on their investments. As the research in Brazil has been concentrated on verifying the characteristics of companies that have institutional investors as shareholders, this piece of work has tried to broaden the scope and identify if the presence of other segments controlling listed companies creates a detectable impact on their share return and risk, using the methodology proposed by Markowitz (1952). The study's results indicate a predominance of portfolios composed by companies controlled by family groups when compared to portfolios of companies controlled by institutional investors, governments, or without a well defined control structure.; Se han realizado diversas investigaciones sobre las consecuencias de la separación entre control y propiedad de las empresas que...

Innovation and institutional ownership

Aghion, Philippe; Van Reenen, John; Zingales, Luigi
Fonte: Centre for Economic Performance, London School of Economics and Political Science Publicador: Centre for Economic Performance, London School of Economics and Political Science
Tipo: Monograph; NonPeerReviewed Formato: application/pdf
Publicado em /02/2009 EN; EN
Relevância na Pesquisa
46.58%
We find that institutional ownership in publicly traded companies is associated with more innovation (measured by cite-weighted patents). To explore the mechanism through which this link arises, we build a model that nests the lazy-manager hypothesis with career-concerns, where institutional owners increase managerial incentives to innovate by reducing the career risk of risky projects. The data supports the career concerns model. First, whereas the lazy manager hypothesis predicts a substitution effect between institutional ownership and product market competition (and managerial entrenchment generally), the career-concern model allows for complementarity. Empirically, we reject substitution effects. Second, CEOs are less likely to be fired in the face of profit downturns when institutional ownership is higher. Finally, using instrumental variables, policy changes and disaggregating by type of owner we find that the effect of institutions on innovation does not appear to be due to endogenous selection.