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When Financial Institutions are Large Shareholde

主讲人:李东辉  博士
    澳大利亚新南威尔士大学
 
题 目:When Financial Institutions are Large Shareholders ? The Role of Macro Corporate Governance Environments
 
时 间:2005年4月1日(星期四)下午3:30-5:00
 
地 点:北京大学中国经济研究中心万众楼小教室
 
工作语言:中文
 
联系电话:62751475
 
演讲简介

  We compare institutional shareholding patterns across countries and find vast differences in the extent to which institutions are large shareholders. More importantly, we find these variations are largely determined by macro corporate governance characteristics such as shareholder protection, law enforcement and corporate disclosure requirements. Strong macro governance environments act to strengthen intervention ability and reduce monitoring costs such that institutions hold more concentrated equity positions to maximize their payoff from monitoring activities.

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