The Colors of Investors' Money: The Role of Institutional Investors Around the World
The Colors of Investors' Money: The Role of Institutional Investors Around the World
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DOI：
10.2139/ssrn.885777
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发表时间：
2007-07
期刊：
影响因子：
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通讯作者：
Miguel A. Ferreira;Pedro Matos
中科院分区：
文献类型：
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作者：
Miguel A. Ferreira;Pedro Matos
我们使用27个国家的股票持有量综合数据，研究了全球机构投资者的角色。我们发现，所有机构投资者都强烈偏好大公司和治理良好的公司的股票，而外国机构往往会增持在美国交叉上市的公司和摩根士丹利资本国际世界指数(Morgan Stanley Capital International World Index)的成员。外国和独立机构持股较高的公司估值较高，经营业绩较好，资本支出较低。我们的结果表明，与公司的商业联系可能较少的外国和独立机构参与了对全球公司的监控。
We study the role of institutional investors around the world using a comprehensive data set of equity holdings from 27 countries. We find that all institutional investors have a strong preference for the stock of large firms and firms with good governance, while foreign institutions tend to overweight firms that are cross-listed in the U.S. and members of the Morgan Stanley Capital International World Index. Firms with higher ownership by foreign and independent institutions have higher firm valuations, better operating performance, and lower capital expenditures. Our results indicate that foreign and independent institutions, with potentially fewer business ties to firms, are involved in monitoring corporations worldwide.