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Essays on financial markets and corp...

Zhang, Hao.

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Essays on financial markets and corporate governance.

紀錄類型:	書目-語言資料,印刷品 : Monograph/item
正題名/作者:	Essays on financial markets and corporate governance./
作者:	Zhang, Hao.
面頁冊數:	109 p.
附註:	Source: Dissertation Abstracts International, Volume: 71-07, Section: A, page: 2548.
Contained By:	Dissertation Abstracts International71-07A.
標題:	Business Administration, Management. -
電子資源:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3407988
ISBN:	9781124034683

Essays on financial markets and corporate governance.
Zhang, Hao.

Essays on financial markets and corporate governance. - 109 p.

Source: Dissertation Abstracts International, Volume: 71-07, Section: A, page: 2548.

Thesis (Ph.D.)--State University of New York at Buffalo, 2010.

My Ph.D. dissertation consists of two essays. The first essay, co-authored with my advisor Kee H. Chung, examines the relation between corporate governance and institutional ownership. Our empirical results show that the fraction of a company's shares that are held by institutional investors increases with the quality of its governance structure. In a similar vein, we show that the proportion of institutions that hold a firm's shares increases with its governance quality. Our results are robust to different estimation methods and alternative model specifications. These results are consistent with the conjecture that institutional investors gravitate to stocks of companies with good governance structure to meet fiduciary responsibility as well as to minimize monitoring and exit costs.

ISBN: 9781124034683Subjects--Topical Terms:

626628
Business Administration, Management.

Essays on financial markets and corporate governance.
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245 1 0 $a Essays on financial markets and corporate governance.
300 $a 109 p.
500 $a Source: Dissertation Abstracts International, Volume: 71-07, Section: A, page: 2548.
500 $a Adviser: Kee H. Chung.
502 $a Thesis (Ph.D.)--State University of New York at Buffalo, 2010.
520 $a My Ph.D. dissertation consists of two essays. The first essay, co-authored with my advisor Kee H. Chung, examines the relation between corporate governance and institutional ownership. Our empirical results show that the fraction of a company's shares that are held by institutional investors increases with the quality of its governance structure. In a similar vein, we show that the proportion of institutions that hold a firm's shares increases with its governance quality. Our results are robust to different estimation methods and alternative model specifications. These results are consistent with the conjecture that institutional investors gravitate to stocks of companies with good governance structure to meet fiduciary responsibility as well as to minimize monitoring and exit costs.
520 $a The second essay investigates the relation between financial analysts and the relative informational efficiency of stock prices. This study documents both a bright side and a dark side of the impact of analysts on price efficiency. Using a panel data of U.S. stocks between 2002 and 2007, we show that stocks followed by analysts with higher forecast ability, analysts with more experience, and analysts who revise their forecasts more frequently have greater price efficiency after controlling for market liquidity, institutional holding, the number of analysts, and other stock characteristics. Using a sample of analyst coverage initiation events between 2002 and 2007, we find that the improvement of price efficiency around analyst coverage initiation events is greater if the coverage is initiated by an analyst who can provide accurate earnings forecasts for other companies. On the dark side, our panel regression results indicate that stocks followed by analysts who are more likely to issue optimistic predictions have lower price efficiency. The results also show that the presence of sophisticated investors can moderate the negative impact of analyst optimism on price efficiency. Overall, these results are consistent with the conjecture that analysts can facilitate efficient price formation, but may also hurt price efficiency if they issue optimistic forecasts.
590 $a School code: 0656.
650 4 $a Business Administration, Management. $3 626628
650 4 $a Economics, Finance. $3 626650
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710 2 $a State University of New York at Buffalo. $b Finance and Managerial Economics. $3 1273036
773 0 $t Dissertation Abstracts International $g 71-07A.
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790 1 0 $a Tiu, Cristian I. $e committee member
790 $a 0656
791 $a Ph.D.
792 $a 2010
856 4 0 $u http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3407988