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Functional False Discovery Rate in Mutual Fund Performance 共同基金业绩中的功能性错误发现率
CGN: Shareholders in Corporate Governance (Topic) Pub Date : 2020-11-25 DOI: 10.2139/ssrn.3737456
Po-Hsuan Hsu, I. Kyriakou, Tren Ma, G. Sermpinis
{"title":"Functional False Discovery Rate in Mutual Fund Performance","authors":"Po-Hsuan Hsu, I. Kyriakou, Tren Ma, G. Sermpinis","doi":"10.2139/ssrn.3737456","DOIUrl":"https://doi.org/10.2139/ssrn.3737456","url":null,"abstract":"We introduce a novel multiple hypothesis testing framework for selecting outperforming mutual funds with control of luck, the functional False Discovery Rate “plus”. We show that our method, which incorporates informative covariates to estimate the false discovery rate, gains considerable power over the False Discovery Rate “plus” of Barras, Scaillet and Wermers. We experiment with five covariates that commonly affect the mutual funds’ performance by constructing portfolios that generate positive alphas. Our results confirm the informative power of the five covariates, and we demonstrate their economic value in mutual funds’ selection after controlling of luck.","PeriodicalId":429515,"journal":{"name":"CGN: Shareholders in Corporate Governance (Topic)","volume":"19 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-11-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127837254","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Do You Hear the People’s Saying? - The Voice of Individual Investors 你听到人民的呼声了吗?——个人投资者的声音
CGN: Shareholders in Corporate Governance (Topic) Pub Date : 2020-10-29 DOI: 10.2139/ssrn.3721526
Jacky Chau, Shufang Lai, Yong George Yang
{"title":"Do You Hear the People’s Saying? - The Voice of Individual Investors","authors":"Jacky Chau, Shufang Lai, Yong George Yang","doi":"10.2139/ssrn.3721526","DOIUrl":"https://doi.org/10.2139/ssrn.3721526","url":null,"abstract":"In a setting where regulators provide a curated online platform to facilitate management access by individual investors, we examine the “voice” of individual shareholders in their interaction with firm management. We find that the timing and content of online postings directed to management from individual investors are generally responsive to significant corporate events. Besides information acquisition, individual investors sometimes convey criticisms and suggestions to management. Individual investors collectively turn more active in their online engagements with management when there are signs of weaker external monitoring from institutional investors or weaker managerial incentive alignment with shareholders. Individual investors also tend to step up their engagement efforts after their followed firm experiences poor performance. Additionally, we observe increased engagements by individual investors during securities rules violations and these engagements are associated with sooner enforcement actions on the violations. Our findings suggest that, empowered by a conducive regulatory environment, individual investors could manifest active monitoring incentives when the perceived benefits are sufficiently high.","PeriodicalId":429515,"journal":{"name":"CGN: Shareholders in Corporate Governance (Topic)","volume":"105 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-10-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123525935","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 6
ESG investing, or, if you can’t beat ‘em, join ‘em ESG投资，或者，如果你不能打败他们，加入他们
CGN: Shareholders in Corporate Governance (Topic) Pub Date : 2020-10-20 DOI: 10.4337/9781789902914.00014
Anne M. Lipton
{"title":"ESG investing, or, if you can’t beat ‘em, join ‘em","authors":"Anne M. Lipton","doi":"10.4337/9781789902914.00014","DOIUrl":"https://doi.org/10.4337/9781789902914.00014","url":null,"abstract":"If corporate purpose debates concern whether corporations should operate solely to benefit their shareholders, or if instead they should operate to benefit the community as a whole, “ESG” – or, investing based on “environmental, social, and governance” factors – occupies a middle ground. Its adherents welcome shareholder power within the corporate form and accept that shareholders are the central objects of corporate concern, but argue that shareholders themselves should encourage corporations to operate with due regard for the protection of nonshareholder constituencies. This Chapter, prepared for the Research Handbook on Corporate Purpose and Personhood (Elizabeth Pollman & Robert B. Thompson, eds., Elgar), will explore the theory behind ESG, as well as the barriers to its implementation.","PeriodicalId":429515,"journal":{"name":"CGN: Shareholders in Corporate Governance (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-10-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130575542","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Market Manipulation Rules and IPO Underpricing 市场操纵规则与IPO定价过低
CGN: Shareholders in Corporate Governance (Topic) Pub Date : 2020-08-02 DOI: 10.2139/ssrn.3665602
H. N. Duong, Abhinav Goyal, Vasileios Kallinterakis, M. Veeraraghavan
{"title":"Market Manipulation Rules and IPO Underpricing","authors":"H. N. Duong, Abhinav Goyal, Vasileios Kallinterakis, M. Veeraraghavan","doi":"10.2139/ssrn.3665602","DOIUrl":"https://doi.org/10.2139/ssrn.3665602","url":null,"abstract":"Abstract Using a large sample of 13,459 initial public offerings (IPOs) from 37 countries, we find that trading rules on market manipulation reduce IPO underpricing. The effect is weaker for IPOs certified by reputable intermediaries, in countries with greater shareholder rights protection, better financial reporting quality, and after the adoption of International Financial Reporting Standards. Better trading rules on market manipulation are also related to higher IPO proceeds, subscription-level, and trading volume, lower IPO listing fees, and better long-term post-IPO performance. Our findings are consistent with the notion that exchange trading rules mitigate information asymmetry problems for investors, resulting in lower IPO underpricing.","PeriodicalId":429515,"journal":{"name":"CGN: Shareholders in Corporate Governance (Topic)","volume":"17 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-08-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125389146","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 9
Ownership Competence 拥有能力
CGN: Shareholders in Corporate Governance (Topic) Pub Date : 2020-07-01 DOI: 10.2139/ssrn.3653373
N. Foss, Peter G. Klein, Lasse B. Lien, T. Zellweger, Todd R. Zenger
{"title":"Ownership Competence","authors":"N. Foss, Peter G. Klein, Lasse B. Lien, T. Zellweger, Todd R. Zenger","doi":"10.2139/ssrn.3653373","DOIUrl":"https://doi.org/10.2139/ssrn.3653373","url":null,"abstract":"Ownership is fundamental to firm strategy, organization, and governance. Standard ownership concepts—mainly derived from agency and incomplete contracting theories—focus on its incentive effects. However, these concepts and theories neglect ownership’s role as an instrument to match judgment about resource use and governance with the firm’s evolving environment under uncertainty. We develop the concept of ownership competence—the skill with which ownership is used as an instrument to create value—and decompose it into matching competence (what to own), governance competence (how to own), and timing competence (when to own). We describe how property rights of use, appropriation, and transfer relate to the three ownership competences and show how our theory offers a fresh perspective into the role of ownership for value generation.","PeriodicalId":429515,"journal":{"name":"CGN: Shareholders in Corporate Governance (Topic)","volume":"44 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115626715","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 49
Development of Bank Innovations 银行创新的发展
CGN: Shareholders in Corporate Governance (Topic) Pub Date : 2020-06-28 DOI: 10.33152/jmphss-4.1.1
Giorgi Sulashvili, Malkhaz Sulashvili, Nino Taruashvili
{"title":"Development of Bank Innovations","authors":"Giorgi Sulashvili, Malkhaz Sulashvili, Nino Taruashvili","doi":"10.33152/jmphss-4.1.1","DOIUrl":"https://doi.org/10.33152/jmphss-4.1.1","url":null,"abstract":"Global financial crises were experienced in recent years. The bank industry became the most sensitive field regarding the financial crisis. Because the risk are associated to all banking operation regardless the crisis, therefore the financial risk management should take place daily in financial institutions. As a result the main objective of all bank are: to reduce the risk level during the crisis and to remain the residual risk after the crises period. The successful function of the national economy depends on the financial and credit policy of the country. Banks are the country's financial and credit system. The activities of banking institutions are very diverse in the economy. The bank is a division that produces and sells its products and deals with issues related to social needs. The bank is made on the basis of the profit received in the form of the socio-economic interests of the owners of the bank and its participants. Banks are especially dependent on the economic development of the national economy, ensuring economic growth in the country, determining the well-being of people, raising their standard of living and improving. Much depends on banking in modern conditions. Today, the banking system in our country offers an almost complete list of products that already exist in developed countries. One of the most important services is the service of plastic cards. The latter depends on the economic activities of banks.","PeriodicalId":429515,"journal":{"name":"CGN: Shareholders in Corporate Governance (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-06-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122066835","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 2
Availability Bias of Urban and Rural Investors: Relationship Study of the Gujarat State of India 城乡投资者可得性偏差:印度古吉拉特邦的关系研究
CGN: Shareholders in Corporate Governance (Topic) Pub Date : 2020-06-01 DOI: 10.12691/JBE-8-1-1
A. Sachan, P. Chugan
{"title":"Availability Bias of Urban and Rural Investors: Relationship Study of the Gujarat State of India","authors":"A. Sachan, P. Chugan","doi":"10.12691/JBE-8-1-1","DOIUrl":"https://doi.org/10.12691/JBE-8-1-1","url":null,"abstract":"Biases challenge ability of investors to make rational decisions. The knowledge of concentration of biases based on demographics of investors may have implications for wealth managers and policy makers. This study focuses on relationship between availability bias and urban-rural residence of individual investors. The study reports that place of residence significantly relates to availability bias. A person belonging to rural areas has higher probability to be susceptible to availability bias. Indian rural population has lower per capita incomes and has lower cushion to absorb financial losses, in such a scenario, cost of being biased is very high, for which this study implicates the requirement of credible and sufficient information sources to reduce the availability bias of investors. Wealth managers, hence, are required to develop different communication skills for rural clients in order to build consensus for optimum investment decisions.","PeriodicalId":429515,"journal":{"name":"CGN: Shareholders in Corporate Governance (Topic)","volume":"2 4","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131613760","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 2
Institutional Ownership and Governance 机构所有权和治理
CGN: Shareholders in Corporate Governance (Topic) Pub Date : 2020-01-30 DOI: 10.2139/ssrn.3530849
J. Franks
{"title":"Institutional Ownership and Governance","authors":"J. Franks","doi":"10.2139/ssrn.3530849","DOIUrl":"https://doi.org/10.2139/ssrn.3530849","url":null,"abstract":"This paper describes different forms of ownership across countries and how these forms influence the way companies are governed. In most stock markets in the world, listed companies frequently have a controlling shareholder, usually a family. However, Japan, the UK, and to a lesser extent the US, are exceptions. In these three countries, ownership is frequently highly fragmented, where share stakes are held by different institutional owners, including asset managers, both active and passive, and by shareholder activists. The paper focuses in particular on the governance structure of different institutional shareholders, how they engage with target firms, and their effectiveness. The paper concludes with recommendations for regulators to enhance different forms of ownership.","PeriodicalId":429515,"journal":{"name":"CGN: Shareholders in Corporate Governance (Topic)","volume":"376 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-01-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115970895","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 18
SRD II - New Shareholder Engagement & Transparency Obligations SRD II -新的股东参与和透明度义务
CGN: Shareholders in Corporate Governance (Topic) Pub Date : 2020-01-09 DOI: 10.2139/ssrn.3516682
Sebastiaan Niels Hooghiemstra, Hugo van Hees
{"title":"SRD II - New Shareholder Engagement & Transparency Obligations","authors":"Sebastiaan Niels Hooghiemstra, Hugo van Hees","doi":"10.2139/ssrn.3516682","DOIUrl":"https://doi.org/10.2139/ssrn.3516682","url":null,"abstract":"On 10 July 2019, the Luxembourg parliament adopted the final text of the bill of law implementing into Luxembourg domestic law the provisions of Directive (EU) 2017/828 amending Directive 2007/36/EC as regards the encouragement of long-term shareholder engagement (the “SRD II”) and amending the Luxembourg law of 24 May 2011 on the exercise of certain rights of shareholders in listed companies (the \"SRL\"). \u0000 \u0000Although the SRL originally only provided for requirements for issuers relating to the exercise by shareholders of their rights in connection with general meetings, SRD II introduced new “share-holder engagement” and transparency obligations for institutional investors and asset managers that invest in listed companies. \u0000 \u0000This contribution analyses the impact of the obligations arising from the amended Luxembourg SRL on asset managers and institutional investors investing in listed companies. To that end, this contribution first discusses the scope of the SRL legal framework and the \"shareholder engagement\" and transparency obligations that are applicable to asset managers and institutional investors. This contribution continues by explaining why the new “shareholder engagement” and transparency obligations are not appropriate for fund managers in the context of the SRL. It then concludes.","PeriodicalId":429515,"journal":{"name":"CGN: Shareholders in Corporate Governance (Topic)","volume":"19 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-01-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132242703","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Shareholder Class Actions in Australia – Myths v Facts 澳大利亚股东集体诉讼——神话与事实
CGN: Shareholders in Corporate Governance (Topic) Pub Date : 2019-11-11 DOI: 10.2139/ssrn.3484660
V. Morabito
{"title":"Shareholder Class Actions in Australia – Myths v Facts","authors":"V. Morabito","doi":"10.2139/ssrn.3484660","DOIUrl":"https://doi.org/10.2139/ssrn.3484660","url":null,"abstract":"Shareholder class action litigation is the most discussed and controversial category of class actions but, unfortunately, much of the analysis and commentary on shareholder class actions has been inaccurate. The purpose of this report is to provide comprehensive and accurate data with respect to the first 27 years and four months of shareholder class actions in Australia so as to facilitate an accurate evaluation of (or even an accurate general dialogue with respect to) shareholder class actions. The period in question - the review period - goes from 4 March 1992 to 30 June 2019. In light of the claims that have been made on numerous occasions over the last few weeks that there has been an explosion of class actions over the last 12 months or so, I will also provide some data on all Australian class actions filed over the review period.","PeriodicalId":429515,"journal":{"name":"CGN: Shareholders in Corporate Governance (Topic)","volume":"119 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-11-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123482488","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
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