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Unskilled Fund Managers: Replicating Active Fund Performance With Few ETFs 不熟练的基金经理:用很少的etf复制主动型基金的表现
公司治理评论 Pub Date : 2020-06-25 DOI: 10.2139/ssrn.3634701
Elias Cavalcante Filho, Fernando Moraes, Rodrigo De-Losso
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引用次数: 3
Risking or De-Risking: How Management Fees Affect Hedge Fund Risk-Taking Choices 风险或去风险:管理费如何影响对冲基金的冒险选择
公司治理评论 Pub Date : 2020-06-12 DOI: 10.2139/ssrn.2899834
Chengdong Yin, Xiaoyan Zhang
{"title":"Risking or De-Risking: How Management Fees Affect Hedge Fund Risk-Taking Choices","authors":"Chengdong Yin, Xiaoyan Zhang","doi":"10.2139/ssrn.2899834","DOIUrl":"https://doi.org/10.2139/ssrn.2899834","url":null,"abstract":"\u0000 Hedge fund managers’ risk-taking choices are influenced by their compensation structure. We differ from most studies that focus on incentive fees and the high-water mark by examining how management fees affect managers’ risk-taking. Our simple model shows that managers’ risk-taking is negatively related to their future management fees. Using fund-level data, we find that future management fees are the dominant component of managers’ total compensation. When the contribution of future management fees increases, managers reduce risk-taking to increase survival probabilities. Moreover, funds with higher decreasing returns to scale are more sensitive to future management fees and reduce risk-taking even more.","PeriodicalId":57292,"journal":{"name":"公司治理评论","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2020-06-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"80281516","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
Business Group Dominance and Capital Allocation Externalities: Evidence from Korean Chaebols 企业集团支配与资本配置外部性:来自韩国财阀的证据
公司治理评论 Pub Date : 2020-02-12 DOI: 10.2139/ssrn.3536784
Jeayoon Kim
{"title":"Business Group Dominance and Capital Allocation Externalities: Evidence from Korean Chaebols","authors":"Jeayoon Kim","doi":"10.2139/ssrn.3536784","DOIUrl":"https://doi.org/10.2139/ssrn.3536784","url":null,"abstract":"This study investigates how dominant business groups affect investment decisions of other standalone firms in the economy. Using intra-group equity transactions within the top 40 largest business groups in Korea, this study finds that high levels of internal capital allocation within the groups exert a negative influence on investments of standalone firms that require external capital. Due to financial market imperfections associated with low investor protections, business groups prefer internal investment rather than outside investment. However, when internal capital allocation is prevalent in the economy, lots of capital is trapped inside business groups and available capital in external markets becomes scarce. Standalone firms outside business groups have difficulties raising external finance and thus reduce investment. The negative influence on investments of business group dominance is particularly pronounced for private standalone firms and the firms that hold fewer tangible assets. Findings in this study suggest a negative externality that business groups impose on other standalone firms: the bias toward internal investment makes it harder for good projects outside business groups to obtain capital.","PeriodicalId":57292,"journal":{"name":"公司治理评论","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2020-02-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"85783874","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: 1
Information Revolution and Insurance Ethos: Weber, Foucault, Deleuze and Beyond 信息革命与保险思潮:韦伯、福柯、德勒兹及其后
公司治理评论 Pub Date : 2020-02-02 DOI: 10.2139/ssrn.3543707
S. H. Seog
{"title":"Information Revolution and Insurance Ethos: Weber, Foucault, Deleuze and Beyond","authors":"S. H. Seog","doi":"10.2139/ssrn.3543707","DOIUrl":"https://doi.org/10.2139/ssrn.3543707","url":null,"abstract":"We discuss the relationship between insurance and capitalism and the effect of information revolution on society. We propose that risk calculation and capitalistic insurance ethos represent the episteme of the classical period and laid the ground for capitalism. We discuss information revolution in relation to risk and insurance. Information revolution allows corporations to behave like insurers in that they produce and discriminate risks. In this sense, information revolution can be considered insurance revolution. Information revolution deconstructs individuals to dividuals, and transforms a society of discipline or control to a society of manipulation. In the society of manipulation, languages are numerical and network; manipulation has the form of modulation and metamorphosis; and people are exposed to multiple personalities and compound dividuals. It is also noted that information revolution intensifies the immanent conflicts of the insurance ethos.","PeriodicalId":57292,"journal":{"name":"公司治理评论","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2020-02-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"88665023","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: 1
Monetary Policy of Low Interest Rates and Bank Stability: The Role of Corporate Governance 低利率货币政策与银行稳定:公司治理的作用
公司治理评论 Pub Date : 2020-01-04 DOI: 10.2139/ssrn.3513756
Chrysovalantis Gaganis, Ana Lozano-Vivas, Panagiota Papadimitri, Fotios Pasiouras
{"title":"Monetary Policy of Low Interest Rates and Bank Stability: The Role of Corporate Governance","authors":"Chrysovalantis Gaganis, Ana Lozano-Vivas, Panagiota Papadimitri, Fotios Pasiouras","doi":"10.2139/ssrn.3513756","DOIUrl":"https://doi.org/10.2139/ssrn.3513756","url":null,"abstract":"Using a sample of around 340 banks from 48 countries, we examine whether and how corporate governance moderates the relationship between monetary policy interest rates and bank stability. Our results show that low interest rates reduce bank stability and have an adverse effect on risk-adjusted returns, and risk-adjusted capitalization; however, this effect can be mitigated by a bank’s commitment and effectiveness towards following corporate governance principles. The results also show that high values of corporate governance can completely offset the low rates’ adverse effects. Our findings are robust to the use of bank fixed effects and numerous variables that control for bank-specific and country-specific characteristics.","PeriodicalId":57292,"journal":{"name":"公司治理评论","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2020-01-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"85427123","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
Shareholder Stewardship 股东管理
公司治理评论 Pub Date : 2019-12-12 DOI: 10.1017/9781108658386.048
D. Katelouzou
{"title":"Shareholder Stewardship","authors":"D. Katelouzou","doi":"10.1017/9781108658386.048","DOIUrl":"https://doi.org/10.1017/9781108658386.048","url":null,"abstract":"","PeriodicalId":57292,"journal":{"name":"公司治理评论","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2019-12-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"88814376","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: 4
Enlightenment or Resistance? 启蒙还是抵抗?
公司治理评论 Pub Date : 2019-12-12 DOI: 10.1017/9781108658386.034
Renginee Pillay, T. Soobaroyen, J. Mahadeo, Neeveditah Pariag-Maraye
{"title":"Enlightenment or Resistance?","authors":"Renginee Pillay, T. Soobaroyen, J. Mahadeo, Neeveditah Pariag-Maraye","doi":"10.1017/9781108658386.034","DOIUrl":"https://doi.org/10.1017/9781108658386.034","url":null,"abstract":"","PeriodicalId":57292,"journal":{"name":"公司治理评论","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2019-12-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"84633983","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
The Australian Paradox 澳大利亚悖论
公司治理评论 Pub Date : 2019-12-12 DOI: 10.1017/9781108658386.018
Victoria Baumfield
{"title":"The Australian Paradox","authors":"Victoria Baumfield","doi":"10.1017/9781108658386.018","DOIUrl":"https://doi.org/10.1017/9781108658386.018","url":null,"abstract":"","PeriodicalId":57292,"journal":{"name":"公司治理评论","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2019-12-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"86773475","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: 1
Global Business and Fragmented Regulation 全球商业和分散监管
公司治理评论 Pub Date : 2019-12-12 DOI: 10.1017/9781108658386.005
{"title":"Global Business and Fragmented Regulation","authors":"","doi":"10.1017/9781108658386.005","DOIUrl":"https://doi.org/10.1017/9781108658386.005","url":null,"abstract":"","PeriodicalId":57292,"journal":{"name":"公司治理评论","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2019-12-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"85849723","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
Amenable Controls 可以控制
公司治理评论 Pub Date : 2019-12-12 DOI: 10.1017/9781108658386.052
Roy Shapira
{"title":"Amenable Controls","authors":"Roy Shapira","doi":"10.1017/9781108658386.052","DOIUrl":"https://doi.org/10.1017/9781108658386.052","url":null,"abstract":"","PeriodicalId":57292,"journal":{"name":"公司治理评论","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2019-12-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"82042653","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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