在家庭中我们信任——无论顺境还是逆境

IF 1.8 4区经济学 Q2 BUSINESS, FINANCE

International Review of Finance Pub Date : 2023-08-16 DOI:10.1111/irfi.12429

Philippe Masset, Cédric Poretti, Jean-Philippe Weisskopf

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引用次数: 0

摘要

这份简短报告调查了2019冠状病毒病疫情期间瑞士公司的股票市场行为。结果表明，家族企业在疫情爆发和封锁后时期的表现要好于广泛持有的企业。家族企业的异常交易量下降幅度也比广泛持有的公司大。在规模排序的子样本中，规模较小的公司的数量差异似乎更为明显。我们通过家族企业，尤其是小型企业来解释这些发现，这些企业主要吸引具有长期眼光的投资者。这些投资者在市场动荡期间不太可能抛售，这不仅降低了家族企业的流动性，而且对市场波动也不那么敏感。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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In family we trust—In good and bad times

This short report investigates the stock market behavior of Swiss companies during the COVID-19 pandemic. Results suggest that family firms performed better during the outbreak and post-lockdown periods than widely-held firms. Family firms also displayed a larger abnormal trading volume drop than widely-held companies. In size-sorted subsamples, the volume difference appears more pronounced for smaller firms. We explain these findings by family firms, especially smaller ones, predominantly attracting investors with a long-term horizon. Such investors are less likely to sell during market turmoil, making family firms not only less liquid but also less sensitive to market fluctuations.

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来源期刊

International Review of Finance BUSINESS, FINANCE-

CiteScore

3.30

自引率

5.90%

发文量

期刊介绍： The International Review of Finance (IRF) publishes high-quality research on all aspects of financial economics, including traditional areas such as asset pricing, corporate finance, market microstructure, financial intermediation and regulation, financial econometrics, financial engineering and risk management, as well as new areas such as markets and institutions of emerging market economies, especially those in the Asia-Pacific region. In addition, the Letters Section in IRF is a premium outlet of letter-length research in all fields of finance. The length of the articles in the Letters Section is limited to a maximum of eight journal pages.