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Stock exchange
About: Stock exchange is a research topic. Over the lifetime, 39566 publications have been published within this topic receiving 612044 citations.
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TL;DR: Li et al. as discussed by the authors investigated whether philanthropic giving decisions and amount of charitable giving are related to firms' political connections and ownership type, and found that a significant and positive relationship between political connections, state ownership and the likelihood and extent of firm contributions was found in Chinese firms listed on either the Shenzhen or Shanghai stock exchange between 2004 and 2011.
Abstract: This paper investigates whether philanthropic giving decisions and amount of charitable giving are related to firms’ political connections and ownership type. To this end, Chinese firms listed on either the Shenzhen or Shanghai stock exchange between 2004 and 2011 are examined, where government interference in the business sector is prevalent, state ownership structure is dominant, and corporate political connections prevail. Our analyses show (1) a significant and positive relationship between political connections and the likelihood and extent of firm contributions; (2) a significant and negative relationship between state ownership and extent of firm contributions; and (3) a stronger relationship between political connections and corporate philanthropy in non-state-owned firms. These findings with regard to the relationship between corporate giving, political connections, and ownership type have important implications for understanding corporate giving behavior in China and in emerging markets in general.
225 citations
TL;DR: In this article, the authors examine the efficiency of new regulations proposed in Belgium and the neighboring countries by studying whether the board's composition and structure is instrumental for adequate monitoring proxied by enforced management turnover.
Abstract: This paper addresses the question of how corporate control is exerted in poorly performing listed companies in Belgium. We examine the efficiency of new regulations proposed in Belgium and the neighboring countries by studying whether the board's composition and structure is instrumental for adequate monitoring proxied by enforced management turnover. We find that in poorly performing companies with a high non- executive board representation, management is more frequently disciplined. The fact that the level of total concentrated cumulative ownership is positively related to board turnover when performance is poor supports the hypothesis that major shareholders will monitor the company if the free rider costs of control are low. Monitoring activity is related to the type of owner. The institutional shareholders are not actively involved with disciplining management whereas board turnover is positively correlated to the presence of substantial share stakes held by industrial companies, families and holding companies. We also examine the extent to which sales of stakes and changes in concentration of ownership are associated with poor performance. This market for share stakes might be an important complement to the 100% changes in ownership (the external market for corporate control). We identified high quality monitors as those shareholders who increase their ownership when performance is poor. Such shareholding increases are followed by management restructuring in order to allow management to improve performance.
224 citations
TL;DR: In this paper, the authors find that brokerage volume is significantly higher in covered stocks than in uncovered stocks, and on average, brokers increase their market share in the covered stocks by 3.8% relative to uncovered stocks.
224 citations
TL;DR: In this paper, a broad sample of firms in eight countries over an eighteen-year period was studied and it was found that firm-level and industry-level share values are significantly influenced by exchange rates and that significant firm, industry and country-specific differences remain even as financial markets become more and more integrated.
Abstract: Finance theory suggests that changes in exchange rates should have little influence on asset prices in a world with integrated capital markets. Indeed, the existing literature examining the relationship between international stock prices and exchange rates finds little evidence of systematic exchange rate exposure. We argue in this paper that the absence of evidence may be due to restrictions imposed on the sample of data and the empirical specifications used in previous studies. We study a broad sample of firms in eight countries over an eighteen-year period. We find that firm-level and industry-level share values are significantly influenced by exchange rates. Further, we do not find evidence that exchange rate exposure is falling (or becoming less statistically significant) over time. Our results suggest that significant firm, industry and country-specific differences remain even as financial markets become more and more "integrated".
223 citations
TL;DR: In this article, the authors investigate the responses of European sector stock markets to oil price changes using linear and asymmetric models and find strong evidence of asymmetry in the reaction of stock returns to changes in the price of oil.
223 citations