Post by arfankj4 on Mar 5, 2024 4:58:03 GMT
if the firm fully complies with U.S. exchange rules but just . if it is non compliant. Download working paper hbs faculty Pages item.aspx num Friends with Close Ties Asset or Liability Evidence from the Investment Decisions of Mutual Funds in China By Gao Xinzi T.J. Wong Lijun Xia and Gwen Yu ABSTRACT—When fund managers have close ties to their investees it can facilitate efficient information sharing but can also increase the possibility of favoritism.
Using the investment choices of mutual funds in China we test whether funds with close ties to their investees make timelier investment decisions i.e. they purchase sell prior to positive negative investee performance. We measure close ties using the education network between fund managers and managers of the investee firms. We find that having close ties to an investee leads to more timely investments only when the funds are closely monito Poland Mobile Number List red. For poorly monitored funds we find that having close ties can lead to less timely investments. imeliness of connected funds is driven by a reluctance to withdraw holdings prior to weak investee performance. We interpret this as agency conflicts from delegated portfolio management reducing the information sharing role of close ties and leading to collusion when the counter party is in need. The findings suggest that close ties lead to timely investment decisions only when the informed parties are free of agency conflicts.
Download working paper hbs faculty Pages item.aspx num Profits and Economic Development By Schwab Dan and Eric Werker ABSTRACT—Using industry level manufacturing data this paper demonstrates a negative effect of rents measured by the mark up ratio on productivity growth. This result is robust to alternate specifications including an instrumental variables approach. The negative effect is strongest in poor countries suggesting that high profits stymie economic development rather than enable it.
Using the investment choices of mutual funds in China we test whether funds with close ties to their investees make timelier investment decisions i.e. they purchase sell prior to positive negative investee performance. We measure close ties using the education network between fund managers and managers of the investee firms. We find that having close ties to an investee leads to more timely investments only when the funds are closely monito Poland Mobile Number List red. For poorly monitored funds we find that having close ties can lead to less timely investments. imeliness of connected funds is driven by a reluctance to withdraw holdings prior to weak investee performance. We interpret this as agency conflicts from delegated portfolio management reducing the information sharing role of close ties and leading to collusion when the counter party is in need. The findings suggest that close ties lead to timely investment decisions only when the informed parties are free of agency conflicts.
Download working paper hbs faculty Pages item.aspx num Profits and Economic Development By Schwab Dan and Eric Werker ABSTRACT—Using industry level manufacturing data this paper demonstrates a negative effect of rents measured by the mark up ratio on productivity growth. This result is robust to alternate specifications including an instrumental variables approach. The negative effect is strongest in poor countries suggesting that high profits stymie economic development rather than enable it.