摘要
We examine the nature of state blockholding across publicly listed firms in East Asia by assembling a unique dataset spanning 16 years and 9 economies. Our newly compiled data identifies ultimate owners for each firm annually between 1997 and 2012, totaling 2984 firm-year observations. Three findings stand out. First, large changes (>5%) to state blockholdings - both investments and divestments - are quite prevalent. Second, the identity of the largest shareholder frequently changes over time between state, family, and widely-held entities. Third, sovereign wealth funds are far more likely to acquire rather than sell large stakes in publicly traded firms.
源语言 | 英语 |
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期刊 | Journal of Corporate Finance |
卷 | 68 |
DOI | |
出版状态 | 已出版 - 6月 2021 |
Corresponding author email
t.b.child@ceibs.eduProject sponsor
China Europe International Business School (CEIBS)成果物的来源
- ABDC-A*
- SSCI