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Corporate Governance And Institutional Investors: Implications For Latin America

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  • LAURA T. STARKS

    (University of Texas at Austin)

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    Abstract

    This paper provides an overview of the role of institutional investors in financial markets and in particular their role in the governance of corporations. The paper presents the theoretical and empirical evidence regarding the consequences of institutional investor trading and ownership on aspects of financial markets such as stock returns, volatility and response to corporate announcements. Also included is evidence concerning corporate governance and institutional investor monitoring. The paper concludes with implications of this evidence for the evolution of financial markets and corporate governance in Latin American.

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    File URL: http://eacc10.puc.cl/files/ABT/Contenidos/Vol-2-N2/4%20Stark.pdf
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    Bibliographic Info

    Article provided by Escuela de Administracion. Pontificia Universidad Católica de Chile. in its journal ABANTE.

    Volume (Year): 2 (2000)
    Issue (Month): 2 ()
    Pages: 161-181

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    Handle: RePEc:pch:abante:v:2:y:2000:i:2:p:161-181

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    Web page: http://eacc10.puc.cl/RePEc/pch/
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    Keywords: Institutional Investor; Corporate Governance; Latin America; Chile;

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    1. Paul A. Gompers & Andrew Metrick, 2001. "Institutional Investors And Equity Prices," The Quarterly Journal of Economics, MIT Press, vol. 116(1), pages 229-259, February.
    2. Lakonishok, Josef & Shleifer, Andrei & Vishny, Robert W., 1992. "The impact of institutional trading on stock prices," Journal of Financial Economics, Elsevier, vol. 32(1), pages 23-43, August.
    3. Rafael LaPorta & Florencio Lopez de-Silanes & Andrei Shleifer & Robert W. Vishny, 1997. "Legal Determinants of External Finance," Harvard Institute of Economic Research Working Papers 1788, Harvard - Institute of Economic Research.
    4. Gillan, Stuart L. & Starks, Laura T., 2000. "Corporate governance proposals and shareholder activism: the role of institutional investors," Journal of Financial Economics, Elsevier, vol. 57(2), pages 275-305, August.
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    8. Randall Morck & Andrel Shleifer & Robert W. Vishny, 1988. "Alternative Mechanisms for Corporate Control," University of Chicago - George G. Stigler Center for Study of Economy and State 52, Chicago - Center for Study of Economy and State.
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    18. Vives,Xavier (ed.), 2000. "Corporate Governance," Cambridge Books, Cambridge University Press, number 9780521781640.
    19. Ernst Maug, 1998. "Large Shareholders as Monitors: Is There a Trade-Off between Liquidity and Control?," Journal of Finance, American Finance Association, vol. 53(1), pages 65-98, 02.
    20. Shleifer, Andrei & Vishny, Robert W, 1986. "Large Shareholders and Corporate Control," Journal of Political Economy, University of Chicago Press, vol. 94(3), pages 461-88, June.
    21. John R. Nofsinger & Richard W. Sias, 1999. "Herding and Feedback Trading by Institutional and Individual Investors," Journal of Finance, American Finance Association, vol. 54(6), pages 2263-2295, December.
    22. Nicolás Majluf & Nureya Abarca & Darío Rodríguez & Luis Arturo Fuentes, 1998. "Governance And Ownership Structure In Chilean Economic Groups," Abante, Escuela de Administracion. Pontificia Universidad Católica de Chile., vol. 1(1), pages 111-139.
    23. Falkenstein, Eric G, 1996. " Preferences for Stock Characteristics as Revealed by Mutual Fund Portfolio Holdings," Journal of Finance, American Finance Association, vol. 51(1), pages 111-35, March.
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    Cited by:
    1. Fernando Lefort & Eduardo Walker, 2000. "Corporate Governance: Challenges For Latin America," Abante, Escuela de Administracion. Pontificia Universidad Católica de Chile., vol. 2(2), pages 99-111.
    2. Fernando Lefort, 2003. "Gobierno Corporativo: ¿Qué es? y ¿Cómo andamos por casa?," Latin American Journal of Economics-formerly Cuadernos de Economía, Instituto de Economía. Pontificia Universidad Católica de Chile., vol. 40(120), pages 207-237.

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