Matching Items (3)
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- All Subjects: investor behavior
- All Subjects: Types of Behaviors
- Creators: Yan, Hong
- Creators: Liang, Bing
- Member of: Theses and Dissertations
- Resource Type: Text
Description
Shareholder Activism is a mechanism by which investors who hold a significant but
non-majority percentage of a company’s stock, exercise their voting rights, participate in
corporate governance and influence operational decisions of target companies. The
purpose is improve corporate governance, increase firm performance and boost share
-holders’ returns. Existing studies of shareholder activism, based largely in mature
capital markets like the US, come to different conclusions regarding its impact on firm
performance.
In this paper, I collect data on shareholder activism events in the China A Share
market between 2006 and 2016. The sample includes 60 companies targeted by 42
activist investors over this period. I find that institutional investors, typically industrial
capital and private funds, playing an increasingly important role in corporate governance
of Chinese listed companies through activism. The disclosure of the holdings of activists
results in large gains in the target firm. I also find subsequent improvements in long
-term operational performance of target firms. Activist investors in China focus on
smaller targets and those characterized by higher agency costs and lower operating
performance. Activists appear to be largely concerned with improvements in business
strategy and M&A activity. Non-hostile behavior is more likely to be related to successful
activism in China. In addition to statistical evidence, I present case studies of the
“BaoWan dispute” and the activist investment of Butterfly Capital in two firms,
“Guonong” and “Xiuqiang”. The case studies highlight the mechanism employed by these
firms to influence performance.
I conclude with policy recommendations and direction for further research.
non-majority percentage of a company’s stock, exercise their voting rights, participate in
corporate governance and influence operational decisions of target companies. The
purpose is improve corporate governance, increase firm performance and boost share
-holders’ returns. Existing studies of shareholder activism, based largely in mature
capital markets like the US, come to different conclusions regarding its impact on firm
performance.
In this paper, I collect data on shareholder activism events in the China A Share
market between 2006 and 2016. The sample includes 60 companies targeted by 42
activist investors over this period. I find that institutional investors, typically industrial
capital and private funds, playing an increasingly important role in corporate governance
of Chinese listed companies through activism. The disclosure of the holdings of activists
results in large gains in the target firm. I also find subsequent improvements in long
-term operational performance of target firms. Activist investors in China focus on
smaller targets and those characterized by higher agency costs and lower operating
performance. Activists appear to be largely concerned with improvements in business
strategy and M&A activity. Non-hostile behavior is more likely to be related to successful
activism in China. In addition to statistical evidence, I present case studies of the
“BaoWan dispute” and the activist investment of Butterfly Capital in two firms,
“Guonong” and “Xiuqiang”. The case studies highlight the mechanism employed by these
firms to influence performance.
I conclude with policy recommendations and direction for further research.
ContributorsXie, Fenghua (Author) / Wahal, Sunil (Thesis advisor) / Yan, Hong (Thesis advisor) / Lee, Peggy (Committee member) / Arizona State University (Publisher)
Created2017
Description
After the 2008 financial crisis, along with information technology and its application
innovation into the burst period, Shared faster economic growth, and then entered into a
rapid expansion in 2014, quickly penetrate into many areas and market segments.
As the securities industry practitioners and Internet financial practitioners, I am
very concerned about sharing economic model in the development of securities
investment niche. As the Internet and mobile penetration rate rise in recent years, the
Internet financial in the rapid development of our country, investors get used for
investment decision-making information via the Internet. Internet social investment
sharing platform based on knowledge sharing and rapid development, has formed
"opinion leaders", "combined with", "automated financial innovation model". The
emergence of these new patterns, provide investors with investment of knowledge sharing,
the investors behavior changes, many small and medium-sized investors into social
sharing platform for the combination of investment talent information and follow orders,
and centered on investment talent view form fan interaction.
This article around the "Shared economic environment on the impact of portfolio
share on investor behavior research," the theme, the relevant literature and resources, and
to detect Shared economic environment provided by the social share portfolio, whether to
change the traditional information decision and disadvantages of small and medium-sized
investors, whether really improved the small and medium-sized investors return on
investment, its conclusion try to explain the traditional period research literature on active
investment and passive investment, the relevant conclusions of small and medium-sized
investors and institutional investors, sharing in the Internet the rapid development of
economic period is changed.
innovation into the burst period, Shared faster economic growth, and then entered into a
rapid expansion in 2014, quickly penetrate into many areas and market segments.
As the securities industry practitioners and Internet financial practitioners, I am
very concerned about sharing economic model in the development of securities
investment niche. As the Internet and mobile penetration rate rise in recent years, the
Internet financial in the rapid development of our country, investors get used for
investment decision-making information via the Internet. Internet social investment
sharing platform based on knowledge sharing and rapid development, has formed
"opinion leaders", "combined with", "automated financial innovation model". The
emergence of these new patterns, provide investors with investment of knowledge sharing,
the investors behavior changes, many small and medium-sized investors into social
sharing platform for the combination of investment talent information and follow orders,
and centered on investment talent view form fan interaction.
This article around the "Shared economic environment on the impact of portfolio
share on investor behavior research," the theme, the relevant literature and resources, and
to detect Shared economic environment provided by the social share portfolio, whether to
change the traditional information decision and disadvantages of small and medium-sized
investors, whether really improved the small and medium-sized investors return on
investment, its conclusion try to explain the traditional period research literature on active
investment and passive investment, the relevant conclusions of small and medium-sized
investors and institutional investors, sharing in the Internet the rapid development of
economic period is changed.
ContributorsMa, Gang (Author) / Gu, Bin (Thesis advisor) / Yan, Hong (Thesis advisor) / Shen, Wei (Committee member) / Arizona State University (Publisher)
Created2017
Description近年来,中国内地FOF业务发展迅速,但在业务发展初期的实践中,FOF管理人在遴选基金资产和预测其未来收益等方面遇到诸多困难,传统的FOF组合构建技术往往不理想。本文借鉴海外因子配置相关理论,尝试通过归因分析基金的收益来源,寻找能深度刻画基金经理管理能力的特质因子,创新性地提出了基于权益类基金的特质因子构建FOF组合的新方法。本文选择100家权益类私募基金,通过因子拆解剥离了市场、行业、风格等共同影响因素,遴选出特质因子表现更优的基金经理,而不是仅仅选择过往业绩好的基金经理,并基于特质因子构建一组FOF组合,与此同时,运用传统方法构建基于基金资产的另一组FOF组合,对比两种组合方法的组合绩效,实证结果显示基于特质因子的FOF组合绩效更优。本文进一步运用转移概率矩阵和相关性分析,找到了基于特质因子的FOF组合绩效更优的证据,即特质因子延续性更好和相关性更低。与基于基金资产的FOF组合配置传统方法相比,由于基金的特质因子延续性更好,运用历史数据预测未来收益的确定性相对更好;基金的特质因子之间的相关性低,大幅增强了FOF组合配置的稳定性和分散性。总体来讲,基于特质因子的FOF组合配置方法为FOF管理人提供了一个更量化、更有效、更稳健的组合配置新路径,能有效提升FOF组合配置的绩效。
关键词: FOF、因子投资、组合配置、特质因子
关键词: FOF、因子投资、组合配置、特质因子
ContributorsLi, Jie (Author) / Zhu, Hongquan (Thesis advisor) / Yan, Hong (Thesis advisor) / Liang, Bing (Committee member) / Arizona State University (Publisher)
Created2020