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Investability, corporate governance and firm value |
O'Connor, Thomas G.
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In this paper, I show that “investable premia” are greatest for transparent,
well-governed firms. I find that single-class share investable
firms and better-governed firms reap the largest valuation gains
from becoming investable. Dual-class share firms do gain from
becoming investable, but their gains are much lower than that
of single-class share firms. These findings suggest that the failure
on the part of firms to remedy agency conflicts prior to becoming
investable only serves to greatly reduce, or even nullify their
“investable premia”.
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Keyword(s):
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Investability; Corporate governance; Tobin’s q |
Publication Date:
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2012 |
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Type:
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Journal article |
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Peer-Reviewed:
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Yes |
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Institution:
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Maynooth University |
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Citation(s):
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O'Connor, Thomas G. (2012) Investability, corporate governance and firm value. Research in International Business and Finance, 26 (1). pp. 120-136. ISSN 0275-5319 |
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Publisher(s):
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Elsevier |
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File Format(s):
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other |
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Related Link(s):
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http://mural.maynoothuniversity.ie/8837/1/TOC_investability%20corp%202012.pdf |
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First Indexed:
2020-04-02 06:26:46 Last Updated:
2020-04-02 06:26:46 |
