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Investability, Corporate Governance and Firm Value. Economics Finance & Accounting Working Paper Series N223-12
O'Connor, Thomas G.
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”.
Keyword(s): Economics, Finance & Accounting; Investability; Corporate Governance; Tobin’s q; Working Paper N223-12
Publication Date:
2012
Type: Report
Peer-Reviewed: No
Institution: Maynooth University
Citation(s): O'Connor, Thomas G. (2012) Investability, Corporate Governance and Firm Value. Economics Finance & Accounting Working Paper Series N223-12. Working Paper. National University of Ireland Maynooth. (Unpublished)
Publisher(s): National University of Ireland Maynooth
File Format(s): application/pdf
Related Link(s): http://eprints.maynoothuniversity.ie/3801/1/N223-12.pdf
First Indexed: 2014-09-20 05:03:09 Last Updated: 2018-01-17 06:08:53