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- catalog abstract "We examine the interaction between three kinds of concentrated owners commonly found in an emerging market: family-run business groups, domestic financial institutions, and foreign financial institutions. Using data from India in the early 1990s, we find evidence that domestic institutional investors are poor monitors, and that foreign institutional investors are good monitors. Whereas affiliates of those groups that attract foreign institutional investment are no more difficult to monitor than are unaffiliated firms, we find that group affiliation reduces the likelihood of foreign institutional investment. More transparent groups (where greater transparency is proxied for by a lower incidence of intra-group financial transactions) are more likely to attract such investment. We conclude that groups are difficult to monitor, and that foreign institutional investors serve a valuable monitoring function as emerging markets integrate with the global economy.".
- catalog contributor b11670159.
- catalog contributor b11670160.
- catalog contributor b11670161.
- catalog created "c1999.".
- catalog date "1999".
- catalog date "c1999.".
- catalog dateCopyrighted "c1999.".
- catalog description "Includes bibliographical references (p. 25-28).".
- catalog description "We examine the interaction between three kinds of concentrated owners commonly found in an emerging market: family-run business groups, domestic financial institutions, and foreign financial institutions. Using data from India in the early 1990s, we find evidence that domestic institutional investors are poor monitors, and that foreign institutional investors are good monitors. Whereas affiliates of those groups that attract foreign institutional investment are no more difficult to monitor than are unaffiliated firms, we find that group affiliation reduces the likelihood of foreign institutional investment. More transparent groups (where greater transparency is proxied for by a lower incidence of intra-group financial transactions) are more likely to attract such investment. We conclude that groups are difficult to monitor, and that foreign institutional investors serve a valuable monitoring function as emerging markets integrate with the global economy.".
- catalog extent "33 p. :".
- catalog hasFormat "Also available online via the NBER home page.".
- catalog isFormatOf "Also available online via the NBER home page.".
- catalog isPartOf "NBER working paper series ; working paper 6955".
- catalog isPartOf "Working paper series (National Bureau of Economic Research) ; working paper no. 6955.".
- catalog issued "1999".
- catalog issued "c1999.".
- catalog language "eng".
- catalog publisher "Cambridge, MA : National Bureau of Economic Research,".
- catalog relation "Also available online via the NBER home page.".
- catalog spatial "India".
- catalog subject "Corporate governance India Econometric models.".
- catalog subject "Corporations Investor relations India Econometric models.".
- catalog subject "HB1 .W654 no. 6955".
- catalog subject "Investments, Foreign India Econometric models.".
- catalog title "Emerging market business groups, foreign investors, and corporate governance / Tarun Khanna, Krishna Palepu.".
- catalog type "Computer network resources. local".
- catalog type "text".