Financial centers, ownership concentration, and analyst following : when is ownership concentration value relevant ? evidence from an emerging market
Dissertant
Thesis advisor
University
Al Akhawayn University
Faculty
The School of Business Administration
University Country
Morocco
Degree
Master
Degree Date
2010
English Abstract
Does the location of a firm effect its information environment? Do stock market participants value ownership concentration differently for firms located at different geographic locations? Using data from India, this paper shows that firms located in Bombay, the main financial center of a country, have lower ownership concentration relative to firms located in other cities.
We argue that clustering of firms in the financial center improves their information environment and thus reduces incentives for concentrated ownership.
We show that our results are robust across different level of analyst following.
Our results also show that as the analyst following increase, the difference between ownership concentration of firms headquartered in Bombay and firms headquartered in other cities goes up.
We argue that higher analyst coverage, further, reduces incentives for concentrated ownership.
It, therefore, results in larger difference in ownership concentration of the two groups.
In addition, we also show that firm performance and valuation are positively related to ownership concentration.
However, this relationship is only prevalent for firms headquartered in cities other than the financial center, and with this relationship becoming stronger with increase in analyst following.
Main Subjects
Financial and Accounting Sciences
Topics
No. of Pages
31
Table of Contents
Table of contents.
Abstract.
Chapter One : Introduction.
Chapter Two : Motivation and background.
Chapter Three : Data.
Chapter Four : Methodology.
Chapter Five : Conclusion.
References.
American Psychological Association (APA)
Zarouali, Ilham. (2010). Financial centers, ownership concentration, and analyst following : when is ownership concentration value relevant ? evidence from an emerging market. (Master's theses Theses and Dissertations Master). Al Akhawayn University, Morocco
https://search.emarefa.net/detail/BIM-629532
Modern Language Association (MLA)
Zarouali, Ilham. Financial centers, ownership concentration, and analyst following : when is ownership concentration value relevant ? evidence from an emerging market. (Master's theses Theses and Dissertations Master). Al Akhawayn University. (2010).
https://search.emarefa.net/detail/BIM-629532
American Medical Association (AMA)
Zarouali, Ilham. (2010). Financial centers, ownership concentration, and analyst following : when is ownership concentration value relevant ? evidence from an emerging market. (Master's theses Theses and Dissertations Master). Al Akhawayn University, Morocco
https://search.emarefa.net/detail/BIM-629532
Language
English
Data Type
Arab Theses
Record ID
BIM-629532