Institutional Investors and Firm Valuation: Evidence from Latin America
This article analyses how the corporate valuation of Latin American firms is affected by the presence of an institutional block holder investor. The study uses a data set of 562 firms from six Latin American countries for the period 1997 to 2011. As in similar studies, we found that the presence of...
- Autores:
-
Hoz Moncaleano, María Camila de la
Pombo Vejarano, Carlos
- Tipo de recurso:
- Work document
- Fecha de publicación:
- 2015
- Institución:
- Universidad de los Andes
- Repositorio:
- Séneca: repositorio Uniandes
- Idioma:
- spa
- OAI Identifier:
- oai:repositorio.uniandes.edu.co:1992/46358
- Acceso en línea:
- http://hdl.handle.net/1992/46358
- Palabra clave:
- Theortical framework
Econometric
Latin America
Firm Valuation
Institutional Investors
Inversiones institucionales
Empresas - Valoración
Administración
- Rights
- openAccess
- License
- http://creativecommons.org/licenses/by-nc-nd/4.0/
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Institutional Investors and Firm Valuation: Evidence from Latin America |
| dc.title.alternative.none.fl_str_mv |
Inversionistas institucionales y valoración corporativa - evidencia de América Latina |
| title |
Institutional Investors and Firm Valuation: Evidence from Latin America |
| spellingShingle |
Institutional Investors and Firm Valuation: Evidence from Latin America Theortical framework Econometric Latin America Firm Valuation Institutional Investors Inversiones institucionales Empresas - Valoración Administración |
| title_short |
Institutional Investors and Firm Valuation: Evidence from Latin America |
| title_full |
Institutional Investors and Firm Valuation: Evidence from Latin America |
| title_fullStr |
Institutional Investors and Firm Valuation: Evidence from Latin America |
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Institutional Investors and Firm Valuation: Evidence from Latin America |
| title_sort |
Institutional Investors and Firm Valuation: Evidence from Latin America |
| dc.creator.fl_str_mv |
Hoz Moncaleano, María Camila de la Pombo Vejarano, Carlos |
| dc.contributor.author.none.fl_str_mv |
Hoz Moncaleano, María Camila de la Pombo Vejarano, Carlos |
| dc.subject.keyword.none.fl_str_mv |
Theortical framework Econometric Latin America Firm Valuation Institutional Investors |
| topic |
Theortical framework Econometric Latin America Firm Valuation Institutional Investors Inversiones institucionales Empresas - Valoración Administración |
| dc.subject.armarc.none.fl_str_mv |
Inversiones institucionales Empresas - Valoración |
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Administración |
| description |
This article analyses how the corporate valuation of Latin American firms is affected by the presence of an institutional block holder investor. The study uses a data set of 562 firms from six Latin American countries for the period 1997 to 2011. As in similar studies, we found that the presence of an institutional investor has a positive effect of 8% on firm value. After dividing the sample by investor type, we found that the presence of a grey investor (pension funds and insurance companies) has a negative effect on firm valuation, while independent investors (banks, investment and mutual funds) have a positive effect on firm valuation. This is one of the first studies to evaluate the relationship between investor activism and corporate valuation in Latin American economies with the most significant capital market development. |
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2015 |
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2020-09-21T15:18:54Z |
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spa |
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Galeras de Administración, No. 40 |
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30 páginas |
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Universidad de los Andes |
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Facultad de Administración |
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Al consultar y hacer uso de este recurso, está aceptando las condiciones de uso establecidas por los autores.http://creativecommons.org/licenses/by-nc-nd/4.0/info:eu-repo/semantics/openAccesshttp://purl.org/coar/access_right/c_abf2Hoz Moncaleano, María Camila de lad798984e-31d0-4f0d-a3e9-d905c178546a600Pombo Vejarano, Carlos98856002020-09-21T15:18:54Z2020-09-21T15:18:54Z20151900-1606http://hdl.handle.net/1992/46358instname:Universidad de los Andesreponame:Repositorio Institucional Sénecarepourl:https://repositorio.uniandes.edu.co/This article analyses how the corporate valuation of Latin American firms is affected by the presence of an institutional block holder investor. The study uses a data set of 562 firms from six Latin American countries for the period 1997 to 2011. As in similar studies, we found that the presence of an institutional investor has a positive effect of 8% on firm value. After dividing the sample by investor type, we found that the presence of a grey investor (pension funds and insurance companies) has a negative effect on firm valuation, while independent investors (banks, investment and mutual funds) have a positive effect on firm valuation. This is one of the first studies to evaluate the relationship between investor activism and corporate valuation in Latin American economies with the most significant capital market development.Este artículo analiza como la presencia de inversionistas institucionales afecta la valoración corporativa de grandes firmas listadas de América Latina. Este estudio utiliza información de 562 firmas de 6 países de la región para el período 1997-2011. Como en estudios similares, encontramos que la presencia de inversionistas institucionales como grandes accionistas o accionistas de referencia tiene in efecto positivo de 8% sobre la valoración corporativa. Cuando se divide la muestra por tipo de inversionista, encontramos que la presencia de inversionistas grises (fondos de pensiones y compañías de seguros) tienen un efecto negativo sobre la valoración, mientras que inversionistas independientes (bancos, fondos de inversión y mutuos) tienen un efecto positivo. Este es uno de los primeros estudios que evalúa el activismo del inversionista y su relación con la valoración corporativa en las economías América Latina con mercados de capitales más profundos.Introduction 1. Theoretical framework and hypotheses 2. Data and methodology 3. Econometric analysis 4. Conclusions 5. References30 páginasapplication/pdfspaUniversidad de los AndesFacultad de AdministraciónGaleras de Administración, No. 40instname:Universidad de los Andesreponame:Repositorio Institucional SénecaInstitutional Investors and Firm Valuation: Evidence from Latin AmericaInversionistas institucionales y valoración corporativa - evidencia de América LatinaDocumento de trabajoinfo:eu-repo/semantics/workingPaperhttp://purl.org/coar/resource_type/c_8042http://purl.org/coar/version/c_970fb48d4fbd8a85Texthttps://purl.org/redcol/resource_type/WPTheortical frameworkEconometricLatin AmericaFirm ValuationInstitutional InvestorsInversiones institucionalesEmpresas - ValoraciónAdministraciónFacultad de AdministraciónPublicationTEXTGaleras-de-administración-40.pdf.txtGaleras-de-administración-40.pdf.txtExtracted texttext/plain110113https://repositorio.uniandes.edu.co/bitstreams/be7b7314-2bc0-4354-b0b3-c98aea6de251/download5b5642feba3f00382326d4197d499a53MD54ORIGINALGaleras-de-administración-40.pdfGaleras-de-administración-40.pdfapplication/pdf1743309https://repositorio.uniandes.edu.co/bitstreams/de9d664d-16bf-449e-992b-1eb5bf56c854/download3bde4493d30a855023274a95cce7c528MD51THUMBNAILGaleras-de-administración-40.pdf.jpgGaleras-de-administración-40.pdf.jpgIM Thumbnailimage/jpeg5564https://repositorio.uniandes.edu.co/bitstreams/57e6bcbd-bf2e-4839-9bf7-f84cdc0c09bf/download15cb9de3fd10eed84e0c5cb988454706MD551992/46358oai:repositorio.uniandes.edu.co:1992/463582023-10-10 17:17:06.165http://creativecommons.org/licenses/by-nc-nd/4.0/open.accesshttps://repositorio.uniandes.edu.coRepositorio institucional Sénecaadminrepositorio@uniandes.edu.co |