Foreign ownership, bank information environments, and the international mobility of corporate governance

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dc.contributor.author Fan, Yiwei
dc.contributor.author Hasan, Iftekhar
dc.contributor.author Sau Leung, Woon
dc.contributor.author Wang, Qingwei
dc.date.accessioned 2020-05-15T12:24:01Z
dc.date.available 2020-05-15T12:24:01Z
dc.date.issued 2019
dc.identifier.issn 1478-6990
dc.identifier.uri https://helda.helsinki.fi/bof/handle/123456789/17399
dc.description.abstract This paper investigates how foreign ownership shapes bank information environments. Using a sample of listed banks from 60 countries over 1997–2012, we show that foreign ownership is significantly associated with greater (lower) informativeness (synchronicity) in bank stock prices. We also find that stock returns of foreign-owned banks reflect more information about future earnings. In addition, the positive association between price informativeness and foreign ownership is stronger for foreign-owned banks in countries with stronger governance, stronger banking supervision, and lower monitoring costs. Overall, our evidence suggests that foreign ownership reduces bank opacity by exporting governance, yielding important implications for regulators and governments.
dc.language.iso ENG
dc.subject pankit
dc.subject omistus
dc.subject ulkomainen omistus
dc.subject informaatio
dc.subject osakkeet
dc.subject tuotot
dc.subject hinnat
dc.subject.other multiple regression analysis
dc.subject.other agency theory
dc.subject.other internationalization theories and foreign market entry
dc.subject.other international financial integration
dc.subject.other foreign bank ownership
dc.subject.other stock price synchronicity
dc.title Foreign ownership, bank information environments, and the international mobility of corporate governance
dc.type Journal Article
dc.identifier.urn URN:NBN:fi:bof-202002181104
dc.series.name Journal of International Business Studies
dc.series.volume 50
dc.series.number 9 ; December
dc.date.publication 20.5.2019
dc.type.okm A1
dc.relation.doi https://doi.org/10.1057/s41267-019-00240-w
dc.format.pagerange 1566-1593

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