Internal capital markets and predictability in complex ownership firms

Internal capital markets and predictability in complex ownership firms

Using global cross-firm ownership data, we find that both stock returns and cash-flow news of ownership-linked firms predict focal firm's returns for all types of ownership structures: subsidiary-parent, parent-subsidiary, subsidiary-subsidiary, and parent-parent. This effect, observed only aft...

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Bibliographic Details
Main Authors: CHANG, Ran, GONZALEZ, Angelica, SARKISSIAN, Sergei, Jun TU
Format: text
Language:English
Published: Institutional Knowledge at Singapore Management University 2022
Subjects:
Capital expenditures
Earnings surprises
Market inefficiency
Multinational enterprises
Ownership network
Finance
Finance and Financial Management
Online Access:https://ink.library.smu.edu.sg/lkcsb_research/7174
https://ink.library.smu.edu.sg/context/lkcsb_research/article/8173/viewcontent/1_s2.0_S0929119922000621_main.pdf
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Institution: Singapore Management University
Language: English

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https://ink.library.smu.edu.sg/lkcsb_research/7174
https://ink.library.smu.edu.sg/context/lkcsb_research/article/8173/viewcontent/1_s2.0_S0929119922000621_main.pdf

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