| Autor: |
Ted Lindblom, Stefan Sjögren, Taylan Mavruk |
| Rok vydání: |
2017 |
| Předmět: |
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| Zdroj: |
Proximity Bias in Investors’ Portfolio Choice ISBN: 9783319547619 |
| DOI: |
10.1007/978-3-319-54762-6_8 |
| Popis: |
In this chapter, we aim to analyze whether the local bias of investors has any impact on the capital structure of firms. We discuss the decision-making within firms regarding their choice of financing and explore the existing capital structure literature related to proximity bias. We also perform an empirical test on the relation between a firms’ leverage and its local ownership. Particular interest is put on questions such as the following: Are firms with more local shareholders more or less leveraged than firms with more remote shareholders? What does this mean for the firm value? To what extent—if any—do local investors act as monitoring device? Does it matter whether investors are domestic or foreign? Are there systematic differences in local bias and the capital structure formation of local firms and multinational firms? |
| Databáze: |
OpenAIRE |
| Externí odkaz: |
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