Workshop Series: Peter Pham
Co-authors: Raymond LIU, Fariborz MOSHIRIAN, and Jason ZEIN
Abstract: Using a sample of 23,804 firms from 48 markets, we document that one third of listed firms possess a foreign blockholder. We show that foreign blockholdings arise as an ownership sharing mechanism that capture complementary competitive advantages held by foreigners and locals. Foreigners hold more blocks when they possess advantages in corporate governance, technology and access to capital. A host market accommodates fewer foreign blocks when locals hold information, corporate control and regulatory advantages that render concentrated foreign ownership costly. Foreign corporate and foreign financial blockholdings differ in a manner consistent with the advantages that they can capture.
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Dr Peter Pham joined the University of Sydney in July 2009. Before that he was a senior lecturer at the University of New South Wales. His research areas include corporate finance, corporate governance, international capital markets, and private equity. Papers have been published or accepted for publication at the Journal of Finance, the Journal of Financial and Quantitative Analysis, and the Journal of Banking and Finance. He has won a number of competitive research grants, including the Australian Research Council Discovery Grant (twice). Some of his working papers have been presented at pretigious international conferences, such as the American Finance Association meeting, the Financial Management Association meeting, and the UNC-Duke Corporate Finance conference.