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1、JournalofBanking&Financexxx(2011)xxx–xxxContentslistsavailableatScienceDirectJournalofBanking&Financejournalhomepage:www.elsevier.com/locate/jbfControl-ownershipwedgeandinvestmentsensitivitytostockpricea,⇑bcLiJiang,Jeong-BonKim,LeiPangaSchoolofAccountingandFinance,HongKo
2、ngPolytechnicUniversity,HongKong,ChinabDepartmentofAccountancy,CityUniversityofHongKong,HongKong,ChinacDepartmentofEconomicsandFinance,CityUniversityofHongKong,HongKong,ChinaarticleinfoabstractArticlehistory:Thisstudyexamineswhetherinsiders’incentivesforprivatecontrolben
3、efitsaffectinvestmentsensitivityReceived2June2010tostockprice.WhileChenetal.(2007)linkstockpriceinformativenesstofirms’learningfromthestockAccepted22March2011market,weofferanalternativeagency-costbasedexplanation.Usingatotalof2822firmsfrom22AvailableonlinexxxxcountriesinEas
4、tAsiaandWesternEurope,wedocumentastrongnegativeassociationbetweencontrol-ownershipwedgeandinvestment-qsensitivity,suggestingthatinsiders’incentivesforprivateJELclassification:controlbenefitreducetheirpropensitytolistentothemarket.Furthermore,thenegativeimpactofG14wedgeonin
5、vestment-qsensitivityisprimarilydrivenbysub-optimalinvestments.Overall,weprovideG31evidencethatagencyproblemisanimportantfactorthatdeterminesthelearningfromthestockmarketKeywords:incapitalallocation.Control-ownershipwedgeÓ2011ElsevierB.V.Allrightsreserved.Investment-qsen
6、sitivityCorporateinvestment1.Introductionimportantconsideration.However,atthelaterstageinthefirm’slifecycle,asindustry-andmarket-wideinformationbecomesAfundamentalquestionincorporatefinanceishowcapitalisincreasinglyimportant,thestockmarkethasitscostadvantageallocatedtother
7、ightinvestmentprojects(Stein,2003;Wurgler,intheproductionandaggregationofinformation(DowandGor-12000).Theroleofthestockmarketinsuchallocationprocesshaston,1997;SubrahmanyamandTitman,1999).Onceentrepreneurslongbeendebated.Theconventionalwisdomthatinsiderspossesslosetheirc
8、omparativeadvantageingatheringinformation,thefirmsuperiorinformationprecludesanypossibilityoflearningfro
