Institutional Investor

Public-private partnerships (PPPs) are long-term contracts between a private party and a government agency that strive to provide a public asset or service in which the private party bears both some risk and some management responsibility. If implemented well, PPPs can help overcome inadequate infrastructure that constrains economic growth, particularly in developing countries. The use of PPPs has increased in the last two decades; they are now used in more than 134 developing countries, contributing about 15-20 percent of total infrastructure investment. The World Bank Group has expanded its support to PPPs through a wide range of instruments and services. During the last 10 years, its support has increased about threefold, to nearly $3 billion per year. The Independent Evaluation Group (IEG) assesses how effective the World Bank Group has been in helping countries use PPPs. In the evaluation, IEG examines the relevance of Bank Group support, how successful projects were, how the B...

In this study, we analyze two new potential determinants for mitigating fraud committed by firms: institutional investors and political connection. The role of institutional investors in the effective monitoring of firm management has also been well established and we in turn observe that firms with a large proportion of institutional investors have lower incidences of corporate fraud. The importance of political connection for enterprise in both developed and emerging markets such as the United States and China has also been established by prior studies. We find in this paper that it is possible to identify another positive effect on enterprise in that political connection could reduce incidences of corporate fraud, thus providing value to firms. We further find that political connection plays more pronounced role in reducing the incidence of regulatory enforcement against non-state owned enterprises in weaker legal environments, while institutional ownership plays a more important...

Financial globalization, a complex phenomenon that has multiple facets, is directly influenced by some aspects characterizing the current stage of capitalism. In order to decrypt the set of such interferences, the consequences have been emphasized of the excessive trust in the market mechanisms, the role of deregulation and liberalization in promoting a new economic direction, as well as other theses representing the essence of neo-liberal revolution. The realities specific to the last three decays of the 20 century generated enhanced criticism regarding the myth of pure and perfect transparency, the market inability of self-regulation and the illusion of perfect information. The excesses of neo-liberalism imposed the need for a new paradigm, concretized in the mutations in the nature and mechanisms of capitalism, the domination of finances and knowledge, a paradigm in which market globalization and financial profitability logic are becoming priorities. In the second part of the art...

We examine how experience affects the decisions of individual investors and institutions in IPO auctions to bid in subsequent auctions, and their bidding returns. We track bidding histories for all 31,476 individual investors and 1,232 institutional investors across all 84 IPO auctions during the period from 1995 to 2000 in Taiwan. For individual bidders,(1) high returns in previous IPO auctions increase the likelihood of participating in future auctions;(2) bidders' returns decrease as they participate in more auctions;(3) auction ...