Control versus Firm Value: The Impact of Restrictions on Foreign Share Ownership
基于新加坡交易所1990年调整银行外资持股上限的事件，发现限制外资持股会显著降低企业价值，而放松限制则提升价值。
Foreign ownership restrictions can produce a significant loss of shareholder value. Using evidence from the Stock Exchange of Singapre (SES), this study finds that imposing (relaxing) such restrictions reduced (increased) firm value when the SES altered the foreign ownership limits for local banks in June 1990.