Which Investors Fear Expropriation? Evidence from Investors' Portfolio Choices
利用详细的持股数据，分析投资者选股时是否考虑公司治理质量。发现仅享有证券收益的各类投资者不愿投资治理差的公司，而与内部人有关联的个人则更可能投资这类公司。
ABSTRACT Using a data set that provides unprecedented detail on investors' stockholdings, we analyze whether investors take the quality of corporate governance into account when selecting stocks. We find that all categories of investors (domestic and foreign, institutional and small individual) who generally enjoy only security benefits are reluctant to invest in companies with weak corporate governance. In contrast, individuals connected with company insiders are more likely to invest in weak corporate governance companies. These findings suggest that it is important to distinguish between investors who enjoy private benefits or access private information, and investors who enjoy only security benefits.