References
- Adrian, T., E. Etula, and T. Muir. 2014. Financial intermediaries and the cross-section of asset returns. The Journal of Finance 69 (6):2557–96. doi:10.1111/jofi.12189.
- Allen, F. 2001. Do financial institutions matter? The Journal of Finance 56 (4):1165–75. doi:10.1111/0022-1082.00361.
- Bernanke, B., and M. Gertler. 1989. Agency costs, net worth, and business fluctuations. The American Economic Review 79 (1):14–31.
- Boardman, A. E., and A. R. Vining. 1989. Ownership and performance in competitive environments: A comparison of the performance of private, mixed, and state-owned enterprises. The Journal of Law and Economics 32 (1):1–33. doi:10.1086/467167.
- Bozec, R., G. Breton, and L. Côté. 2002. The performance of state–owned enterprises revisited. Financial Accountability & Management 18 (4):383–407. doi:10.1111/1468-0408.00158.
- Breeden, D. T. 1979. An intertemporal asset pricing model with stochastic consumption and investment opportunities. Journal of Financial Economics 7 (3):265–96. doi:10.1016/0304-405X(79)90016-3.
- Brunnermeier, M. K., and Y. Sannikov. 2014. A macroeconomic model with a financial sector. American Economic Review 104 (2):379–421. doi: 10.1257/aer.104.2.379.
- Cochrane, J. H. 2005. Asset pricing: Revised edition. Princeton, NJ: Princeton University Press.
- Cornett, M. M., L. Guo, S. Khaksari, and H. Tehranian. 2010. The impact of state ownership on performance differences in privately-owned versus state-owned banks: An international comparison. Journal of Financial Intermediation 19 (1):74–94. doi:10.1016/j.jfi.2008.09.005.
- DeWenter, K. L., and P. H. Malatesta. 2001. State-owned and privately owned firms: An empirical analysis of profitability, leverage, and labor intensity. American Economic Review 91 (1):320–34. doi: 10.1257/aer.91.1.320.
- Fama, E. F., and K. R. French. 1993. Common risk factors in the returns on stocks and bonds. Journal of Financial Economics 33 (1):3–56. doi:10.1016/0304-405X(93)90023-5.
- Fama, E. F., and K. R. French. 2015. A five-factor asset pricing model. Journal of Financial Economics 116 (1):1–22. doi:10.1016/j.jfineco.2014.10.010.
- Goldeng, E., L. A. Grünfeld, and G. R. G. Benito. 2008. The performance differential between private and state owned enterprises: The roles of ownership, management and market structure. Journal of Management Studies 45 (7):1244–73. doi:10.1111/j.1467-6486.2008.00790.x.
- Hansen, L. P. 1982. Large sample properties of generalized method of moments estimators. Econometrica 50 (4):1029–54. doi:10.2307/1912775.
- He, Z., B. Kelly, and A. Manela. 2017. Intermediary asset pricing: New evidence from many asset classes. Journal of Financial Economics 126 (1):1–35. doi:10.1016/j.jfineco.2017.08.002.
- He, Z., and A. Krishnamurthy. 2012. A model of capital and crises. The Review of Economic Studies 79 (2):735–77. doi:10.1093/restud/rdr036.
- He, Z., and A. Krishnamurthy. 2013. Intermediary asset pricing. American Economic Review 103 (2):732–70. doi:10.1257/aer.103.2.732.
- Holmstrom, B., and J. Tirole. 1997. Financial intermediation, loanable funds, and the real sector. The Quarterly Journal of Economics 112 (3):663–91. doi:10.1162/003355397555316.
- Kargar, M. 2021. Heterogeneous intermediary asset pricing. Journal of Financial Economics 141 (2):505–32. doi:10.1016/j.jfineco.2021.04.012.
- Lazzarini, S. G., and A. Musacchio. 2018. State ownership reinvented? Explaining performance differences between state-owned and private firms. Corporate Governance an International Review 26 (4):255–72. doi:10.1111/corg.12239.
- Lintner, J. 1965. The valuation of risk assets and the selection of risky investments in stock portfolios and capital budgets. The Review of Economics and Statistics 47 (1):13–37. doi:10.2307/1924119.
- Lucas, R. E., Jr. 1978. Asset prices in an exchange economy. Econometrica: Journal of the Econometric Society 46 (6):1429–1445. doi:10.2307/1913837.
- Ma, S. 2018. Heterogeneous intermediaries and asset prices. SSRN. Accessed August 16, 2022. https://ssrn.com/abstract=3236966.
- Majumdar, S. K. 1998. Assessing comparative efficiency of the state-owned mixed and private sectors in Indian industry. Public Choice 96 (1):1–24. doi:10.1023/A:1004941023587.
- Ravanbakhsh, M., and M. H. Dehghani. 2020. Public and private intermediaries asset pricing: Evidence from capital market of iran. Journal of Economic Research (Tahghighat- E- Eghtesadi) 55 (3):657–85.
- Shanken, J., and G. Zhou. 2007. Estimating and testing beta pricing models: Alternative methods and their performance in simulations. Journal of Financial Economics 84 (1):40–86. doi:10.1016/j.jfineco.2006.02.003.
- Sharpe, W. F. 1964. Capital asset prices: A theory of market equilibrium under conditions of risk. The Journal of Finance 19 (3):425–42. doi:10.1111/j.1540-6261.1964.tb02865.x.
- Shin, S.-O. S. 2018. Heterogeneous intermediary capital and the cross-section of stock returns. Accessed August 16, 2023. https://benny.aeaweb.org/conference/2019/preliminary/paper/58BAt78z.
- Sutiyono, W. 2007. Human resource management in state-owned and private enterprises in indonesia. Bulletin of Indonesian Economic Studies 43 (3):377–94. doi:10.1080/00074910701727621.
- Yin, L., J. Nie, and L. Han. 2020. Intermediary asset pricing in commodity futures returns. Journal of Futures Markets 40 (11):1711–30. doi:10.1002/fut.22099.