Institutional Investors

Working Paper

Do Institutional Investors Monitor their Large vs. Small Investments Differently? Evidence from the Say-On-Pay Vote

We consider institutional voting on Say-On-Pay as a function of the size of an institution’s position. Smaller positions, measured either as percent of a firm held or portfolio weight invested in a firm, lead to lower support of management in SOP...Read more

Miriam Schwartz-Ziv
Russ Wermers
29 January 2018

There Is Something Special about Large Investors: Evidence from a Survey of Private Equity Limited Partners

We show that investors with more dollar amount allocated to private equity conduct more thorough due diligence and have different investment criteria. The fraction allocated to private equity, the organization?s total asset under management, and...Read more

Marco Da Rin
01 February 2014

Are Foreign Investors Locusts? The Long-Term Effects of Foreign Institutional Ownership

This paper challenges the view that foreign investors lead firms to adopt a short-term orientation and forgo long-term investment. Using a comprehensive sample of publicly listed firms in 30 countries over the 2001-2010 period, we find instead...Read more

Miguel Ferreira
Pedro Matos
01 August 2016

The Trajectory of American Corporate Governance: Shareholder Empowerment and Private Ordering Combat

Shareholder power and activism are hot issues in the United States and around the world. Although some jurisdictions have welcomed greater shareholder involvement in corporate governance, this prospect has been met with widespread apprehension in...Read more

Jennifer Hill
10 March 2017

The Dialogue between the Chairman of the Board and Investors: The Practice in the UK, the Netherlands and Germany and the Future of the German Corporate Governance Code Under the New Chairman

The dialogue of the board and its chairman with investors is an established practice in many countries, such as the United Kingdom, the USA, the Netherlands, Belgium, France and recently also Germany. In the UK this dialogue covers the whole...Read more

Klaus Hopt
08 September 2017