Institutional Investors

Working Paper

29 January 2018

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

Widely-cited theoretical models predict that large shareholders will monitor management, while small shareholders will free-ride. However, we find that institutional investors are particularly likely to oppose management on...

Miriam Schwartz-Ziv | Russ Wermers
22 October 2019

The Wall Street Stampede: Exit as Governance with Interacting Blockholders

In firms with multiple blockholders governance via exit is affected by how blockholders react to each others' exit. Institutional investors, who hold the majority of equity blocks, are heterogeneous in their incentives. How do these...

Dragana Cvijanović | Amil Dasgupta | Konstantinos Zachariadis
19 February 2020

Shareholder Stewardship in the Netherlands: The Role of Institutional Investors in a Stakeholder Oriented Jurisdiction

We study institutional investors’ voice in the Netherlands, focusing on shareholder voting in particular. The Dutch Stewardship Code, developed by institutional investor platform Eumedion, came into force in January 2019,...

Christoph Van Der Elst | Anne Lafarre