Institutional Investors

Working Paper

Institutional Investors’ Views and Preferences on Climate Risk Disclosure

Surveying institutional investors on portfolio firms’ climate risk disclosures, we find that many think climate risk reporting to be as important as traditional financial reporting and that it should be mandatory and more standardized. We find...Read more

Emirhan Ilhan
Philipp Krueger
Zacharias Sautner
Laura Starks
20 February 2020

The Effect of Institutional Investors' Voice on the Terms and Outcome of Freeze-out Tender Offers

We study the impact of institutional investors' “voice” on 201 going private tender offers by controlling shareholders ("freeze-out" offers) in Israel. Israeli regulatory intervention in freeze-out tender offers is relatively mild, thus...Read more

Beni Lauterbach
21 September 2018

The New Titans of Wall Street: A Theoretical Framework for Passive Investors

Passive investors—ETFs and index funds—are the most important development in modern-day capital markets, dictating trillions of dollars in capital flows and increasingly owning much of corporate America. Neither the business model of passive...Read more

Jill Fisch
Assaf Hamdani
Steven Davidoff Solomon
27 August 2018

Investor Ideology

We estimate institutional investor preferences from proxy voting records. The W-NOMINATE method maps investors onto a left-right dimension based on votes for fiscal year 2012. Public pension funds and other investors on the left support a more...Read more

Patrick Bolton
Enrichetta Ravina
Howard Rosenthal
04 April 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 Say-On-Pay for their...Read more

Miriam Schwartz-Ziv
Russ Wermers
29 January 2018

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