Institutional Investors

Working Paper

20 February 2020

Climate Risk Disclosure and Institutional Investors

Given ambiguity concerning the effects of disclosure on firm value and markets, we examine the question of whether investors value carbon risk disclosure. Through a survey and empirical tests, we conclude that many institutional...

Emirhan Ilhan | Philipp Krueger | Zacharias Sautner | Laura Starks
27 August 2018

The Sustainability Footprint of Institutional Investors: ESG Driven Price Pressure and Performance

We propose a novel way of measuring the equity portfolio-level environmental and social characteristics of a 13F institution (the “sustainability footprint”) and examine the relation between sustainability footprints and...

Rajna Gibson Brandon | Philipp Krueger | Shema F. Mitali
27 August 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...

Jill Fisch | Assaf Hamdani | Steven Davidoff Solomon
21 September 2018

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...

Beni Lauterbach | Yevgeny Mugerman
20 December 2018

The Costs and Benefits of Shareholder Democracy: Gadflies and Low-Cost Activism

We show that there is cross-sectional variation in the quality of shareholder proposals. On average, the proposals submitted by the most active individual sponsors are less likely to be supported by a majority of votes, but they...

Nickolay Gantchev | Mariassunta Giannetti
30 July 2019

Is The Stock Market Biased Against Diverse Top Management Teams?

Using a novel text-based measure of top management team diversity, covering over 70,000 top executives in over 6,500 U.S. firms from 1999 to 2014, we show that analyst forecasts are systematically more pessimistic for firms with more...

Alberto Manconi | A. Emanuele Rizzo | Oliver Spalt

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