Institutional Investors

Working Paper

27 July 2020

Do Institutional Investors Stabilize Equity Markets in Crisis Periods? Evidence from COVID-19

During the COVID-19 market crash, U.S. stocks with higher and more active institutional ownership performed worse. The effect was stronger when institutional investors experienced larger client outflows and held more financially...

Simon Glossner | Pedro Matos | Stefano Ramelli | Alexander Wagner
26 August 2020

Corporate Governance in the Presence of Active and Passive Delegated Investment

We examine the governance role of delegated portfolio managers. In our model, investors decide how to allocate their wealth between passive funds, active funds, and private savings, and fund fees are endogenously...

Adrian Aycan Corum | Andrey Malenko | Nadya Malenko
01 September 2006

Hedge Fund Activism, Corporate Governance, and Firm Performance

Using a large hand-collected dataset from 2001 to 2006, we find that activist hedge funds in the U.S. propose strategic, operational, and financial remedies and attain success or partial success in two thirds of the cases. Hedge funds...

Alon Brav | Wei Jiang | Frank Partnoy | Randall Thomas
01 January 2014

Institutional Investor Activism in a Context of Concentrated Ownership and High Private Benefits of Control: the Case of Italy

This is a draft chapter for a forthcoming volume, The Research Handbook on Shareholder Power, edited by Randall Thomas and Jennifer Hill (Cheltenham:Edgar Elgar). This chapter describes the experience with activist institutional...

Massimo Belcredi | Luca Enriques