Institutional Investors

Working Paper

01 February 2010

Dispersed Ownership: The Theories, the Evidence, and the Enduring Tension Between 'Lumpers' and 'Splitters'

From a global perspective, the single most noticeable fact about corporate governance is the radical dichotomy between dispersed ownership and concentrated ownerships systems, with the latter being much in the majority. Several...

John Coffee
01 January 2010

Does Governance Travel around the World? Evidence from Institutional Investors

We examine whether institutional investors affect corporate governance by analyzing portfolio holdings of institutions in companies from 23 countries during the period 2003-2008. We find that firm-level governance is positively...

Reena Aggarwal | Isil Erel | Miguel Ferreira | Pedro Matos
01 April 2007

Institutional Investors and Proxy Voting: The Impact of the 2003 Mutual Fund Voting Disclosure Regulation

This paper examines the impact on shareholder voting of the mutual fund voting disclosure regulation adopted by the SEC in 2003, using a paired sample of proposals submitted before and after the rule change. We focus on how voting...

Martijn Cremers | Roberta Romano
01 December 2006

Returns to Shareholder Activism: Evidence from a Clinical Study of the Hermes U.K. Focus Fund

This article reports a unique analysis of private engagements by an activist fund. It is based on data made available to us by Hermes, the fund manager owned by the British Telecom Pension Scheme, on engagements with management in...

Marco Becht | Julian Franks | Colin Mayer | Stefano Rossi
01 March 2015

Returns to Hedge Fund Activism: An International Study

This paper provides evidence on the incidence, characteristics, and performance of activist engagements across countries. We find that the incidence of activism is greatest with high institutional ownership, particularly for U.S....

Marco Becht | Julian Franks | Jeremy Grant | Hannes Wagner
01 February 2014

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...

Marco Da Rin | Ludovic Phalippou

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