Institutional Investors

Working Paper

01 August 2016

Are Foreign Investors Locusts? The Long-Term Effects of Foreign Institutional Ownership

This paper challenges the view that foreign investors lead firms to adopt a short-term orientation and forgo long-term investment. Using a comprehensive sample of publicly listed firms in 30 countries over the 2001-2010 period, we...

Jan Bena | Miguel Ferreira | Pedro Matos | Pedro Pires
09 July 2019

Citizens United vs. FEC and Corporate Political Activism

This paper analyzes the effect that the U.S. Supreme Court’s landmark decision on Citizens United vs. FEC had on corporate political activism. The decision opened the door for corporate treasuries to engage in independent political...

Rui Albuquerque | Zicheng Lei | Jörg Rocholl | Chendi Zhang


The Specter of the Giant Three

The world’s largest three investment managers—BlackRock, Vanguard, and State Street Global Advisors—control a large, and steadily growing,...Read more

Lucian Bebchuk
Scott Hirst
08 July 2019

Passive Investors

Passive investors, such as Vanguard or Blackrock, that track an index and have no discretion over their investments own a growing...Read more

Jill Fisch
Assaf Hamdani
Steven Davidoff Solomon
24 September 2018