Institutional Investors

Working Paper

The Dialogue between the Chairman of the Board and Investors: The Practice in the UK, the Netherlands and Germany and the Future of the German Corporate Governance Code Under the New Chairman

The dialogue of the board and its chairman with investors is an established practice in many countries, such as the United Kingdom, the USA, the Netherlands, Belgium, France and recently also Germany. In the UK this dialogue covers the whole...Read more

Klaus Hopt
08 September 2017

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

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

The Wall Street Stampede: Exit as Governance with Interacting Blockholders

In firms with multiple blockholders governance via exit is affected by how blockholders react to each others' exit. Institutional investors, who hold the majority of equity blocks, are heterogeneous in their incentives. How do these incentives...Read more

Amil Dasgupta
Konstantinos Zachariadis
22 October 2019

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