Institutional Investors

Working Paper

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
22 October 2019

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...

Dragana Cvijanović | Amil Dasgupta | Konstantinos Zachariadis