Institutional Investors

Working Paper

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 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
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 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 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