Institutional Investors

Working Paper

29 January 2018

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...

Miriam Schwartz-Ziv | Russ Wermers


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