Institutional Ownership

Working Paper

06 December 2020

The Big Three and Board Gender Diversity: The Effectiveness of Shareholder Voice

In 2017, “The Big Three” institutional investors launched campaigns to increase gender diversity on corporate boards. We estimate that their campaigns led firms to add at least 2.5 times as many female directors in 2019 as...

Todd Gormley | Vishal K. Gupta | David A. Matsa | Sandra C. Mortal | Lukai Yang
06 December 2020

The Big Three and Corporate Carbon Emissions Around the World

This paper examines the role of the “Big Three” (i.e., BlackRock, Vanguard, and State Street Global Advisors) on the reduction of corporate carbon emissions around the world. Using novel data on engagements of the Big Three with...

José Azar | Miguel Duro | Igor Kadach | Gaizka Ormazabal
28 August 2019

The Systemic Governance Influence of Universal Owners: Evidence From an Expectation Document

Universal owners can systemically diffuse their investment preferences to a large share of the market. We use the unexpected release of a corporate governance expectation document by Norway’s sovereign wealth fund as a natural...

Ruth V. Aguilera | Vicente J. Bermejo | Javier Capapé | Vicente Cuñat