investors in IPO markets. In Taiwan, institutional investors are not permitted to subscribe to fixed-price IPOs. Excluding … institutional investors raises uninformed investors' allocation rates. We show that the winner's curse is still present in Taiwan …'s fixed-price IPO markets even without the participation of institutional investors, but that IPO underpricing is reduced by …

-bank institutional investors. The present paper examines to what extent this implies a substitution of relationship finance by arm …

. Banks traditionally holding close relationships with firms are substituted by non-bank institutional investors. The present …

. Banks traditionally holding close relationships with firms are substituted by non-bank institutional investors. The present …

financial assets among institutional investors was juxtaposed by a declining unionization rate. Consequently, institutional … investors had the incentives and increasingly the ability to allocate a growing share of corporate resources towards capital …

Because sell-side analysts are dependent on institutional investors for performance ratings and trading commissions, we … institutional investors. Examining a comprehensive sample of analyst recommendations over the 1994-2000 period, we find that … pressure, but negatively associated with the presence of institutional investor owners. The presence of institutional investors …

In continental Europe, banks are more and more replaced by non-bank institutional investors in the financing and … control of firms. This must not imply a shift to arm's length finance, if these institutional investors develop relationships …