This paper discusses portfolio construction for investing in N given assets, e.g. constituents of the Dow Jones Industrial Average (DJIA) or large cap stocks, which is based on partitioning the investment universe into clusters. The clusters are determined from the trailing correlation matrix...

This paper examines the relation between the geographic concentration of institutional shareholders and shareholder gains in corporate control transactions. I find that target firms with a greater geographic concentration of institutional shareholders experience significantly higher abnormal...

Manuscript Type: EmpiricalResearch Question/Issue: This study examines activism campaigns where multiple activists simultaneously target the same firm—which we term clustered shareholder activism. Despite the growing influence of shareholder activism on corporate governance, the clustered...

We examine the impact of geographic concentration of institutional investors on corporate governance and firm value. We find that firms whose large institutions are closely located to each other experience higher forced CEO turnover-performance sensitivity, more frequent proxy voting against...

In this paper, we investigate family firms' position in the intercorporate ownership network. Rooting our predictions in the Behavioral Agency Model and a Network analytical framework, we predict and find that family involvement decreases the likelihood of business group affiliation and of...

This paper aims to further our emerging knowledge on the external linkages of regional clusters. We adopt a network governance perspective and study connected clusters as goal-directed, multilevel whole networks that we denote as “cluster networks.” Based on an analysis of four empirical...

In this paper, the Post-Kaleckian approach on financialisation which argues that investment of Nonfinancial Corporations in real capital assets has been restricted by the rising dividend and interest payments due to shareholder pressure will be criticized based on a Minskyan understanding of...

How persistent are the effects of legal institutions adopted or inherited in the distant past? A substantial literature argues that legal origins have persistent effects that explain clear differences in investor protections and financial development around the world today (La Porta et al, 1998,...