Narrow search
Showing 1 - 10 of 6,737
Cover Image
The Granular Nature of Large Institutional Investors
Ben-David, Itzhak - 2016
Large institutional investors own an increasing share of equity markets. We conjecture that a financial market in which large institutions dominate operates differently than a market populated by smaller independent investors. To support this view, we show that funds within the same family...
Persistent link: https://www.econbiz.de/10012456429
Cover Image
Venture Capital Investments and Merger and Acquisition Activity Around the World
Phillips, Gordon M. - 2017
world. We find evidence of a strong positive association between VC investments and lagged M&A activity, consistent with the … engage in more deals. We also explore the effects of country-level pro-takeover legislation passed internationally (positive … post-law changes in VC activity. VC activity intensifies after enactment of country-level takeover friendly legislation and …
Persistent link: https://www.econbiz.de/10012453631
Cover Image
Big Banks and Macroeconomic Outcomes : Theory and Cross-Country Evidence of Granularity
Bremus, Franziska - 2013
Does the mere presence of big banks affect macroeconomic outcomes? In this paper, we develop a theory of granularity (Gabaix, 2011) for the banking sector, introducing Bertrand competition and heterogeneous banks charging variable markups. Using this framework, we show conditions under which...
Persistent link: https://www.econbiz.de/10012459568
Cover Image
Large Block Shareholders, Institutional Investors, Boards of Directors and Bank Value in the Nineteenth Century
Bodenhorn, Howard - 2013
Share prices of modern corporations are influenced by the size and structure of boards of directors, large individual and institutional investors, and shareholder voting rights, among other governance features. It is not clear whether the same features mattered historically, given recent...
Persistent link: https://www.econbiz.de/10012459707
Cover Image
Benefits of Control, Managerial Ownership, and the Stock Returns of Acquiring Firms
Hubbard, R. Glenn - 1995
This paper examines the effect of the benefits of corporate control to managers on the relationship between managerial ownership and the stock returns of acquiring firms in corporate control transactions. At low levels of managerial ownership, agency costs of equity (such as perquisite...
Persistent link: https://www.econbiz.de/10012473808
Cover Image
Do Institutional Investors Destabilize Stock Prices? Evidence on Herding and Feedback Trading
Lakonishok, Josef - 1991
This paper uses a new data set of quarterly portfolio holdings of 769 all-equity pension funds between 1985 and 1989 to evaluate the potential effect of their trading on stock prices. We address two aspects of trading by money managers: herding, which refers to buying (selling) the same stocks...
Persistent link: https://www.econbiz.de/10012475147
Cover Image
The Unintended Consequences of the Zero Lower Bound Policy
Maggio, Marco Di - 2016
We study the impact of the zero lower bound interest rate policy on the industrial organization of the U.S. money fund industry. We find that in response to policies that maintain low interest rates, money funds: change their product offerings by investing in riskier asset classes; are more...
Persistent link: https://www.econbiz.de/10012456325
Cover Image
How Does Hedge Fund Activism Reshape Corporate Innovation?
Brav, Alon - 2016
This paper studies how hedge fund activism reshapes corporate innovation. Firms targeted by hedge fund activists experience an improvement in innovation efficiency during the five-year period following the intervention. Despite a tightening in R&D expenditures, target firms experience increases...
Persistent link: https://www.econbiz.de/10012456402
Cover Image
What Does Stock Ownership Breadth Measure?
Choi, James J. - 2010
Using holdings data on a representative sample of all Shanghai Stock Exchange investors, we show that increases in ownership breadth (the fraction of market participants who own a stock) predict low returns: highest change quintile stocks underperform lowest quintile stocks by 23% per year....
Persistent link: https://www.econbiz.de/10012462066
Cover Image
Financial Asset Ownership and Political Partisanship : Liberty Bonds and Republican Electoral Success in the 1920s
Hilt, Eric - 2018
We analyze the effects of ownership of liberty bonds, which were marketed to households during World War I, on election …
Persistent link: https://www.econbiz.de/10012453001