Showing 1 - 10 of 586
Passively managed funds have grown to become some of the largest shareholders in publicly traded companies, but there is considerable debate about the effects of this growth on corporate governance. The goal of this paper is to review the literature on the governance implications of passive fund...
Persistent link: https://www.econbiz.de/10013477210
Shareholder power in the US grew over recent decades due to a steep rise in concentrated institutional ownership. Using … increases in concentrated institutional ownership on employment, wages, shareholder returns, and labor productivity. Consistent … of firms that experience an increase in ownership by larger and more concentrated institutional shareholders have lower …
Persistent link: https://www.econbiz.de/10013334421
This paper connects changes in employer characteristics through job transitions to employee earnings following mergers and acquisitions (M&As). Using firm balance sheet data linked to individual earnings data in Canada and a matched difference-in-differences design, we find that after M&As...
Persistent link: https://www.econbiz.de/10014436997
institutional ownership and activist institutional ownership in particular, lost value on October 4, 2010, when the SEC unexpectedly …
Persistent link: https://www.econbiz.de/10012460861
ownership and the stock returns of acquiring firms in corporate control transactions. At low levels of managerial ownership … acquisition premium. At sufficiently high levels of managerial ownership, managers value a reduction in the risk of their … nondiversified financial portfolio. However, managers enjoy nonassignable private benefits of control at high levels of ownership …
Persistent link: https://www.econbiz.de/10012473808
Institutional investors conduct more governance research and are less likely to follow proxy advisor vote recommendations when a company's bonds comprise a larger share of their assets. These findings are driven by bond holdings, shareholder proposals, and companies where fixed-income managers...
Persistent link: https://www.econbiz.de/10014544807
Textbook theory assumes that firm managers maximize the net present value of future cash flows. But when you ask them, real-world firm managers consistently say that they are maximizing something else entirely: earnings per share (EPS). Perhaps this is a mistake. No matter. We take firm managers...
Persistent link: https://www.econbiz.de/10014250143
From 2010 to 2021, 639 US VC-funded firms achieved unicorn status. We investigate why there are so many unicorns and why controlling shareholders give investors privileges to obtain unicorn status. We show that unicorns rely more than other VC-funded firms on organizational capital as well as...
Persistent link: https://www.econbiz.de/10013435166
Black- and Hispanic-owned funds control a very modest share of assets in the private capital industry. We find that the sensitivity of follow-on fundraising to fund performance is greater for minority-owned groups, particularly for underperforming groups. We find little support for a number of...
Persistent link: https://www.econbiz.de/10013388856
of ownership changes on coffee mills in Rwanda - an industry in which managing relationships with farmers and seasonal … workers is important and that has seen many ownership changes in recent years. We combine administrative data, a survey panel … groups. A difference-in-differences design reveals that ownership changes do not improve performance unless the mill is …
Persistent link: https://www.econbiz.de/10013334447