Concentration in the U.S. insurance industry's market shares and ownership, coupled with a network interlocking ownership relationships by institutional investors, raise social concerns. Studying the relationship between Tobin's q and corporate governance features of the industry, we fail to...

Institutional investor ownership has often been considered a corporate governance variable, typically used to proxy those investors' ability to influence managers and to expropriate wealth from smaller shareholders. Large institutional investors have developed common holdings across numerous...