When innovation is cumulative, patent protection on early inventions can generate holdup problems if later complementary patents are owned by different firms. Consistent with the property rights literature, we show that shareholder ownership overlap across firms with patent complementarities...

This paper examines the relationship between institutional holdings and dividend policy by jointly considering investment style and firms' growth opportunities. It helps to resolve the apparent low-dividend-preference puzzle in which institutional investors have higher holdings in...

There has been a steady increase in institutional ownership of penny stocks over the past decades. Nevertheless, we show that penny stocks bought by institutional investors significantly underperform other penny stocks in subsequent four quarters. This poor performance is mainly driven by...

Using data on China's split-share structure reform that floats non-tradable shares, we find that Qualified Foreign Institutional Investors (QFIIs) have greater influence over the controlling state shareholders than local mutual funds. QFIIs are less prone to political pressure and are more...