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...