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portfolio strategy, on firms' innovation activities and innovation strategies. Relying on plausibly exogenous variation in … institutional ownership, while firms' countable innovation activities increase, they shift their innovation strategies by focusing … more on exploitation of existing knowledge instead of exploring new technology. Enhanced monitoring by passive …
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This paper studies the effect of stock liquidity on blockholders' choice of governance mechanisms. We focus on hedge funds as they are unconstrained by legal restrictions and business ties, and thus have all governance channels at their disposal. Since the threat of governance, not just actual...
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This paper studies the effect of stock liquidity on blockholder governance. Conditional upon acquiring a stake, liquidity reduces the likelihood that a blockholder governs through voice (intervention) – as shown by the greater propensity to file Schedule 13Gs (passive investment) than 13Ds...
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