Investment funds have a unique organization structure in which a fund's board of directors frequently contracts the management of the fund with the fund's sponsor but has a fiduciary duty to act in the interest of the fund's shareholders with regard to decisions such as the shareholder fees...

This paper investigates the extent to which institutional ownership of equity affects the market's response to announcements of new issues of common stock. The authors find that the absolute magnitude of the share price reaction is negatively related to the level of institutional ownership in...