This study investigates whether institutional bond blockholders (i.e., bond funds that hold more than 5% of a firm's outstanding bonds) impede firm innovative activities, and if they do, through which channels. We find that long-term bond blockholders do not discourage firms from conducting...

Using investors' trading horizons to capture their incentives to collect information and monitor management's decisions, this paper shows that an increase in the ownership stake held by long-term institutional investors is associated with a subsequent decrease in real investment precisely in...

The IPO process is a way for companies to improve their corporate governance and for investors to assess company quality. This paper posits that investor choices vary with differences in investment ability and experience. Three groups of investors with large holdings, namely individual...

Conglomerates, multinational corporations and business groups are non-exclusive forms of complex firms. Often organized as corporate networks, complex firms control a myriad of firms connected through ownership links. We investigate whether parent-subsidiary links within corporate networks...

This paper explores the institutional trading on the stock anomaly characteristics in REITs. In the general stock market, Edelen, Ince and Kadlec (2016) find that institutional investors trade on the wrong side of well-known anomalies, which results in negative relationship between the change in...