Narrow search
Showing 1 - 10 of 182,971
Cover Image
Do Corporate Governance Ratings Change Investor Expectations? Evidence from Announcements by Institutional Shareholder Services
Guest, Paul M. - 2019
This paper examines empirically the announcement effect of commercial corporate governance ratings on share returns. Rating downgrades by Institutional Shareholder Services (ISS) are associated with negative returns of –1.14% over a 3-day announcement window. The returns are highly correlated...
Persistent link: https://www.econbiz.de/10012861805
Cover Image
Dissatisfied Investors and Hedge Fund Activism
He, Yazhou - 2018
This paper utilizes a rich literature on institutional investors' governance roles and develops simple measures of institutional discontent expressed through holding, trading and voice channels to predict hedge fund activism target selection. Discontent expressed through all three channels leads...
Persistent link: https://www.econbiz.de/10012932808
Cover Image
Are equity crowdfunding investors active investors?
Hornuf, Lars; Schilling, Tobias; Schwienbacher, Armin - 2019 - This Version: September 29, 2019
It is often assumed that entrepreneurs retain more control of their venture when they opt for equity crowdfunding as … by analysing the cash flow and control rights crowd investors receive in equity crowdfunding in Germany, where more … capital investment contracts are also used in equity crowdfunding contracts. We find that crowd investors are asked to pay …
Persistent link: https://www.econbiz.de/10012119946
Cover Image
Debtholder Stewardship
Gomtsian, Suren - 2022
Debtholder stewardship refers to the involvement of corporate creditors in a firm’s governance framework with the aim of improving corporate decision-making. This article develops the theory of debtholder stewardship by identifying the mechanisms of debtholder influence, assessing their...
Persistent link: https://www.econbiz.de/10013403912
Cover Image
Institutional Investor Preferences and Executive Compensation
McCahery, Joseph A. - 2012
In this paper, we investigate the attitudes of institutional investors, such as hedge funds, insurance companies, mutual funds and pension funds, towards a key corporate governance mechanism, namely executive compensation. We document the preferences they have about both the level and structure...
Persistent link: https://www.econbiz.de/10013114107
Cover Image
Institutional Investors as Blockholders
Pichhadze, Aviv - 2012
Pichhadze (2010) introduced the Market Oriented Blockholder Model (MOBM) as properly describing the ownership pattern in the American equity markets. Under the model, the emerging blockholder in the American equity markets is the institutional investor (II). This poses a challenge to the...
Persistent link: https://www.econbiz.de/10013102462
Cover Image
Blockholder Trading and Monitoring, Career Concerns, and the Bright and Dark Sides of Investor 'Long-Termism'
Song, Fenghua - 2013
We model a blockholder as a fund manager caring about others' assessment of his stock-picking ability. Such a reputation-conscious fund manager acts like a "long-term" investor who buys and holds, in order to positively influence how his ability is perceived. The consequent reduction in trading...
Persistent link: https://www.econbiz.de/10013073594
Cover Image
Do Institutional Investors Follow Proxy Advice Blindly?
Schouten, Michael C. - 2012
The effectiveness of shareholder voting as a governance mechanism depends in large part on the voting behavior of institutional investors, many of whom receive recommendations on how to vote from proxy advisors such as ISS. Company managers and policymakers are increasingly concerned that...
Persistent link: https://www.econbiz.de/10013113048
Cover Image
Institutional Investors as Blockholders
Pichhadze, Aviv - 2019
Pichhadze (2010) introduced the Market Oriented Blockholder Model (MOBM) as properly describing the ownership pattern in the American equity markets. Under the model, the emerging blockholder in the American equity markets is the institutional investor (II). This poses a challenge to the...
Persistent link: https://www.econbiz.de/10012906088
Cover Image
Are Institutional Investors with Multiple Blockholdings Effective Monitors?
Kang, Jun-Koo - 2018
We examine whether institutions' monitoring effectiveness is related to the number of their blockholdings. We find that the number of blocks that a firm's large institutions hold is positively associated with forced chief executive officer (CEO) turnover-performance sensitivity, abnormal returns...
Persistent link: https://www.econbiz.de/10012940244