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Dual Ownership, Returns, and Voting in Mergers

Bodnaruk, Andriy - 2014

We document that in M&As a significant proportion of targets' equity is owned by financial institutions that simultaneously own targets' bonds (“dual holders”). Targets with larger equity ownership by dual holders have lower M&A equity premia and larger abnormal bond returns, particularly...

Persistent link: https://www.econbiz.de/10013062358

Sovereign Wealth Funds and Shareholder Activism : Applying the Ryan-Schneider Antecedents to Determine Policy Implications

Ghahramani, Salar - 2013

Purpose – The purpose of this paper is to examine the propensity of sovereign wealth funds (SWFs) for shareholder activism and their potential impact on corporate governance.Design/methodology/approach – The study highlights the relationships between SWFs and corporate governance and also...

Persistent link: https://www.econbiz.de/10013086578

Shareholders at the Gate? Institutional Investors and Cross-Border Mergers and Acquisitions

Ferreira, Miguel A. - 2009

We study the role of institutional investors in cross-border mergers and acquisitions (M&As). We find that foreign institutional ownership is positively associated with the intensity of cross-border M&A activity worldwide. Foreign institutional ownership increases the probability that a merger...

Persistent link: https://www.econbiz.de/10013158587

Shareholder Stewardship in the Netherlands : The Role of Institutional Investors in a Stakeholder Oriented Jurisdiction

Van der Elst, Christoph - 2020

We study institutional investors' voice in the Netherlands, focusing on shareholder voting in particular. The Dutch Stewardship Code, developed by institutional investor platform Eumedion, came into force in January 2019, emphasises engagement and responsibilities of institutional investors in...

Persistent link: https://www.econbiz.de/10012841365

Institutional Shareholder Distraction, Agency Conflicts, and the Cost of Debt

El Ghoul, Sadok - 2020

, we document a positive and significant relation between firms with distracted institutional shareholders and the cost of …

Persistent link: https://www.econbiz.de/10012843982

Institutional Shareholders and Corporate Social Responsibility

Chen, Tao - 2019

This study uses two distinct quasi-natural experiments to examine the effect of institutional shareholders on corporate … reconstitutions improves portfolio firms' CSR performance. We then find that firms have lower CSR ratings when shareholders are … financially material. Furthermore, we show that institutional shareholders influence CSR through CSR-related proposals. Overall …

Persistent link: https://www.econbiz.de/10012902227

Shareholder Engagement by Large Institutional Investors

Gomtsian, Suren - 2019

companies and revealing how these institutional investors behave and vote at shareholders' meetings. The results show growing …

Persistent link: https://www.econbiz.de/10012867429

The Role of Proxy Advisors and Large Passive Funds in Shareholder Voting : Lions or Lambs?

Boone, Audra L. - 2020

Proxy advisory firms and large passive mutual funds have faced criticism both for being too powerful and not exercising diligence in proxy voting. We document that the ``Big 3'' passive fund families, Blackrock, State Street, and Vanguard, are increasingly likely to vote with management, and...

Persistent link: https://www.econbiz.de/10012855196

Institutional Shareholder Engagement with Japanese Firms

Clark, Gordon L. - 2015

This paper explores how shareholder engagement on environmental, social and governance (ESG) issues is informally exercised by a large global institutional investor with locally embedded, geographically remote firms. By studying a UK asset manager's shareholder engagement strategies on ESG...

Persistent link: https://www.econbiz.de/10013020913

Blackrock vs Norway Fund at Shareholder Meetings : Institutional Investors’ Votes on Corporate Externalities

Briere, Marie - 2018

Do institutional investors engage with companies on corporate externalities such as greenhouse gas emissions? And if so, why? We study voting at shareholder meetings by two emblematic global investors: BlackRock, a major asset manager, and the Norway Fund, a responsible sovereign wealth fund....

Persistent link: https://www.econbiz.de/10012925033