This paper examines the relationship between institutional ownership and firm performance for 35 companies listed on the French financial market from 2002 to 2005. The empirical results provide evidence on the endogeneity of institutional ownership and support previous studies arguing the...

I document a negative (positive) relationship between firm performance and changes in large (small) institutional investors' ownership. I argue that small investors follow the Wall Street rule, while blockholders increase their holdings following poor performance in order to protect the value of...

Sweden offers a unique natural experiment to analyze the effects of institutionalized saving on the ownership structure, corporate governance, and firm performance. The Swedish pension reform increased the stock market participation of pension funds, causing a significant reshuffling in the...