We focus on firms that chronically underperform and evaluate ways that institutional investors can facilitate the redeployment of assets to higher valued uses. Our evidence indicates that institutional holdings affect firm survival. Increases in institutional holdings are associated with...

We focus on chronically underperforming firms and assess the roles of institutional investors in either facilitating asset redeployment or entrenching managers. We find that, in aggregate, institutions exhibit a flight to quality, selling shares in firms that subsequently fail. For...

The current paper analyzes the impacts of privatization of Sudan air carrier, Sudan Airways. The hypothetical framework in this study is that alternative policies other than privatization are feasible. Sudan airways represents the sovereignty of the country carrying its flag, its objectives is...

We focus on chronically under performing firms and assess the roles of institutional investors in either facilitating asset redeployment or entrenching managers. We find no evidence that holdings of traditional activist public pension funds lead to improved performance

This study examines the relationship between institutional investors, corporate governance, and firm performance in Vietnam. The findings on Vietnamese listed companies indicate that while institutional investors are less likely to hold shares of companies with larger board sizes, Chief...

This paper provides empirical evidence of a clientele effect between institutional holdings and debt maturity structure. Using a new measure of debt maturity that captures the refinancing and underinvestment risks associated with the timing of cash flows, I find that institutional equity holders...

Cost stickiness measures the degree of suboptimal cost reduction in response to a decline in a firm's activity. This study examines the role of institutional monitoring in addressing the value-decreasing cost-stickiness problem exhibited in many firms. Using alternative proxies for institutional...

Shareholder activism on sustainability issues has become increasingly prevalent over the years, with the number of proposals filed doubling from 1999 to 2013. We use recent innovations in accounting standard setting to classify 2,665 shareholder proposals that address environmental and social...

“Common Ownership” is a phenomenon where shareholders hold substantial stakes in firms that impose externalities on each other. The “Common Ownership” hypothesis suggests that these shareholders may internalize some of these externalities amongst their portfolio firms. While most of the...