Voting with their feet: institutional ownership changes around forced CEO turnover
Article Abstract:
The debate about institutional investors? place in the governance of business enterprises has grown louder as institutions gained majority ownership of large American corporations. This paper examines equity ownership changes and the forced turnovers of chief executive officers in an effort to determine if investors express their dissatisfaction with firms by voting ?with their feet.?
Publication Name: Journal of Financial Economics
Subject: Economics
ISSN: 0304-405X
Year: 2003
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Return autocorrelation and institutional investors
Article Abstract:
Data from the New York Stock Exchange was analyzed to verify the hypothesis that institutional investor trading causes serial correlation in daily returns. Results show that autocorrelation is caused by factors other than nontrading, giving support to the hypothesis. Institutional ownership is also shown to affect portfolio daily and individual security return autocorrelations.
Publication Name: Journal of Financial Economics
Subject: Economics
ISSN: 0304-405X
Year: 1997
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Corporate governance proposals and shareholder activism: the role of institutional investors
Article Abstract:
A new study investigates the role of institutional investors in corporate governance.
Publication Name: Journal of Financial Economics
Subject: Economics
ISSN: 0304-405X
Year: 2000
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