Journal ArticleDOI
Governance mechanisms and effective activism: Evidence from shareholder proposals on poison pills
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TLDR
In this paper, the interaction between governance mechanisms and the effectiveness of shareholder activism by examining shareholder-initiated proposals on poison pills was studied, and it was found that dictatorship firms, characterized with higher number of governance provisions, are associated with more activist voting by institutional groups: ownership by mutual funds, independent investment advisors and pension funds are significantly related to greater support of shareholder proposals against poison pills.About:
This article is published in Journal of Empirical Finance.The article was published on 2017-09-01. It has received 11 citations till now. The article focuses on the topics: Shareholder & Institutional investor.read more
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Institutional ownership stability and BHC performance
Elyas Elyasiani,Jingyi Jane Jia +1 more
TL;DR: In this article, the association between performance of BHCs and institutional ownership stability is investigated and contrasted to those found for the less regulated utility and industrial firms in order to determine whether regulation displaces owner monitoring.
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Mutual funds as monitors: Evidence from mutual fund voting
TL;DR: In this article, the authors examined 213,579 voting decisions made by 1799 mutual funds from 94 fund families for 1047 shareholder proposals voted on between July 2003 and June 2005.
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Institutional Ownership and Firm Performance under Stakeholder-Oriented Corporate Governance
Hideaki Sakawa,Naoki Watanabel +1 more
TL;DR: In this article, the role of institutional investors with shareholders-oriented scopes in a stakeholder-oriented economy such as Japan has been investigated and the effect of such investors on firm performance was analyzed.
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Research on the relationship between institutional investor research meeting and the performance of listed companies
Jingqin Zhang,Yong Ye +1 more
TL;DR: In this paper, the authors empirically analyzed the relationship between institutional investors research meeting and performance of companies being researched, and found that the role of II research meetings is more significant.
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Policy uncertainty, the use of derivatives: Evidence from U.S. bank holdingcompanies (BHCs)
TL;DR: This paper explored the link between bank holding companies' hedging in derivatives and economic policy uncertainty using a newspaper-based index of policy uncertainty and found that banks use derivatives less intensively in states where policy uncertainty is high (they hedge against homogenous (tradable) risk only); instead, they allocate their risk exposure via lending (thus increasing their credit risk).
References
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Journal ArticleDOI
Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations.
Manuel Arellano,Stephen Bond +1 more
TL;DR: In this article, the generalized method of moments (GMM) estimator optimally exploits all the linear moment restrictions that follow from the assumption of no serial correlation in the errors, in an equation which contains individual effects, lagged dependent variables and no strictly exogenous variables.
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Risk, Return, and Equilibrium: Empirical Tests
Eugene F. Fama,James D. MacBeth +1 more
TL;DR: In this article, the relationship between average return and risk for New York Stock Exchange common stocks was tested using a two-parameter portfolio model and models of market equilibrium derived from the two parameter portfolio model.
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On Persistence in Mutual Fund Performance
TL;DR: Using a sample free of survivor bias, this paper showed that common factors in stock returns and investment expenses almost completely explain persistence in equity mutual fund's mean and risk-adjusted returns.
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Industry costs of equity
Eugene F. Fama,Kenneth R. French +1 more
TL;DR: In this paper, the authors show that standard errors of more than 3.0% per year are typical for both the CAPM and the three-factor model of Fama and French (1993), and these large standard errors are the result of uncertainty about true factor risk premiums and imprecise estimates of the loadings of industries on the risk factors.
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Measuring mutual fund performance with characteristic-based benchmarks
TL;DR: In this paper, the authors developed and applied new measures of portfolio performance which use benchmarks based on the characteristics of stocks held by the portfolios that are evaluated, and applied these measures to a new database of mutual fund holdings covering over 2500 equity funds from 1975 to 1994.