UNDERSTANDING THE MOTIVES OF BLOCK INSTITUTIONAL HOLDING

摘要：

In this paper I empirically examine the importance of potential benefits from monitoring in understanding institutional block holding, where the measures for monitoring benefits are identified from the information asymmetry problem. Using U.S. data on institutional ownership for the largest public companies during the 1990s, I find that firms’ agency problems explains cross-firm variation in large institutional holdings, and provide ex post evidence consistent with large investors’ motives to mitigate those problems.

作者: Xiaoyan Xu

作者单位: Department of Economics, University of Michigan at Ann Arbor

会议类型: 国际会议

会议名称: 2009年中国金融国际年会

会议地点: 广州

会议语种:英文

页码: 1-36

在线出版日期: 2009-07-07（万方平台首次上网日期，不代表论文的发表时间）