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Institutional Investors and Corporate Governance : The Incentive to Be Engaged

Jonathan Lewellen - ; Katharina Lewellen - ;

This paper studies institutional investors’ incentives to be engaged shareholders. In 2017, the average institution gains an extra $129,000 in annual management fees if a stockholding increases 1% in value, considering both the direct effect on assets under management and the indirect effect on subsequent fund flows. The estimates range from $19,600 for investments in small firms to $307,600 for investments in large firms. Institutional shareholders in one firm often gain when the firm's competitors do well, by virtue of institutions’ holdings in those firms, but the impact of common ownership is modest in the most concentrated industries.


Ketersediaan

Call NumberLocationAvailable
PSB lt.dasar - Pascasarjana (Koleksi Majalah)1
PenerbitUSA: The American Finance Association 2022
EdisiVolume 77, Issue 1, February 2022, Pages 213-264
SubjekInvestments
Corporate governance
Institutional Investors
ISBN/ISSN1540-6261
KlasifikasiNONE
Deskripsi FisikFirst published : 06 October 2021
Info Detail SpesifikThe Journal of Finance
Other Version/RelatedTidak tersedia versi lain
Lampiran Berkas
  • https://remote-lib.ui.ac.id:2075/10.1111/jofi.13085

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