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Of Tournaments and Temptations: An Analysis of Managerial Incentives in the Mutual Fund Industry
The authors test the hypothesis that, when their compensation is linked to relative performance, managers of investment portfolios likely to end up as 'losers' will manipulate fund risk differentlyExpand
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Internal Monitoring Mechanisms and CEO Turnover: A Long-Term Perspective
We report evidence on chief executive officer (CEO) turnover during the 1971 to 1994 period. We find that the nature of CEO turnover activity has changed over time. The frequencies of forced CEOExpand
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Corporate Governance Proposals and Shareholder Activism: The Role of Institutional Investors
We study shareholder proposals across a period of substantial activity and find systematic differences both across sponsor identity and across time. To understand how these proposals are perceived byExpand
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The Evolution of Shareholder Activism in the United States*
In the early 1900's American financial institutions were active participants in U.S. corporate governance but the enactment of securities laws in the 1930's limited the power of financialExpand
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Greener Pastures and the Impact of Dynamic Institutional Preferences
Although institutional investors have a preference for large capitalization stocks, over time they have shifted their preferences toward smaller, riskier securities. These changes in aggregateExpand
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Corporate Governance, Corporate Ownership, and the Role of Institutional Investors: A Global Perspective
We examine the relation between corporate governance and ownership structure, focusing on the role of institutional investors. In many countries, institutional investors have become dominant playersExpand
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A Survey of Shareholder Activism: Motivation and Empirical Evidence
Shareholder activism by institutions is an important aspect of U.S. financial markets. We provide an overview of shareholder activism by institutional and individual investors, emphasising theirExpand
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Short-Sale Restrictions and Market Reaction to Short-Interest Announcements
According to the Diamond-Verrecchia hypothesis, if increases in short interest are correlated with information that is not yet public, they should precipitate a price adjustment. Stocks withExpand
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Stock versus Mutual Ownership Structures: The Risk Implications
This article provides empirical tests of the risk differences between two types of ownership structure in the property-liability insurance industry. Empirical evidence is provided that suggests stockExpand
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Signaling, Investment Opportunities, and Dividend Announcements
This article examines potential explanations for the wealth effects surrounding dividend change announcements. We find that new information concerning managers' investment policies is not revealed atExpand
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