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We study the role of institutional investors around the world using a comprehensive data set of equity holdings from 27 countries. We find that all institutional investors have a strong preference for the stock of large firms and firms with good governance, while foreign institutions tend to overweight firms that are cross-listed in the U.S. and members of(More)
We examine whether institutional investors affect corporate governance by analyzing portfolio holdings of institutions in companies from 23 countries during the period 2003 – 2008. We find that firm-level governance is positively associated with international institutional investment. Changes in institutional ownership over time positively affect subsequent(More)
This paper investigates how the investment horizon of a firm’s institutional shareholders impacts the market for corporate control. We find that target firms with short-term shareholders are more likely to receive an acquisition bid but get lower premiums. This effect is robust and economically significant: Targets whose shareholders hold their stocks for(More)
Article history: Received 27 September 2011 Received in revised form 15 January 2012 Accepted 17 January 2012 Available online 28 January 2012 This paper investigates the influence of corporate governance on financial firms' performance during the 2007–2008 financial crisis. Using a unique dataset of 296 financial firms from 30 countries that were at the(More)
The vast majority of cross-border mergers involve private firms outside of the United States. We analyze a sample of 56,978 cross-border mergers between 1990 and 2007. We find that geography, the quality of accounting disclosure, and bilateral trade increase the likelihood of mergers between two countries. Valuation appears to play a role in motivating(More)
We investigate the effects of bank control over borrower firms whether by representation on boards of directors or by the holding of shares through bank asset management divisions. Using a large sample of syndicated loans, we find that banks are more likely to act as lead arrangers in loans when they exert some control over the borrower firm. Bank-firm(More)
For some organizations, the proactive approach to product lines may be inadequate due to prohibitively high investment and risks. As an alternative, the extractive and the reactive approaches are incremental, offering moderate costs and risks, and therefore sometimes may be more appropriate. However, combining these two approaches demands a more detailed(More)
Figueiredo-Fernandes A., Ferreira-Cardoso J.V., Garcia-Santos S., Monteiro S.M., Carrola J., Matos P. & Fontaínhas-Fernandes A. 2007. Histopathological changes in liver and gill epithelium of Nile tilapia, Oreochromis niloticus, exposed to waterborne copper. Pesquisa Veterinária Brasileira 27(3):103-109. University of Trás-os-Montes and Alto Douro, Center(More)
This paper challenges the widely accepted stylized fact that CEOs in the United States are paid significantly more than their foreign counterparts. Using CEO pay data across 14 countries with mandated pay disclosures, we show that the US pay premium is economically modest and primarily reflects the performance-based pay demanded by institutional(More)
We study the role of institutional investors in cross-border mergers and acquisitions (M&A). We find that foreign institutional ownership is positively associated with the intensity of cross-border M&A activity worldwide. Foreign institutional ownership increases the probability that a merger deal is cross-border, successful, and the bidder takes full(More)