Institutional Owners And Competitive Rivalry

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Institutional Owners and Competitive Rivalry

Author : Brian Lawrence Connelly
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (312 download)

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Book Synopsis Institutional Owners and Competitive Rivalry by : Brian Lawrence Connelly

Download or read book Institutional Owners and Competitive Rivalry written by Brian Lawrence Connelly and published by . This book was released on 2008 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Scholars have increasingly recognized the importance of institutional owners in the life of the firm and have sought to explain how and when these owners influence firm-level strategies. In spite of evidence that these owners can and do affect broad strategies, there is little empirical support for the extent to which institutional investors involve themselves at the level of strategic competitive actions that firms undertake. This raises the question: "How do different types of institutional investors affect strategic competitive activity between firms?" Further, owners have a unique bearing on competitive activity insofar as they can simultaneously influence firms that are competing with each other. Therefore another important question is: "How are the relationships between institutional investors and strategic competitive activity affected when those investors hold stakes in both the focal firm and their competitor?" Borrowing from the accounting literature, this dissertation classifies institutional owners into three groups based on their historical trading behavior: transient, dedicated, and quasi-indexer. Findings from examination of the ownership holdings and strategic competitive activity of thirty-six Fortune 500 rivalries over the years 1997-2006 provide insight into these questions. High levels of dedicated institutional ownership are associated with greater strategic competitive activity whereas high transient institutional ownership is associated with low strategic competitive activity. The relationship between dedicated ownership and strategic competitive activity is moderated by common ownership of a focal firm and its rival. As dedicated ownership of the focal firm and its rival increase together, strategic competitive activity is reduced. The results presented here change the way we apply agency theory to explain firm governance. For competitive dynamics researchers, this study points to a previously unexplored means by which firms are motivated to engage, or not engage, in competitive activity. This study also has broad implications for managers, investors, and policymakers.

Barriers to Competition Through Common Ownership by Institutional Investors

Author :
Publisher :
ISBN 13 : 9789284672974
Total Pages : pages
Book Rating : 4.6/5 (729 download)

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Book Synopsis Barriers to Competition Through Common Ownership by Institutional Investors by :

Download or read book Barriers to Competition Through Common Ownership by Institutional Investors written by and published by . This book was released on 2020 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: In recent years, the phenomenon of common ownership by institutional investors has sparked considerable debate about its impact on competition and companies' corporate governance. The original full study analyses some specific features of common ownership by institutional investors in the European banking sector, at the intersection between competition policy, financial sector regulation and corporate governance rules. This document was provided by the Policy Department for Economic, Scientific and Quality of Life Policies at the request of the committee on Economic and Monetary Affairs (ECON).

Can Institutional Investors Soften Downstream Market Competition?

Author : John Woodbury
Publisher :
ISBN 13 :
Total Pages : 14 pages
Book Rating : 4.:/5 (13 download)

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Book Synopsis Can Institutional Investors Soften Downstream Market Competition? by : John Woodbury

Download or read book Can Institutional Investors Soften Downstream Market Competition? written by John Woodbury and published by . This book was released on 2017 with total page 14 pages. Available in PDF, EPUB and Kindle. Book excerpt: Recently, a number of papers have noted the dramatic increase in the extent to which institutional investors account for the ownership of publicly-traded stock, including holding ownership stakes in multiple market rivals. This change, in turn, has raised the intriguing or disturbing possibility that large institutional investors have used their influence to discourage aggressive rivalry among competitors. Indeed, two papers have developed evidence of such reduced rivalry in the airline and banking industries. If generally true, this evidence could lead to a radical reset of antitrust enforcement policy. This paper considers the original conclusions of these two papers and reviews the potential conceptual and empirical flaws in the analysis. While the evidence is still too sparse to justify antitrust action on this front, there can be little doubt that more research should be pursued to further validate (or not) the effect of institutional investors on market rivalry (and so prices). If so validated, then antitrust policy may well need to hit the "reset" button.

Institutional Ownership, Tender Offers, and Long-term Investments

Author :
Publisher :
ISBN 13 :
Total Pages : 32 pages
Book Rating : 4.3/5 (512 download)

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Book Synopsis Institutional Ownership, Tender Offers, and Long-term Investments by :

Download or read book Institutional Ownership, Tender Offers, and Long-term Investments written by and published by . This book was released on 1985 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt:

The Silent Partners

Author : Daniel Jay Baum
Publisher :
ISBN 13 :
Total Pages : 202 pages
Book Rating : 4.:/5 (43 download)

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Book Synopsis The Silent Partners by : Daniel Jay Baum

Download or read book The Silent Partners written by Daniel Jay Baum and published by . This book was released on 1965 with total page 202 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Evolution of Competition

Author : Tove Forbacka
Publisher :
ISBN 13 : 9789177313038
Total Pages : 0 pages
Book Rating : 4.3/5 (13 download)

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Book Synopsis Evolution of Competition by : Tove Forbacka

Download or read book Evolution of Competition written by Tove Forbacka and published by . This book was released on 2024 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Institutional Money Management

Author : David M. Smith
Publisher : John Wiley & Sons
ISBN 13 : 1118148762
Total Pages : 418 pages
Book Rating : 4.1/5 (181 download)

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Book Synopsis Institutional Money Management by : David M. Smith

Download or read book Institutional Money Management written by David M. Smith and published by John Wiley & Sons. This book was released on 2011-10-27 with total page 418 pages. Available in PDF, EPUB and Kindle. Book excerpt: An informative look at institutional investment management methods and practice The policies, practices, and decisions of institutional investment managers worldwide affect the economic health of not only the institutions themselves, but of countless individual clients as well. Overall, this area of finance has great impact on the capital markets. Filled with in-depth insights and practical advice, Institutional Money Management is an important basis of knowledge regarding both the theory and practice of this ever-evolving area of finance. Part of the Robert W. Kolb Series in Finance, this book on institutional investment management showcases contributed chapters from professional and academic experts in banking, insurance companies, mutual funds, pension funds, and endowments. Along the way, issues covered included everything from the role of institutional investors within the financial system and the structures that have emerged and evolved to industry standards of ethical practice and investment performance presentation. Provides a detailed examination of the objectives, constraints, methods, and stakeholders for the dominant types of institutional investors Focuses on the portfolio management strategies and techniques used by institutional investors Contains contributed chapters from numerous thought-leaders in the field of finance The practice of institutional investment management presents a diverse set of challenges. But with this book as your guide, you'll gain a better understanding of how you can overcome these challenges and manage your portfolio more effectively.

The Rise of Fiduciary Capitalism

Author : James P. Hawley
Publisher : University of Pennsylvania Press
ISBN 13 : 9780812235630
Total Pages : 268 pages
Book Rating : 4.2/5 (356 download)

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Book Synopsis The Rise of Fiduciary Capitalism by : James P. Hawley

Download or read book The Rise of Fiduciary Capitalism written by James P. Hawley and published by University of Pennsylvania Press. This book was released on 2000-10-06 with total page 268 pages. Available in PDF, EPUB and Kindle. Book excerpt: Traces the rise of public and private pension funds, which now control as much as 50 percent of the equity in American corporations, and argues that shareholders in those funds could use their power to make corporations more responsive to social needs.

A Proposal to Limit the Anti-Competitive Power of Institutional Investors

Author : Eric A. Posner
Publisher :
ISBN 13 :
Total Pages : 51 pages
Book Rating : 4.:/5 (13 download)

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Book Synopsis A Proposal to Limit the Anti-Competitive Power of Institutional Investors by : Eric A. Posner

Download or read book A Proposal to Limit the Anti-Competitive Power of Institutional Investors written by Eric A. Posner and published by . This book was released on 2017 with total page 51 pages. Available in PDF, EPUB and Kindle. Book excerpt: Recent scholarship has shown that institutional investors may cause softer competition among product market rivals because of their significant ownership stakes in competing firms in concentrated industries. However, while calls for litigation against them under Section 7 of the Clayton Act are understandable, private or indiscriminate government litigation could also cause significant disruption to equity markets because of its inherent unpredictability and would fail to eliminate most of the harms from common ownership. To minimize this disruption while achieving competitive conditions in oligopolistic markets, the Department of Justice and the Federal Trade Commission should take the lead by adopting a public enforcement policy of the Clayton Act against institutional investors. Investors in firms in well-defined oligopolistic industries would benefit from a safe harbor from government enforcement of the Clayton Act if they either limit their holdings of an industry to a small stake (no more than 1% of the total size of the industry) or hold the shares of only a single “effective firm” per industry. Free-standing index funds that commit to pure passivity would not be limited in size. Using simulations based on empirical evidence, we show that under broad assumptions this policy would generate many times larger competitive gains than harms to diversification and other values. The policy would also improve corporate governance by institutional investors.

International Regulatory Rivalry in Open Economies: The Impact of Deregulation on the US and UK Financial Markets

Author : Doha M. Abdelhamid
Publisher : Routledge
ISBN 13 : 1351771337
Total Pages : 501 pages
Book Rating : 4.3/5 (517 download)

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Book Synopsis International Regulatory Rivalry in Open Economies: The Impact of Deregulation on the US and UK Financial Markets by : Doha M. Abdelhamid

Download or read book International Regulatory Rivalry in Open Economies: The Impact of Deregulation on the US and UK Financial Markets written by Doha M. Abdelhamid and published by Routledge. This book was released on 2017-11-01 with total page 501 pages. Available in PDF, EPUB and Kindle. Book excerpt: This title was first published in 2003. This text aims to fill a gap in the literature for a text on the theory and practice of international regulatory competition in the open financial markets of the US and UK.

Regulating Competition in Stock Markets

Author : Lawrence R. Klein
Publisher : John Wiley & Sons
ISBN 13 : 1118236866
Total Pages : 403 pages
Book Rating : 4.1/5 (182 download)

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Book Synopsis Regulating Competition in Stock Markets by : Lawrence R. Klein

Download or read book Regulating Competition in Stock Markets written by Lawrence R. Klein and published by John Wiley & Sons. This book was released on 2012-04-25 with total page 403 pages. Available in PDF, EPUB and Kindle. Book excerpt: A guide to curbing monopoly power in stock markets Engaging and informative, Regulating Competition in Stock Markets skillfully analyzes the impact of the recent global financial crisis on health and happiness, and uses this opportunity to put regulatory systems in perspective. Happiness is lost because of emotional and physical health deterioration resulting from the crisis. Therefore, the authors conclude that financial crisis prevention should be the focus of public policy. This book is the most comprehensive study so far on potential risks to the stock market, especially various forms of market manipulation that lead to mania and eventual crisis. Based on litigation cases from international stock markets, and borrowing multidisciplinary findings in the fields of finance, economics, accounting, media studies, criminology, legal studies, psychology, and medicine, this book is the first to provide thorough micro-level regulatory proposals rooted in financial reality. By focusing on securities trading, they apply antitrust measures to limiting monopolistic power that is used for the manipulation of investors' perception and monopolistic profit. These proposals are quantifiable, adjustable, inexpensive, and can be easily implemented by any securities regulating agency for real-time oversight and daily operations. The recommendations found here are intended to improve the fairness and transparency of the financial markets, thereby perfecting the market competition, protecting investors, stabilizing the market, and preventing crises Explores how avoiding crises can to contribute to a more scientific, health aware, and civilized economic and social development Written by a team of authors who have extensive experience in this dynamic field, including Nobel Laureate Lawrence R. Klein Since the founding of the first, organized stock exchange in Amsterdam 400 years ago, no systematic economic research results on stock markets have been implemented in stock market regulation around the world. Regulating Competition in Stock Markets aims to fill this void.

Institutional Investors and Corporate Governance

Author : Theodor Baums
Publisher : Walter de Gruyter
ISBN 13 : 9783110136432
Total Pages : 732 pages
Book Rating : 4.1/5 (364 download)

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Book Synopsis Institutional Investors and Corporate Governance by : Theodor Baums

Download or read book Institutional Investors and Corporate Governance written by Theodor Baums and published by Walter de Gruyter. This book was released on 1994 with total page 732 pages. Available in PDF, EPUB and Kindle. Book excerpt: The volume contains 23 articles by international experts, both scholars and practioners dealing with the development of institutional investors (such as banks, insurances, investment companies, pension funds etc.), their investment and voting policies, the impact on managements of the companies concerned and related issues. The consequences of the international development on capital markets as well as policy implications for the respective national legislations are treated.

Institutional Investor Voting Behavior

Author : Luca Enriques
Publisher :
ISBN 13 :
Total Pages : 57 pages
Book Rating : 4.:/5 (13 download)

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Book Synopsis Institutional Investor Voting Behavior by : Luca Enriques

Download or read book Institutional Investor Voting Behavior written by Luca Enriques and published by . This book was released on 2018 with total page 57 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper shows how network theory can improve our understanding of institutional investors' voting behavior and, more generally, their role in corporate governance. The standard idea is that institutional investors compete against each other on relative performance and hence might not cast informed votes due to rational apathy and rational reticence. In other words, institutional investors have incentives to free ride, instead of “cooperating” and casting informed votes. We show that connections of various nature among institutional investors, whether from formal networks, geographical proximity or common ownership, and among institutional investors and other agents, such as proxy advisors, contribute to shaping institutional investors' incentives to vote “actively.” They also create intricate competition dynamics: competition takes place not only among institutional investors (and their asset managers), but also at the level of their employees and among “cliques” of institutional investors. Employees, who strive for better jobs, are motivated to obtain more information on portfolio companies than may be strictly justified from their employer institution's perspective, and to circulate it within their network. Cliques of institutional investors compete against each other. Because there are good reasons to believe that cliques of cooperators outperform cliques of non-cooperators, the network-level competition might increase the incentives of institutional investors to collect information. These dynamics can enhance institutional investors' engagement in portfolio companies and also shed light on some current policy issues such as the antitrust effects of common ownership and mandatory disclosures of institutional investors' voting.

Developing a Winning Partnership

Author : Great Britain. Department of Trade and Industry. Innovation Unit
Publisher :
ISBN 13 :
Total Pages : 24 pages
Book Rating : 4.:/5 (181 download)

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Book Synopsis Developing a Winning Partnership by : Great Britain. Department of Trade and Industry. Innovation Unit

Download or read book Developing a Winning Partnership written by Great Britain. Department of Trade and Industry. Innovation Unit and published by . This book was released on 1996 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Institutional Investors, Corporate Ownership, and Corporate Governance

Author : Stuart L. Gillan
Publisher :
ISBN 13 :
Total Pages : 34 pages
Book Rating : 4.:/5 (318 download)

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Book Synopsis Institutional Investors, Corporate Ownership, and Corporate Governance by : Stuart L. Gillan

Download or read book Institutional Investors, Corporate Ownership, and Corporate Governance written by Stuart L. Gillan and published by . This book was released on 2002 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Institutional Ownership Concentration and Stock Price Informativeness

Author : Majid Darvishan
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (13 download)

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Book Synopsis Institutional Ownership Concentration and Stock Price Informativeness by : Majid Darvishan

Download or read book Institutional Ownership Concentration and Stock Price Informativeness written by Majid Darvishan and published by . This book was released on 2016 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Using a broad panel of NYSE-, AMEX-, or NASDAQ-listed stocks, this paper studies the relation between institutional ownership concentration and stock price informativeness. One channel through which ownership concentration affects price informativeness is competition among institutional investors that trade on their private information. Stocks with less concentrated ownership are priced more efficiently, even after controlling for variation in institutional holdings, liquidity, and analyst coverage. The price adjustment is also faster for firms with lower ownership concentration.The higher informativeness cannot be explained by insider ownerships that tend to be more concentrated.

Institutional Investors, Long-term Investment, and Earnings Management

Author : Brian J. Bushee
Publisher :
ISBN 13 :
Total Pages : 238 pages
Book Rating : 4.3/5 (91 download)

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Book Synopsis Institutional Investors, Long-term Investment, and Earnings Management by : Brian J. Bushee

Download or read book Institutional Investors, Long-term Investment, and Earnings Management written by Brian J. Bushee and published by . This book was released on 1997 with total page 238 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the influence of institutional investors on the incentives of corporate managers to alter long-term investment for earnings management purposes. Many critics argue that the short-term focus of institutional investors encourages managers to sacrifice long-term investment to meet current earnings targets. Others argue that the large stockholdings and sophistication of institutions allow them to fulfill a monitoring role in preventing such myopicinvestment behavior. I examine these competing views by testing whether institutional ownership affects R&D spending for firms that could reverse a decline in earnings with a reduction in R&D. The results indicate that managers are less likely to cut R&D to reverse an earnings decline when institutional ownership is high, implying that institutions typically serve a monitoring role relative to individual investors. However, I find that a high proportion of ownership by institutions exhibiting "transient" ownership behavior (i.e., high portfolio turnover and momentum trading) significantly increases the probability that managers reduce R&D to boost earnings. These results indicate that high turnover and momentum trading by institutional investors can encourage myopic investment behavior when such institutional investors have extremely high levels of ownership in a firm; otherwise, institutional ownership serves to reduce pressures on managers for myopic investment behavior.