The Wall Street stampede: Exit as governance with interacting blockholders
The growth of the asset management industry has made it commonplace for firms to have multiple institutional blockholders. In such firms, the strength of governance via exit depends on how blockholders react to each other’s exit. We present a model to show that open-ended institutional investors suc...
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| Published in | Journal of financial economics Vol. 144; no. 2; pp. 433 - 455 |
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| Main Authors | , , |
| Format | Journal Article |
| Language | English |
| Published |
Amsterdam
Elsevier B.V
01.05.2022
Elsevier Sequoia S.A |
| Subjects | |
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| Abstract | The growth of the asset management industry has made it commonplace for firms to have multiple institutional blockholders. In such firms, the strength of governance via exit depends on how blockholders react to each other’s exit. We present a model to show that open-ended institutional investors such as mutual funds react strongly to an informed blockholder’s exit, leading to correlated exits that enhance corporate governance. Our analysis points to a new role for mutual funds in corporate governance. We examine the trades of mutual funds around exits by activist hedge funds to present empirical evidence consistent with our model. |
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| AbstractList | The growth of the asset management industry has made it commonplace for firms to have multiple institutional blockholders. In such firms, the strength of governance via exit depends on how blockholders react to each other's exit. We present a model to show that open-ended institutional investors such as mutual funds react strongly to an informed blockholder's exit, leading to correlated exits that enhance corporate governance. Our analysis points to a new role for mutual funds in corporate governance. We examine the trades of mutual funds around exits by activist hedge funds to present empirical evidence consistent with our model. |
| Author | Cvijanović, Dragana Dasgupta, Amil Zachariadis, Konstantinos E. |
| Author_xml | – sequence: 1 givenname: Dragana surname: Cvijanović fullname: Cvijanović, Dragana email: dc998@cornell.edu organization: SC Johnson College of Business, Cornell University, Ithaca, NY 14853-6201, USA – sequence: 2 givenname: Amil surname: Dasgupta fullname: Dasgupta, Amil email: a.dasgupta@lse.ac.uk organization: Department of Finance, London School of Economics, Houghton Street, London WC2A 2AE, UK – sequence: 3 givenname: Konstantinos E. orcidid: 0000-0002-6583-153X surname: Zachariadis fullname: Zachariadis, Konstantinos E. email: k.e.zachariadis@qmul.ac.uk organization: School of Economics and Finance, Queen Mary University of London, Mile End Road, London E1 4NS, UK |
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| CitedBy_id | crossref_primary_10_1080_1540496X_2022_2147784 crossref_primary_10_1093_rfs_hhad092 crossref_primary_10_1007_s11156_024_01294_0 crossref_primary_10_1093_rfs_hhac061 crossref_primary_10_1111_boer_12433 crossref_primary_10_1016_j_econlet_2022_110960 crossref_primary_10_1287_mnsc_2023_00528 crossref_primary_10_1080_13504851_2024_2364013 crossref_primary_10_2139_ssrn_3082886 crossref_primary_10_2139_ssrn_4293631 crossref_primary_10_2139_ssrn_3681095 crossref_primary_10_2139_ssrn_3231365 crossref_primary_10_4236_me_2023_145031 crossref_primary_10_2139_ssrn_4222402 |
| Cites_doi | 10.1111/j.1756-2171.2010.00129.x 10.1093/rfs/hhq145 10.1016/j.finmar.2003.11.004 10.1111/1540-6261.00545 10.1111/jofi.12393 10.1111/j.1540-6261.1997.tb03807.x 10.1561/0500000056 10.1086/516389 10.1287/mnsc.2020.3702 10.1111/jofi.12073 10.1016/bs.hecg.2017.11.002 10.1093/rfs/hhx048 10.1093/rfs/hhu062 10.2307/2672914 10.1111/j.1540-6261.1996.tb05203.x 10.1016/j.jfi.2012.05.002 10.1093/rfs/hhy119 10.1506/J4GU-BHWH-8HME-LE0X 10.1093/rof/rfy035 10.1093/rcfs/cfaa027 10.1111/j.1540-6261.2009.01508.x 10.1016/0304-405X(85)90044-3 10.1561/0500000026 10.1111/jofi.12308 10.2307/1913210 10.1093/rfs/hhp037 10.1111/j.1540-6261.2008.01373.x |
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| Keywords | G23 G34 Competition for flow Correlated trading Institutional investors Governance via exit |
| Language | English |
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| SubjectTerms | Asset management Competition for flow Corporate governance Correlated trading Governance via exit Institutional investments Institutional investors Investors Market timing Mutual funds |
| Title | The Wall Street stampede: Exit as governance with interacting blockholders |
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