In this paper, we provide additional empirical evidence on the impact of institutional investors on stock return dynamics. The Polish pension system reform in 1999 and the associated increase in institutional ownership due to the investment activities of pension funds are exploited as an unique institutional characteristic. Performing a variant of the event study methodology in an asymmetric GA...

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Prior research shows that firms generating earnings growth by improving profitability create shareholder value, while firms generating earnings growth through investment destroy value. This paper examines whether compensation committees consider this while determining CEO compensation. We first confirm prior results that growth from increased profitability is perceived by markets to add value w...

The study seeks to examine the effect of equity ownership structure on firm financial performance in South Korea. I focus on the role of two main dimensions of the ownership structure: Ownership concentration (i.e., the distribution of shares owned by majority shareholders) and identity of owners (especially, foreign investors and institutional investors). Using panel data for South Korea in 20...

This paper provides original evidence from institutional investors that political uncertainty during presidential elections greatly affects investment. Using U.S. institutional ownership data from 1981 to 2010, we find that institutions significantly reduce their holdings of common stock by 0.76 to 2.1 percentage points during election years. More specifically, institutions tend to sell large p...

We present a study of ownership and governance structure in the growing Chinese entrepreneurial SMEs sector. The study examines the structures that are embedded in the traditional Chinese values and culture, as well as the institutional environment for Chines SME's and the limitation they present towards the growth SMEs in China. Our findings suggest that Chinese SME ownership, and ownership tr...

Factors Affecting Public-Private Sector's Support for the Elementary Schools M.H. Hassani Shalmaani, Ph.D. Factors affecting the public-private sector's support for elementary education were identified perusing related legislations, documents, and programs. To validate these factors a sample of 432 elementary school principals was given the list of factors of which 8 were confirme...