Is Blockholder Diversity Detrimental?
References
- (2009) Women in the boardroom and their impact on governance and performance. J. Financial Econom. 94(2):291–309.Crossref, Google Scholar
- (2018) Director skill sets. J. Financial Econom. 130(3):641–662.Crossref, Google Scholar
- (2009) The ‘Wall Street Walk’ and shareholder activism: Exit as a form of voice. Rev. Financial Stud. 22(7):2645–2685.Crossref, Google Scholar
- (1994) Large shareholder activism, risk sharing, and financial market equilibrium. J. Political Econom. 102(6):1097–1130.Crossref, Google Scholar
- (1996) Firm performance and mechanisms to control agency problems between managers and shareholders. J. Financial Quant. Anal. 31(3):377–397.Crossref, Google Scholar
- (2020) Debt contracting on management. J. Finance 75(4):2095–2137.Crossref, Google Scholar
- (2000) Corporate equity ownership, strategic alliances, and product market relationships. J. Finance 55(6):2791–2815.Crossref, Google Scholar
- (2008) Large shareholders and firm performance—An empirical examination of founding-family ownership. J. Corporate Finance 14(4):431–445.Crossref, Google Scholar
- (2019) Standing on the shoulders of giants: The effect of passive investors on activism. Rev. Financial Stud. 32(7):2720–2774.Crossref, Google Scholar
- (2018) Anticompetitive effects of common ownership. J. Finance 73(4):1513–1565.Crossref, Google Scholar
- (1968) An empirical evaluation of accounting income numbers. J. Accounting Res. 6(2):159–178.Crossref, Google Scholar
- (2010) Corporate social responsibility as a conflict between shareholders. J. Bus. Ethics 97(1):71–86.Crossref, Google Scholar
- (1989) Post-earnings-announcement drift: Delayed price response or risk premium? J. Accounting Res. 27:1–36.Crossref, Google Scholar
- (2018) Board diversity, firm risk, and corporate policies. J. Financial Econom. 127(3):588–612.Crossref, Google Scholar
- Blackrock (2021) Investment stewardship annual report. Accessed April 24, 2024, https://www.blackrock.com/corporate/literature/publication/annual-stewardship-report-2021.pdf.Google Scholar
- (2003) Multiple shareholders and control contests. Preprint, submitted June 3, https://dx.doi.org/10.2139/ssrn.2273211.Google Scholar
- (1998) Blocks, liquidity, and corporate control. J. Finance 53(1):1–25.Crossref, Google Scholar
- (2007) The determinants of corporate board size and composition: An empirical analysis. J. Financial Econom. 85(1):66–101.Crossref, Google Scholar
- (2000) When member homogeneity is needed in work teams: A meta-analysis. Small Group Res. 31:305–327.Crossref, Google Scholar
- (2019) Wolf pack activism. Working paper, European Corporate Governance Institute, Brussels.Google Scholar
- (2009) Hedge fund activism: A review. Foundations Trends Finance 4(3):1–66.Crossref, Google Scholar
- (2015) The real effects of hedge fund activism: Productivity, asset allocation, and labor outcomes. Rev. Financial Stud. 28(10):2723–2769.Crossref, Google Scholar
- (2008) Hedge fund activism, corporate governance, and firm performance. J. Finance 63(4):1729–1775.Crossref, Google Scholar
- (2005) Community matters: Realistic group conflict theory and the impact of diversity. Acad. Management J. 48(5):830–844.Crossref, Google Scholar
- (1997) Large shareholders, monitoring, and the value of the firm. Quart. J. Econom. 112(3):693–728.Crossref, Google Scholar
- (2011) The effect of litigation risk on management earnings forecasts. Contempory Accounting Res. 28(1):125–173.Crossref, Google Scholar
- (2022) The passive-ownership share is double what you think it is. Preprint, submitted September 10, https://dx.doi.org/10.2139/ssrn.Google Scholar
- (2008) Boards: Does one size fit all? J. Financial Econom. 87(2):329–356.Crossref, Google Scholar
- (2009) Large shareholders and corporate policies. Rev. Financial Stud. 22:3941–3976.Crossref, Google Scholar
- (2022) The Wall Street stampede: Exit as governance with interacting blockholders. J. Financial Econom. 144(2):433–455.Crossref, Google Scholar
- (1997) Measuring mutual fund performance with characteristic‐based benchmarks. J. Finance 52(3):1035–1058.Crossref, Google Scholar
- (2021) Common ownership does not have anti-competitive effects in the airline industry. Preprint, submitted November 2, https://dx.doi.org/10.2139/ssrn.3063465.Google Scholar
- (1997) Long‐run common stock returns following stock splits and reverse splits. J. Bus. 70(3):409–433.Crossref, Google Scholar
- (2015) Ownership structure, voting, and risk. Rev. Financial Stud. 28:521–560.Crossref, Google Scholar
- (2020) Deadlock on the board. Rev. Financial Stud. 33(10):4445–4488.Crossref, Google Scholar
- (2009) Blockholder trading, market efficiency, and managerial myopia. J. Finance 64:2481–2513.Crossref, Google Scholar
- (2017) Blockholders: A survey of theory and evidence. Hermalin B, Weisbach M, eds. The Handbook of the Economics of Corporate Governance, vol. 1 (North-Holland), 541–636.Google Scholar
- (2011) Governance through trading and intervention: A theory of multiple blockholders. Rev. Financial Stud. 24(7):2395–2428.Crossref, Google Scholar
- (2003) Board of director diversity and firm financial performance. Corporate Governance 11(2):102–111.Crossref, Google Scholar
- (2011) Large shareholder diversification and corporate risk-taking. Rev. Financial Stud. 24(11):3601–3641.Crossref, Google Scholar
- Fama EF, French KR (1993) Common risk factors in the returns on stocks and bonds. J. Financial Econom. 33(1):3–56.Google Scholar
- (2006) Corporate equity ownership and the governance of product market relationships. J. Finance 61(3):1217–1251.Crossref, Google Scholar
- (2010) Board diversity. Anderson R, Baker HK, eds. Corporate Governance: A Synthesis of Theory, Research, and Practice (John Wiley & Sons, New York), 225–242.Crossref, Google Scholar
- (2006) Sharing of control vs. monitoring as corporate governance mechanisms. Working paper University of Pennsylvania, Philadelphia.Google Scholar
- (2010) Correcting for cross-sectional and time-series dependence in accounting research. Accounting Rev. 85(2):483–512.Crossref, Google Scholar
- (2019) Blockholder heterogeneity, multiple blocks, and the dance between blockholders. Rev. Financial Stud. 32(11):4196–4227.Crossref, Google Scholar
- (2009) Taking stock of what we know about mergers and acquisitions: A review and research agenda. J. Management 35(3):469–502.Crossref, Google Scholar
- (2017) Product market competition in a world of cross ownership: Evidence from institutional blockholdings. Rev. Financial Stud. 30:2674–2718.Crossref, Google Scholar
- (1999) Understanding the determinants of managerial ownership and the link between ownership and performance. J. Financial Econom. 53(3):353–384.Crossref, Google Scholar
- (2003) A survey of blockholders and corporate control. Econom. Policy Rev. 9(1):1–14.Google Scholar
- (2009) The myth of diffuse ownership in the United States. Rev. Financial Stud. 22(4):1377–1408.Crossref, Google Scholar
- (2015) Are mutual funds active voters? Rev. Financial Stud. 28(2):446–485.Crossref, Google Scholar
- (2022) Block diversity and governance. Preprint, submitted March 24, https://dx.doi.org/10.2139/ssrn.3810532.Google Scholar
- (1999) Why differences make a difference: A field study of diversity, conflict, and performance in workgroups. Admin. Sci. Quart. 44(4):741–763.Crossref, Google Scholar
- (1998) Ownership structure, speculation, and shareholder intervention. J. Finance 53:99–129.Crossref, Google Scholar
- (2011) Do small shareholders count? J. Financial Econom. 101:641–665.Crossref, Google Scholar
- (2017) Distracted shareholders and corporate actions. Rev. Financial Stud. 30(5):1660–1695.Crossref, Google Scholar
- (2009) Entrepreneurial shareholder activism: Hedge funds and other private investors. J. Finance 64(1):187–229.Crossref, Google Scholar
- (2011) Blockholder dispersion and firm value. J. Corporate Finance 17:1330–1339.Crossref, Google Scholar
- (2008) Complex ownership structures and corporate valuations. Rev. Financial Stud. 21:579–604.Crossref, Google Scholar
- (2011) The effect of annual report readability on analyst following and the properties of their earnings forecasts. Accounting Rev. 86(3):1087–1115.Crossref, Google Scholar
- (2021) The voting premium. Working paper, European Corporate Governance Institute, Brussels.Google Scholar
- (2021) Does common ownership really increase firm coordination? J. Financial Econom. 141(1):322–344.Crossref, Google Scholar
- (2022) When shareholders disagree: Trading after shareholder meetings. Rev. Financial Stud. 35(4):1813–1867.Crossref, Google Scholar
- (2008) The determinants of board structure. J. Financial Econom. 87(2):308–328.Crossref, Google Scholar
- (2002) Litigation risk and IPO underpricing. J. Financial Econom. 65(3):309–335.Crossref, Google Scholar
- (2005) Multiple large shareholders and firm value. J. Bank. Finance 29:1813–1834.Crossref, Google Scholar
- (2016) Behind the scenes: The corporate governance preferences of institutional investors. J. Finance 71(6):2905–2932.Crossref, Google Scholar
- (2022) Methodological variation in empirical corporate finance. Rev. Financial Stud. 35(2):527–575.Crossref, Google Scholar
- (1988) Management ownership and market valuation: An empirical analysis. J. Financial Econom. 20:293–315.Crossref, Google Scholar
- (1998) The choice of stock ownership structure: Agency costs, monitoring, and the decision to go public. Quart. J. Econom. 113(1):187–225.Crossref, Google Scholar
- (2003) Voting with their feet: Institutional ownership changes around forced CEO turnover. J. Financial Econom. 68(1):3–46.Crossref, Google Scholar
- (1999) Exploring the black box: An analysis of work group diversity, conflict and performance. Admin. Sci. Quart. 44(1):1–28.Crossref, Google Scholar
- (1986) Large shareholders and corporate control. J. Political Econom. 94(3):461–488.Crossref, Google Scholar
- (2017) Blockholder short-term incentives, structures, and governance. Working paper, European Corporate Governance Institute, Brussels.Google Scholar
- Vanguard (2021) Investment stewardship annual report. Accessed April 24, 2024, https://corporate.vanguard.com/content/corporatesite/us/en/corp/articles/investment-stewardship-2021-annual-report.html.Google Scholar
- (1993) Limitation of liability and the ownership structure of the firm. J. Finance 48(2):487–512.Crossref, Google Scholar

