Blockholder Heterogeneity, Multiple Blocks, and the Dance between Blockholders

• 成果类型: Article
• 署名作者: Hadlock, Charles J.; Schwartz-Ziv, Miriam
• 署名单位: Michigan State University; Hebrew University of Jerusalem
• 刊物名称: REVIEW OF FINANCIAL STUDIES
• ISSN/ISSBN: 0893-9454
• DOI: 10.1093/rfs/hhz022
• 发表日期: 2019
• 页码: 4196
• 关键词: corporate equity ownership; large shareholders; liquidity; STOCK; governance; EXIT; COSTS

摘要

We study blockholder presence in a large panel and document substantial heterogeneity in holding periods, position sizes, and positions taken across blockholder types. Nonfinancial blocks are more likely to be observed in smaller, riskier, younger, and less-liquid firms. These patterns are either not evident or reversed for financial blocks. For all but small financial blocks, we detect significant negative interdependence in blockholder investment decisions, with the presence of one blockholder crowding out others, a behavior that appears causal. Small financial blocks often coexist in the same firm, an outcome that appears to reflect correlated investment styles.