作者：Glode, Vincent; Lowery, Richard
作者单位：University of Pennsylvania; University of Texas System; University of Texas Austin
摘要：We propose a labor market model in which financial firms compete for a scarce supply of workers who can be employed as either bankers or traders. While hiring bankers helps create a surplus that can be split between a firm and its trading counterparties, hiring traders helps the firm appropriate a greater share of that surplus away from its counterparties. Firms bid defensively for workers bound to become traders, who then earn more than bankers. As counterparties employ more traders, the bene...
作者：McCahery, Joseph A.; Sautner, Zacharias; Starks, Laura T.
作者单位：Tilburg University; Frankfurt School Finance & Management; University of Texas System; University of Texas Austin
摘要：We survey institutional investors to better understand their role in the corporate governance of firms. Consistent with a number of theories, we document widespread behind-the-scenes intervention as well as governance-motivated exit. These governance mechanisms are viewed as complementary devices, with intervention typically occurring prior to a potential exit. We further find that long-term investors and investors that are less concerned about stock liquidity intervene more intensively. Final...
