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Institutional Investor Composition and Proxy Access Proposals

Siona Robin Listokin

George Mason University - School of Public Policy

March 6, 2012

Does institutional ownership affect firm value when new proxy access rules are proposed? This paper analyzes whether the level and composition of institutional investor ownership impacts firm value on days when the US SEC proxy access proposals are announced. Using event-study methodology, the paper finds evidence indicating the number of institutional investors with significant corporate ownership has a small positive effect on firm value. When public pension funds are differentiated from other types of institutional investors, results show that public pension funds negatively impact stock value returns, while other types of institutional investors have a positive effect. Results are similar for institutional investors with smaller ownership stakes.

Number of Pages in PDF File: 19

Keywords: Corporate governance, institutional shareholder, pension fund ownership

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Date posted: March 7, 2012  

Suggested Citation

Listokin, Siona Robin, Institutional Investor Composition and Proxy Access Proposals (March 6, 2012). Available at SSRN: http://ssrn.com/abstract=2017188 or http://dx.doi.org/10.2139/ssrn.2017188

Contact Information

Siona Robin Listokin (Contact Author)
George Mason University - School of Public Policy ( email )
3351 Fairfax Dr
Arlington, VA 22201
United States
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