机构投资者与工会企业的错误定价

IF 1.5 3区经济学 Q3 BUSINESS, FINANCE

Journal of Financial Research Pub Date : 2023-11-27 DOI:10.1111/jfir.12367

Viktoriya Lantushenko, Dalia Marciukaityte, Samuel H. Szewczyk

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引用次数: 0

摘要

我们考察了不同类型的机构投资者对具有强大工会的公司的投资。我们发现对冲基金在这些公司的持股比例低于其他公司。相比之下，被动型机构投资者和机构投资者作为一个整体持有的比例更高。我们的检验表明，工会组织与对冲基金所有权之间的关系是因果关系:当一家公司的工会权力发生变化时，对冲基金所有权也会发生相反方向的变化。相反，被动投资者持有工会公司的股份似乎是受到其他公司特征的驱动。

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Institutional investors and mispricing of unionized firms

We examine investment by different types of institutional investors in firms with strong labor unions. We find that hedge funds own a lower percentage of shares in these firms than in other firms. In contrast, passive institutional investors and institutional investors as a group own a higher percentage. Our tests suggest that the relation between unionization and hedge fund ownership is causal: When union power changes in a firm, hedge fund ownership changes in the opposite direction. Instead, passive investor holdings in unionized firms seem to be driven by other firm characteristics.

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来源期刊

Journal of Financial Research BUSINESS, FINANCE-

CiteScore

1.70

自引率

0.00%

发文量

期刊介绍： The Journal of Financial Research(JFR) is a quarterly academic journal sponsored by the Southern Finance Association (SFA) and the Southwestern Finance Association (SWFA). It has been continuously published since 1978 and focuses on the publication of original scholarly research in various areas of finance such as investment and portfolio management, capital markets and institutions, corporate finance, corporate governance, and capital investment. The JFR, also known as the Journal of Financial Research, provides a platform for researchers to contribute to the advancement of knowledge in the field of finance.