I survey corporate governance activity by institutional investors in the United States, and the
empirical evidence on whether this activity affects firm performance. A small number of …

Although there is considerable evidence of the importance of skewness and kurtosis in
equity returns, much less attention has been paid to their determinants. Recent theoretical …

The investment practices of public pension funds have become a topic of major interest in
the wake of President Clinton's 1999 proposal to invest a portion of the Social Security Trust …

This study examines whether visibility changes for firms moving from the AMEX to the NYSE
from 1984 through 1993. The study uses four proxies to measure visibility:(1) the number of …

We investigate whether the variation in the level of information availability relates to a
performance differential across share prices. Using the number of analyst reports on the …

This study examines whether visibility changes for companies moving from Nasdaq to the
Amex. A control sample of companies that did not leave the Nasdaq Stock Market serves as …

The neglected firm effect is the phenomenon where stocks of less widely-known firms have
larger returns than that predicted by asset pricing models. Researchers have found …

In this paper we investigate the governance structure of Italian pensions funds. First, we
conduct a brief but critical review of the theoretical and empirical literature, in order to …

This paper proposes and tests two hypotheses for the firm size effect which remains a puzzle
in the literature. The hypotheses are formulated within the context of risk aversion and …

The economic power of the institutional investors has steadily increased over the years. This
economic power reflects itself in the increased asset size, in the increased trading activity …