机构投资者与工会企业的错误定价

IF 16.4 1区化学 Q1 CHEMISTRY, MULTIDISCIPLINARY Accounts of Chemical 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。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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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

Accounts of Chemical Research 化学-化学综合

CiteScore

31.40

自引率

1.10%

发文量

312

审稿时长

2 months

期刊介绍： Accounts of Chemical Research presents short, concise and critical articles offering easy-to-read overviews of basic research and applications in all areas of chemistry and biochemistry. These short reviews focus on research from the author’s own laboratory and are designed to teach the reader about a research project. In addition, Accounts of Chemical Research publishes commentaries that give an informed opinion on a current research problem. Special Issues online are devoted to a single topic of unusual activity and significance. Accounts of Chemical Research replaces the traditional article abstract with an article "Conspectus." These entries synopsize the research affording the reader a closer look at the content and significance of an article. Through this provision of a more detailed description of the article contents, the Conspectus enhances the article's discoverability by search engines and the exposure for the research.