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Institutional Investors and Shareholder Litigation

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Author Info

  • Sergey S. Barabanov
  • Onem Ozocak
  • H.J. Turtle
  • Thomas J. Walker
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    Abstract

    "We examine whether institutional investors are able to avoid future litigation. Our results show that institutions provide a fiduciary role by decreasing or eliminating their positions in sued firms well before litigation begins. We also find that institutional groups with high monitoring ability (independent investment advisors and mutual funds) are more proactive in their trading behavior than are institutions with low monitoring ability (banks, insurance companies, and unclassified institutions such as endowments, foundations, and self-managed pension funds). We find that percentage changes in institutional ownership are correlated with public information available more than two quarters before litigation." Copyright (c) 2008 Financial Management Association International..

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    File URL: http://www.blackwell-synergy.com/doi/abs/10.1111/j.1755-053X.2008.00011.x
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    Bibliographic Info

    Article provided by Financial Management Association International in its journal Financial Management.

    Volume (Year): 37 (2008)
    Issue (Month): 2 (06)
    Pages: 227-250

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    Handle: RePEc:bla:finmgt:v:37:y:2008:i:2:p:227-250

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    Cited by:
    1. McTier, Brian C. & Wald, John K., 2011. "The causes and consequences of securities class action litigation," Journal of Corporate Finance, Elsevier, vol. 17(3), pages 649-665, June.

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