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Institutional Investors and Shareholder Litigation

Author

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

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..

Suggested Citation

  • Sergey S. Barabanov & Onem Ozocak & H.J. Turtle & Thomas J. Walker, 2008. "Institutional Investors and Shareholder Litigation," Financial Management, Financial Management Association International, vol. 37(2), pages 227-250, June.
  • Handle: RePEc:bla:finmgt:v:37:y:2008:i:2:p:227-250
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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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    Cited by:

    1. repec:eee:corfin:v:45:y:2017:i:c:p:342-359 is not listed on IDEAS
    2. 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.
    3. Shujun Ding & Chunxin Jia & Zhenyu Wu, 2016. "Mutual Fund Activism and Market Regulation During the Pre-IFRS Period: The Case of Earnings Informativeness in China from an Ethical Perspective," Journal of Business Ethics, Springer, vol. 138(4), pages 765-785, November.
    4. Sergey S. Barabanov & Onem Ozocak & Kuntara Pukthuanthong & Thomas J. Walker, 2013. "Underwriters And The Broken Chinese Wall: Institutional Holdings And Post-Ipo Securities Litigation," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 36(4), pages 543-578, December.

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