Séminaires de recherche

Passive Investors, Not Passive Owners


Intervenant : Todd Gormley

18 septembre 2015

Passive institutional investors are an increasingly important component of U.S. stock ownership, and their influence on firm-level governance is widely debated. To examine whether and by which mechanisms passive investors influence firms’ governance structures, we use an instrumental variable estimation and exploit variation in ownership by passively managed mutual funds that results from stocks being assigned to either the Russell 1000 or 2000 index. Our findings suggest that passive investors play a key role in influencing firms’ governance choices; ownership by passively managed funds is associated with more independent directors, the removal of takeover defenses, and more equal voting rights. Passive investors appear to exert influence through their large voting blocs, and consistent with the observed differences in governance having a positive influence on firm value and reducing the need for activism by other investors, we document a decline in activism by non-passive investors and improvements in firms’ longer-term performance.


Intervenant : Xavier Gabaix

13 juin 2019 - T104 - De 14h00 à 15h15


Intervenant : Adriano Rampini

23 mai 2019 - T105 - De 14h00 à 15h15


Intervenant : Luke Taylor

16 mai 2019 - T105 - De 14h00 à 15h15


Intervenant : Jessica Jeffers

18 avril 2019 - T104 - De 14h00 à 15h15


Intervenant : Emil Verner

4 avril 2019 - T104 - De 14h00 à 15h15


Département Finance 

Campus HEC Paris
1, rue de la Libération
78351 Jouy-en-Josas cedex


Ferdinand PETRA


Voir le CV

4th Annual HEC Paris Workshop Preliminary Program “Banking, Finance, Macroeconomics and the Real Economy”