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CEO Compensation and Returns to Public and Private Acquisitions: Testing the Shareholder Value Hypothesis (view source)
Revision as of 17:18, 10 February 2021
, 17:18, 10 February 2021→Institutional Investors
====Institutional Investors====
=====Reference Papers and their data=====
Hartzell Starks (2000) - Institutional Investors and Executive Compensation:
*we obtain institutional equity holdings for each year between December 1991 and December 1996 from the CDA Spectrum database. CDA Spectrum derives these holdings from institutional investors’ 13-f filings. (Institutional investors with more than $100 million in equities must report their equity ownership to the SEC in quarterly 13-f filings)
*Measures: We measure total institutional ownership as the fraction of shares outstanding owned by institutions. This measure should primarily capture indirect institutional monitoring, although it may also reflect some direct monitoring. Our second measure of institutional investor influence, the concentration of institutional ownership, is designed to capture the direct institutional monitoring. It is calculated as the proportion of the institutional investor ownership accounted for by the top five institutional investors in the firm.
David Kochhar Levitas (1998) - The effect of institutional investors on the level and mix of CEO compensation:
*Money Market Directory, Moody's Bank and Finance Manual, Nelson's Directory of Investment Managers
*Percent of ownership (of II) by type*Blockholders (shareholders with greater than 5%) provide better governance(indicator variable)
Bebchuk Cohen Hirst (2017) - The Agency Problems of Institutional Investors:
*according to quarterly 13F filings compiled by Thomson Financial... though not exclusively [see the Wharton Research Data
Services (WRDS) User Guide for details].
*Measures are N/A (wrong perspective)
Bloom Klein (2012) - Institutional Investors and Stock Market Liquidity:
*Any financial institution exercising discretionary management of investment portfolios over $100 million in qualified securities is required to report those holdings quarterly to the SEC using Form 13F. Qualified securities include stocks listed for trading in the US, among other securities. These filings, compiled quarterly by Thomson/CDA and available through Wharton Research Data Services (WRDS), are the source of the stock holdings used in this study for the period 1980 to 2010.
*Two measures of institutional stock ownership – the percentage of a stock owned by institutions and the number of institutions that own the stock
=====Looking inside WRDS=====
Datasets:
*Thomson Reuters Institutional (13f) Holdings - Type 3: Stock Holdings: https://wrds-web.wharton.upenn.edu/wrds//ds/tfn/types/s34type3/index.cfm
**Keys: CUSIP (of holdings), manager number (of reporting institution), file date. Covers up 1980-2020.
**Variables: Shares and their types and voting rights
*Thomson Reuters Institutional (13f) Holdings - s34 Master File: https://wrds-web.wharton.upenn.edu/wrds//ds/tfn/sp34/index.cfm
**See above. This is the more general dataset
*Blockholders' data is reported by firm for the period 1996-2001: https://wrds-www.wharton.upenn.edu/pages/get-data/blockholders/
===Restoring the old data===
