Journal article
Institutional investors and mispricing of unionized firms
JOURNAL OF FINANCIAL RESEARCH
27 Dec 2023
Featured in Collection : UN Sustainable Development Goals @ Drexel
Abstract
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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Details
- Title
- Institutional investors and mispricing of unionized firms
- Publication Details
- JOURNAL OF FINANCIAL RESEARCH
- Publisher
- WILEY; HOBOKEN
- Resource Type
- Journal article
- Language
- English
- Academic Unit
- Drexel University
- Web of Science ID
- WOS:001131834700001
- Scopus ID
- 2-s2.0-85180870395
- Other Identifier
- 991021861178504721
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- Collaboration types
- Domestic collaboration
- Web of Science research areas
- Business, Finance