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The Rise of Agency Capitalism and the Role of Shareholder Activists in Making It Work

The Rise of Agency Capitalism and the Role of Shareholder Activists in Making It Work The past 50 years have seen a fundamental change in the ownership of U.S. public companies, one in which the relatively small holdings of many individual shareholders have been supplanted by the large holdings of institutional investors, such as pension funds, mutual funds, and bank trust departments. Such large institutional investors are now said to own over 70% of the stock of the largest 1,000 U.S. public corporations; and in many of these companies, as the authors go on to note, “as few as two dozen institutional investors” own enough shares “to exert substantial influence, if not effective control.” http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Journal of Applied Corporate Finance Wiley

The Rise of Agency Capitalism and the Role of Shareholder Activists in Making It Work

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Publisher
Wiley
Copyright
"Copyright © 2019 Cantillon and Mann"
ISSN
1078-1196
eISSN
1745-6622
DOI
10.1111/jacf.12327
Publisher site
See Article on Publisher Site

Abstract

The past 50 years have seen a fundamental change in the ownership of U.S. public companies, one in which the relatively small holdings of many individual shareholders have been supplanted by the large holdings of institutional investors, such as pension funds, mutual funds, and bank trust departments. Such large institutional investors are now said to own over 70% of the stock of the largest 1,000 U.S. public corporations; and in many of these companies, as the authors go on to note, “as few as two dozen institutional investors” own enough shares “to exert substantial influence, if not effective control.”

Journal

Journal of Applied Corporate Finance – Wiley

Published: Mar 1, 2019

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