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Is an investing institution one shareholder or a collection of separate funds?

Armitage, S. and Haig, A. and Hodgkinson, L. (2016) Is an investing institution one shareholder or a collection of separate funds? Corporate Governance: An International Review. DOI: 10.1111/corg.12159

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Abstract

There is much discussion about the merits of co-ordinated action between investing institutions. But many institutional holdings consist of subholdings managed by separate fund managers. We examine the extent to which the fund managers within a given institution behave in a co-ordinated manner, in terms of their trading around the announcement of major takeovers. We find evidence of material disagreement within institutions, suggesting that blocks, at the level of the institution, do not always exist.

Item Type: Article
Subjects: Research Publications
Departments: College of Business, Law, Education and Social Sciences > Bangor Business School
Date Deposited: 20 Jan 2016 03:14
Last Modified: 05 Feb 2016 03:39
ISSN: 1467-8683
Publisher's Statement: This is the peer reviewed version of the following article: Is an investing institution one shareholder or a collection of separate funds?, which has been published in final form at http://onlinelibrary.wiley.com/doi/10.1111/corg.12159/abstract. This article may be used for non-commercial purposes in accordance with Wiley Terms and Conditions for Self-Archiving.
URI: http://e.bangor.ac.uk/id/eprint/6098
Identification Number: DOI: 10.1111/corg.12159
Publisher: John Wiley & Sons
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