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The Impact of Mutual Fund Ownership on Corporate Investment: Evidence from a Natural Experiment

Authors and Corporations: Kisin, Roni (Author)
Title: The Impact of Mutual Fund Ownership on Corporate Investment: Evidence from a Natural Experiment
Language: English
published:
[S.l.] SSRN [2011]
Item Description: 1 Online-Ressource (41 p) ; Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments July 21, 2011 erstellt
DOI: 10.2139/ssrn.1828183
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contents Mutual fund holdings data reveal a significant impact of mutual funds on the capital expenditures ("CapEx'') of their portfolio companies. Following the shock to mutual fund ownership caused by the 2003 scandal, during which 25 fund families experienced significant outflows of capital, firms held by distressed funds decreased capital expenditures on average. CapEx changes mirrored the types of funds: it decreased more (increased) in firms held by funds whose past ownership was associated with increases (significant decreases) in CapEx. Consistent with governance by the threat of exit, firms that drive the effects have higher wealth-performance sensitivity, liquid stock, bigger changes in ownership and the types of funds, larger number of distressed funds, and funds with bigger outflow
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spelling Kisin, Roni aut, The Impact of Mutual Fund Ownership on Corporate Investment Evidence from a Natural Experiment, [S.l.] SSRN [2011], 1 Online-Ressource (41 p), Text txt rdacontent, Computermedien c rdamedia, Online-Ressource cr rdacarrier, Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments July 21, 2011 erstellt, Open Access Controlled Vocabulary for Access Rights http://purl.org/coar/access_right/c_abf2 unrestricted online access, Mutual fund holdings data reveal a significant impact of mutual funds on the capital expenditures ("CapEx'') of their portfolio companies. Following the shock to mutual fund ownership caused by the 2003 scandal, during which 25 fund families experienced significant outflows of capital, firms held by distressed funds decreased capital expenditures on average. CapEx changes mirrored the types of funds: it decreased more (increased) in firms held by funds whose past ownership was associated with increases (significant decreases) in CapEx. Consistent with governance by the threat of exit, firms that drive the effects have higher wealth-performance sensitivity, liquid stock, bigger changes in ownership and the types of funds, larger number of distressed funds, and funds with bigger outflow, https://ssrn.com/abstract=1828183 X:ELVSSRN Verlag kostenfrei, https://doi.org/10.2139/ssrn.1828183 X:ELVSSRN Resolving-System kostenfrei, https://doi.org/10.2139/ssrn.1828183 LFER, https://ssrn.com/abstract=1828183 LFER, LFER 2022-11-05T19:57:54Z
spellingShingle Kisin, Roni, The Impact of Mutual Fund Ownership on Corporate Investment: Evidence from a Natural Experiment, Mutual fund holdings data reveal a significant impact of mutual funds on the capital expenditures ("CapEx'') of their portfolio companies. Following the shock to mutual fund ownership caused by the 2003 scandal, during which 25 fund families experienced significant outflows of capital, firms held by distressed funds decreased capital expenditures on average. CapEx changes mirrored the types of funds: it decreased more (increased) in firms held by funds whose past ownership was associated with increases (significant decreases) in CapEx. Consistent with governance by the threat of exit, firms that drive the effects have higher wealth-performance sensitivity, liquid stock, bigger changes in ownership and the types of funds, larger number of distressed funds, and funds with bigger outflow
title The Impact of Mutual Fund Ownership on Corporate Investment: Evidence from a Natural Experiment
title_auth The Impact of Mutual Fund Ownership on Corporate Investment Evidence from a Natural Experiment
title_full The Impact of Mutual Fund Ownership on Corporate Investment Evidence from a Natural Experiment
title_fullStr The Impact of Mutual Fund Ownership on Corporate Investment Evidence from a Natural Experiment
title_full_unstemmed The Impact of Mutual Fund Ownership on Corporate Investment Evidence from a Natural Experiment
title_short The Impact of Mutual Fund Ownership on Corporate Investment
title_sort impact of mutual fund ownership on corporate investment evidence from a natural experiment
title_sub Evidence from a Natural Experiment
url https://ssrn.com/abstract=1828183, https://doi.org/10.2139/ssrn.1828183