The Journal of Financial Economics Volume 118, Issue 1, October 2015, Pages2 1–48

積極監督：機構投資者投資組合權重的重要性

作者：Eliezer M. Fich (Drexel University), Jarrad Harford (University of Washington), Anh L. Tran (City University London)

摘要：已有關于投資機構監督的研究重點在于其所持有的公司份額。我們的研究着眼于在機構投資者所構建的投資組合中，公司所占的權重。我們假設在公司收購的背景下，當目标企業在機構的投資組合中有較重的資金配比時，機構監督會更強。我們證明了這種測試方法對調和已有文獻中關于機構持股的各項研究結果具有重要作用。結果顯示，我們對機構投資者持股的測量會産生更高的标的完成率、更高的溢價以及更低的收購者回報率。該經驗結果對于預測大股東在收購公司和提高收購目标回報率的理論中産生一個有益的影響。

關鍵詞：監督，機構投資者，兼并收購，收購溢價

Motivated monitors: The importance of institutional investors' portfolio weights

Eliezer M. Fich (Drexel University), Jarrad Harford (University of Washington), Anh L. Tran (City University London)

ABSTRACT: Studies of institutional monitoring focus on the fraction of the firm held by institutions. We focus on the fraction of the institution's portfolio represented by the firm. In the context of acquisitions, we hypothesize that institutional monitoring will be greatest when the target firm represents a significant allocation of funds in the institution's portfolio. We show that this measure is important in reconciling mixed findings for total institutional ownership in the prior literature. The results indicated that our measure of institutional holdings leads to greater bid completion rates, higher premiums, and lower acquirer returns. This empirical evidence provides support for theories predicting a beneficial effect of blockholders in monitoring the firm in general and in enhancing the gains to takeover targets in particular.

Keywords: Monitoring, Institutional investors, Mergers and acquisitions, Takeover premiums

原文鍊接：http://www.sciencedirect.com/science/article/pii/S0304405X15001208

翻譯：秦秀婷