论我国机构投资者行使积极股东权力的作用

机构投资者成为积极股东,不但有利于解决公司治理中普遍存在的“搭便车”、“大股东控制”．“内部人控制”问题,还能够解决我国特殊制度背景下的公司治理问题;不但能提升我国公司内部治理质量,还有利于我国公司外部治理机制的有效运行;不但对公司治理有益,还能够稳定我国证券市场,推动价值投资理念在全社会的盛行。     

Institutional Investors and Executive Compensation

We find that institutional ownership concentration is positively related to the pay‐for‐performance sensitivity of executive compensation and negatively related to the level of compensation, even after controlling for firm size, industry, investment opportunities, and performance. These results suggest that the institutions serve a monitoring role in mitigating the agency problem between shareholders and managers. Additionally, we find that clientele effects exist among institutions for firms with certain compensation structures, suggesting that institutions also influence compensation structures through their preferences.     

Institutional Investors and Private Equity

Entrepreneurial finance literature has highlighted that institutionalinvestors are the main contributors to private equity funds.This paper complements these findings by documenting that institutionalinvestors also invest directly in private equity. A major concernfor such investments is the higher agency costs associated withprivate equity. We show that institutions invest in privatefirms with governance mechanisms that tend to reduce the expectedagency costs and risk of minority expropriation. Good governancemechanisms further allow institutional investors to enjoy thebenefits of syndication and thereby reduce idiosyncratic risk.In addition, we show that institutional investments tend tobe followed by further improvements in corporate governanceand tend to occur in high-growth firms within research and developmentintensive industries.     

Entrepreneurial Shareholder Activism: Hedge Funds and Other Private Investors

We examine recent confrontational activism campaigns by hedge funds and other private investors. The main parallels between the groups are a significantly positive market reaction for the target firm around the initial Schedule 13D filing date, significantly positive returns over the subsequent year, and the activist's high success rate in achieving its original objective. Further, both activists frequently gain board representation through real or threatened proxy solicitations. Two major differences are that hedge funds target more profitable firms than other activists, and hedge funds address cash flow agency costs whereas other private investors change the target's investment strategies.     

美国机构投资者发展的解析与启示

美国机构投资者顺应美国社会历史变革和经济环境变化而产生,他们历经国外机构投资者的熏陶,市场的洗礼,在竞争中不断发展壮大起来。中国机构投资者正处在兴起阶段,还存在着美国机构投资者萌芽阶段的类似困境。要培育和发展机构者,还要借鉴美国经验,倡导理性投资,营造良好金融市场环境和构建科学合理的监管体系。     

引进境外战略投资者与深化股份制改革

本文是乔伟同志于2001年6月至2004年5月在交通银行一系列会议上有关引进境外战略投资者与深化股份制改革工作的论述,现予发表,以纪念交通银行成立100周年。     

Performance Attribution of US Institutional Investors

Institutional investors play a prominent role in today's markets. Quarterly reported portfolio holdings make it possible to evaluate the risk-adjusted equity investment performance of all institutional investors in the United States during 1981–2002. The results indicate that institutional investors have been successful in managing client assets; they have added significant value by generating excess returns after controlling for underlying portfolio risk factors. Style choice is the main factor in determining overall portfolio performance, but institutional investors also displayed significant stock selection skills during the period. The stocks they choose for their portfolios have outperformed the stocks they exclude.     

机构投资者社会责任刍议

“超常规、创造性发展机构投资”的根源和归宿在于确立机构投资的社会责任一一规范投资行为，保护投资环境，促进中国证券市场成熟健康发展。在这个循环命题中，机构投资的社会责任既是“超常规、创造性”的因，又是“超常规、创造性”的果。     

机构投资者与国债市场改革

从世界各国的实际情况来看，大多数国家政府债券的主要持有人都经历了由个人投资向机构投资的转变。我国国债机构投资主要是银行和非银行金融机构，表现出极大的偏向性和垄断性。我国应大力培育各类机构投资，推进国债市场改革。     

异质性机构投资者与企业数字化转型

本文以2007-2019年中国上市企业数据为样本,研究异质机构投资者和企业数字化转型的关系及机制路径,研究异质机构投资者对企业数字化转型的影响.实证发现,压力敏感型机构投资者对企业数字化转型起抑制作用,压力抵抗型机构投资者则能有效推动企业数字化转型;推动作用主要通过提高分析师关注和新闻正面报道、降低企业融资约束和财务费用、加大研发投入和创新产出这三条路径来实现.     

Shareholder Litigation and Corporate Disclosure: Evidence from Derivative Lawsuits

Using the staggered adoption of universal demand (UD) laws in the United States, we study the effect of shareholder litigation risk on corporate disclosure. We find that disclosure significantly increases after UD laws make it more difficult to file derivative lawsuits. Specifically, firms issue more earnings forecasts and voluntary 8‐K filings, and increase the length of management discussion and analysis (MD&A) in their 10‐K filings. We further assess the direct and indirect channels through which UD laws affect firms' disclosure policies. We find that the effect of UD laws on corporate disclosure is driven by firms facing relatively higher ex ante derivative litigation risk and higher operating uncertainty, as well as firms for which shareholder litigation is a more important mechanism to discipline managers.     

新股发行中机构投资者和中小投资者的利益平衡机制研究

在新股发行中如何有效地平衡机构投资者和中小投资者利益,分别发挥机构投资者和中小投资者的功能,成为一个颇受关注的话题.本文分析了我国新股发行中机构投资者与中小投资者利益关系的现状,指出我国新股发行制度存在的缺陷,对协调两类投资者利益关系提出了政策建议.     

机构投资者与证券市场的协调发展

今年证券市场出现的一个显变化是投资基金销售的火爆。据统计，今年一季度共新设立开放式基金13只，首发规模895亿份，超过了去年全年首发规模的三成。与去年三季度末相比，基金总规模增长了50％。而且，单只基金的平均首发规模也大幅增长，达到了68亿份以上，大大高于去年35亿份的平均水平。     

Institutional Investors and the QE Portfolio Balance Channel

The operation of the portfolio balance channel has been emphasized by monetary policymakers as a key channel through which quantitative easing (QE) policies work. We assess whether the investment behavior of insurance companies and pension funds in the United Kingdom during the global financial crisis was consistent with such an effect by analyzing both sectoral and institution‐level data. Our results suggest QE led to institutional investors shifting their portfolios away from government bonds toward corporate bonds but did not lead to a shift into equities.     

The Interim Trading Skills of Institutional Investors

Using a large proprietary database of institutional trades, this paper examines the interim (intraquarter) trading skills of institutional investors. We find strong evidence that institutional investors earn significant abnormal returns on their trades within the trading quarter and that interim trading performance is persistent. After transactions costs, our estimates suggest that interim trading skills contribute between 20 and 26 basis points per year to the average fund's abnormal performance. Our findings also indicate that any trading skills documented by previous studies that use quarterly data are biased downwards because of their inability to account for interim trades.     

机构投资者交易行为特征研究

本文通过研究股票收益变化和机构持股变化之间的关系,发现对于高机构持股股票,过去表现较好的股票会吸引机构增加持仓,且机构增持的股票相对减持的股票的后续表现又更好,而低机构持股股票则不然。这表明机构投资者整体上是采用正反馈即惯性交易策略的,而个体投资者的行为则较为随机。对于缺乏投资经验的个体投资者而言,论文结果意味着他们应当委托机构进行理财如投资于基金。     

国际期货市场机构投资者的发展及借鉴

期货市场上的机构投资者主要有期货投资基金和对冲基金，证券公司或投资银行、养老基金、共同基金以及商业银行等机构也是重要参与者。本文介绍了参与国际期货市场的机构投资者的投资特点、在不同市场投资所占的比重和发挥的作用，分析了期货市场机构投资者的类型、发展及与现货市场机构投资者及期货公司之间的关系，并为中国期货市场机构投资者的发展提出了相关建议。     

机构投资者与股票市场稳定：以基金业为例

回顾美国基金业及股票市场的历史，我们发现，美国的投资基金并不是自始就发挥了稳定市场的作用。