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- Title
Institutional investors and mispricing of unionized firms.
- Authors
Lantushenko, Viktoriya; Marciukaityte, Dalia; Szewczyk, Samuel H.
- Abstract
We examine investment by different types of institutional investors in firms with strong labor unions. We find that hedge funds own a lower percentage of shares in these firms than in other firms. In contrast, passive institutional investors and institutional investors as a group own a higher percentage. Our tests suggest that the relation between unionization and hedge fund ownership is causal: When union power changes in a firm, hedge fund ownership changes in the opposite direction. Instead, passive investor holdings in unionized firms seem to be driven by other firm characteristics.
- Subjects
INSTITUTIONAL investors; BUSINESS enterprises; LABOR organizing
- Publication
Journal of Financial Research, 2024, Vol 47, Issue 2, p249
- ISSN
0270-2592
- Publication type
Article
- DOI
10.1111/jfir.12367