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

积极监督：机构投资者投资组合权重的重要性

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

摘要：已有关于投资机构监督的研究重点在于其所持有的公司份额。我们的研究着眼于在机构投资者所构建的投资组合中，公司所占的权重。我们假设在公司收购的背景下，当目标企业在机构的投资组合中有较重的资金配比时，机构监督会更强。我们证明了这种测试方法对调和已有文献中关于机构持股的各项研究结果具有重要作用。结果显示，我们对机构投资者持股的测量会产生更高的标的完成率、更高的溢价以及更低的收购者回报率。该经验结果对于预测大股东在收购公司和提高收购目标回报率的理论中产生一个有益的影响。

关键词：监督，机构投资者，兼并收购，收购溢价

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

原文链接：http://www.sciencedirect.com/science/article/pii/S0304405X15001208

翻译：秦秀婷