The absence of investor reaction to the poor performance of mutual funds is a widely reported phenomenon. This paper investigates the role of load costs as an explanation for the phenomenon and concludes that back-end load fees are an obstacle to reaction. We find that investors with a high...

Institutional investors are often seen as potential solutions for corporate governance problems and are requested to have a more active role in the monitoring and control of listed companies. In this paper we develop a model that, within a universal banking framework, allows one to conclude...

Institutional investors manage an increasingly substantial share of securities in the developed markets. Previous research has concluded that mutual funds’ clients do have asymmetric reactions, for they increase capital flows to mutual funds that are winners in performance, but fail to move...

Several supervisory authorities and governmental working groups issued recommendations on corporate governance for listed companies during the nineties. In this paper, we used a unique database that allowed us to analyse the relationship between the level of compliance of the recommendations...

With the Directive 2004/109/EC, of December 15, 2004 – Transparency Directive –, the European Union decided not to require listed companies to disclose financial information in the first and third quarters of each year. Each EU country now has to decide whether to oblige its companies to...

We analyze the equity portfolio composition of investment funds of 15 European countries. We find that these institutions tend to prefer larger, more liquid, high dividend, low volatility stocks that belong to the main stock market indices. These results are consistent with previous studies that...

In this paper, by using a database of Portuguese and Brazilian firms, where the Latin Corporate Governance Model is traditionally predominant but increasingly out of fashion, we investigate whether the Latin Corporate Governance Model performs worse or better than others (variants of the...

Using a theoretical model, we examine both the relationship between a downstream dominant firm’s market share and an upstream monopoly’s Lerner index and the relationship between upstream and downstream price elasticities of demand, in a regulated industry context. We undertake an empirical...

Based on a comprehensive theoretical model we investigate the determinants of government spending. Besides GDP, commonly associated with either Walra´s law or Keynesian macro stabilization policies, we consider some variables identified with the public choice approach, namely median voters,...

This paper contributes to the scarce empirical literature on the impact of foreign ownership on human capital intensity. New evidence is provided, based on a comprehensive, large-scale survey of technology-based firms located in Portugal. Using two alternatives measures of human capital (one...