The paper examines whether the fund managers in a given investing institution behave in a co-ordinated manner, in terms of their trading around the announcement of a major takeover by a company in which the institution has two or more separate holdings. Our data show that many institutional...

UK companies have been making large contributions to reduce the deficits of their pension funds, and are believed to fund such contributions in part by reducing dividends. Using data from 2003-16, we find little evidence that large deficit-reduction contributions are associated with reductions...