Blockholdings of investment professionals by Sanjai Bhagat

By Sanjai Bhagat

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By Sanjai Bhagat

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20 OThe Research Foundation of the ICFA relational investor niight affect a fil-111's profitability. Roughly speaking, the growth variables, GAST and GrINC, are useful in determining whether relational investors affect how rapidly firms grow, and the ratio variables, ROA and Tobin's q, provide measures of a firm's profitability and effective use of resources. Of course, such an extensive data set will provide some statistically significant results merely by chance. Accounting nlaeasures of perlorlnance pose a particular econometric problem.

For this reason, we considered only fourand six-year periods for performance measures. The use of four- or six-year periods, however, reduces the number of investment company blockholders rather dramatically from the two-year number, which would Iead to in~preciseestimates of regression coefficients. To address this problem, we considered blockholders over two-year periods. For example, for the regression that has income growth from 1987 to 1990 as the dependent variable, we considered investlnent company blockholders from 1988 to 1989 to be contelnporary relational investors and investment company blockholders from 1985 to 1986 and 1991 to 1992 to be lag and lead relational investors, respectively.

1988. S. Edited by J. Meyer and J. Gustafson. Cambridge, TvlA: Ballinger Publishing. Starks, Laura. 1997. " Working paper. University of Texas at Austin. C,The Research Foundation of the ICFA Twentieth Century Fund. 1992. " New Ttlork: Twentieth Century Fund Press. Van Nuys, K. 1990. " Working paper. University of Rochester (March). Wmck, k e n . 1989. " Journal of Finuncial Economics, vol. 23, no. 1 @une):3-28.

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