We compare the effects of transactional, institutional, and experience influences on the ownership strategies of Japanese investors. Our theoretical development suggests that the equity position of a foreign investor should increase as the specificity of the assets transferred to the foreign affiliate increases, but a lower equity position should be assumed when the foreign investor requires co...

This paper adds to the overconfidence literature by specifically considering the differential nature of information and its use by different classes of investors. The literature suggests that overconfidence is a major determinant of stock trading volume. We postulate that private investors are more prone to overconfidence bias as compared to institutional investors. This implies that turnover i...

In this paper, we challenge the view that foreign investors lead firms to adopt a shortterm orientation and forgo long-term investment. Using a comprehensive sample of publicly listed firms in 30 countries over the 2001-2010 period, we find instead that greater foreign institutional ownership fosters long-term investment in tangible, intangible, and human capital. Foreign institutional presence...

This paper serves three purposes. First, it gives a short introduction to the concept of sustainability in relation to land use. Since the Brundtland report it has become clear that sustainability is a dynamic concept that changes when conditions in society change. Moreover, it is easier to assess what is ‘unsustainable’ than what is ‘sustainable’. But that will not suppress the demand for sust...

Psychotic patients have problems with bodily self-recognition such as the experience of self-produced actions (sense of agency) and the perception of the body as their own (sense of ownership). While it has been shown that such impairments in psychotic patients can be explained by hypersalient processing of external sensory input it has also been suggested that they lack normal efference copy i...

We study how institutional blockholdings affect firm voluntary disclosure. document that concentrated ownership reduces firms’ disclosure measured by the propensity to issue management forecasts, comprehensiveness of guidance, engage in conference calls, and number 8-K filings. identify two channels through which blockholders First, have easier access managers substitute private for public info...