BIGFI/Finance Seminar with Katharina Lewellen, Tuck School of Business
The Department of Finance is proud to announce the upcoming seminar with Katharina Lewellen, Tuck School of Business.
Katharina Lewellen will present: The ownership structure of U.S. corporations
ABSTRACT: We study the ownership structure of U.S. corporations using a comprehensive database of share ownership by insiders, affiliated firms, and institutional investors. Ownership has become increasingly concentrated in recent years, especially in mid- and large-cap firms. In 2017, insiders and affiliates own 5.2% of the value-weighted average firm, while a firm’s top five institutional shareholders own 27.6% of shares, its top 10 institutional shareholders own 37.1% of shares, and its top 25 institutional shareholders own 49.8% of shares. The top shareholders vary predictably across firmsmost notably, small institutions match to small firms and large institutions match to large firmsand a firm’s ownership is surprisingly stable from one year to the next. Our findings have a number of implications for corporate governance.
Solbjerg Plads 3
More information will follow.