Institutional investors and mispricing of unionized firms
研究了不同类型机构投资者在工会力量强的企业中的持股差异，发现对冲基金持股比例较低，而被动投资者持股比例较高，且工会力量变化与对冲基金持股反向变动。
Abstract We examine investment by different types of institutional investors in firms with strong labor unions. We find that hedge funds own a lower percentage of shares in these firms than in other firms. In contrast, passive institutional investors and institutional investors as a group own a higher percentage. Our tests suggest that the relation between unionization and hedge fund ownership is causal: When union power changes in a firm, hedge fund ownership changes in the opposite direction. Instead, passive investor holdings in unionized firms seem to be driven by other firm characteristics.