Agents watching agents?: evidence from pension fund ownership and firm value

摘要: Abstract This paper examines the valuation effects associated with incentive structures of different types institutional investors using ownership levels public and private pension funds in a firm. The results suggest that monitoring is when both observable unobservable aspects relationship between institutions firms are taken into account. Moreover, vary according to objective functions institutions’ administrators. Thus, other shareholders do not necessarily benefit from relationships managers, they could be hurt agents watching firm have conflicts interest shareholders.