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Russell Reconstitution Day Remove Russell Reconstitution Day →

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  • 2022
  • Working Paper

The Passive-Ownership Share Is Double What You Think It Is
By: Alex Chinco and Marco Sammon
We estimate that passive investors held 37.8% of the US stock market in 2020. This value comes from studying the closing volumes of index additions and deletions on reconstitution day. 37.8% is more than double the widely accepted previous estimate of 15%, which...  View Details
Keywords: Indexing; Passive Investing; Exchange-traded Funds (ETFs); Russell Reconstitution Day; Trading Volume; Information-based Asset Pricing; Investment; Investment Funds; Asset Pricing
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  • March 2017
  • Article

Institutional Ownership and Corporate Tax Avoidance: New Evidence
By: Mozaffar N. Khan, Suraj Srinivasan and Liang Tan
We provide new evidence on the agency theory of corporate tax avoidance (Slemrod, 2004; Crocker and Slemrod, 2005; Chen and Chu, 2005) by showing that increases in institutional ownership are associated with increases in tax avoidance. Using the Russell index...  View Details
Keywords: Tax Avoidance; Agency Costs; Institutional Ownership; Private Ownership; Crime and Corruption; Taxation; Agency Theory
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