SEMINAR SERIES
Management Seminar
Suhee Yun（Assistant Professor, Chulalongkorn Business School, Chulalongkorn University）
- Date&Time:
- 2026.10.20 (Tue) 16:00～17:30
- Venue:
- Lecture Room 3 on 3F, Research Building No. 2, Yoshida Campus, Kyoto University
- Language:
- English
- Contact:
- Kazuo Yamada
(Title): ”Institutional Shareholder Networks and Corporate Investments: Evidence from Textual Analysis”
Abstract : This paper examines whether the network position of institutional shareholders affects corporate investment. We ask whether network position matters beyond the level, concentration, and overlap of institutional ownership. Using ownership weighted centrality measures constructed from 13F filings for U.S. publicly listed firms from 2001 to 2024, we find that firms held by more centrally connected institutional investors undertake significantly more capital investment, both in the number and dollar amount of announced projects, and that these announcements receive more favorable market reactions. We further find that more central networks are associated with greater AI discussion and more AI specific investment, and network centrality strengthens the relation between substantive AI discussion and subsequent AI investment, but not the corresponding relation for generic AI discussion. Exploiting the Lehman Brothers bankruptcy as an exogenous shock to network connectivity, we find that the loss of network connectivity reduces investment activity and worsens market reactions to subsequent investment announcements. Overall, our findings identify institutional shareholder network position as a distinct dimension of ownership structure that matters for corporate capital allocation.
