The dataset includes all blockholder (holding at least 5% of the firms outstanding shares) in US public companies for each year within the 1998-2021 period. The data provide an annual snapshot (for December of each year). The data on the block positions was extracted from 13D and 13G filings and their amendments. In these filings shareholders disclose their block holdings (i.e., positions that are at least five percent of the firm’s outstanding shares). The data is supplemented with forms 3, 4, and 5 (insider holdings). The data is described in the paper "Is Blockholder Diversity Detrimental?" by Miriam Schwartz-Ziv and Ekaterina Volkova. This GitHub page provides the R-scripts used to collect, parse, and assemble the dataset.
The data covers all firms listed on SEC EDGAR, including those in CRSP/Compustat. Therefore, if a specific firm-year observation listed in CRSP/Compustat is not found in our publicly available blockholder database, it indicates that the observation does not have any blockholders.
This dataset is also avaliable through WRDS: https://wrds-www.wharton.upenn.edu/pages/get-data/contributed-data-forms/blockholders-schwartz-ziv-volkova/
Variable definition:
blockholder_CIK – Blockholder CIK code
blockholder_name – Blockholder name
company_CIK – Company CIK code
company_name – Company name
year – Year of filing
position – % of shares held at the end of the calendar year
files_13F – Indicator whether blockholders files 13F
Last update: January 2023
This data is also avaliable at WRDS: WRDS link
We use Federal Register, the daily journal of US regulators to create measure of regulatory fragmentation. The main variable, Regulatory_Fragmentation, reflects the variety of agencies company is exposed to in a given year. Higher values of this variable suggest that a company is regulated by more agencies. Two additional variables, Topic_Dispersion and Regulation_Quantity, show the dispersion of topics raised by the company in their annual reports and the amount of the relevant regulations.
We describe the construction of this data in more details in the paper Regulatory Fragmentation.
Last update: 2020
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