Index funds and indexed ETFs managed by the “Big Three” – BlackRock, Vanguard and State Street – have grown to be the largest investors in the...Read more
Hostile takeovers have long been considered the quintessential disciplinary governance mechanism, but a similarly confrontational strategy has...Read more
One of the fundamental issues in modern corporate finance is the problem of separation of firm ownership from control. The gap between management...Read more
Few doubt that hedge fund activism has radically changed corporate governance in the United States -- for better or for worse. Proponents see...Read more
Over the past 20 years, hedge fund activism has become a powerful mechanism for influencing companies. Regulators, the business community, and the...Read more
Short sellers have been cast as villains throughout history. Perhaps because of this sentiment, investors are often reluctant to disclose short...Read more
A big corporate governance debate today is on the so-called short-termism of publicly held companies. In response to actual and anticipated...Read more
This paper studies managerial reaction to shareholder empowerment that strengthens shareholder voting, a form of direct democracy. We explore this...Read more
The global financial crisis gave rise to competing narratives about shareholders and their engagement in corporate governance. According to one...Read more