Incentive Fees and Competition in Pension Funds: Evidence from a Regulatory Experiment
Concerned with excessive risk taking, regulators worldwide generally prohibit private pension funds from charging performance-based fees....
Read moreConcerned with excessive risk taking, regulators worldwide generally prohibit private pension funds from charging performance-based fees....
Read moreIndex funds own an increasingly large proportion of American public companies. The stewardship decisions of index fund managers—how they monitor,...
Read moreRegulators and commentators around the world are increasingly demanding that institutional investors engage in stewardship with respect to their...
Read moreThis paper estimates mutual funds’ preferences for governance structures, using data on proxy vote records. I elicit funds’ revealed preferences...
Read moreThis paper looks at shareholder activism from the perspective of the revision of the EU Shareholder Rights Directive, which was approved by the European...
Read moreA stylized fact that lurks in the background of the recent literature on common ownership is the parallel increase in the profitability of oligopolistic...
Read moreUsing micro-level data, we examine the behavior of socially responsible investment (SRI) funds. SRI funds select firms with lower pollution, more...
Read moreThis article explores the influence of the pension system on corporate governance, which has so far received little attention in the corporate law...
Read moreThe past decade saw the rise of both “founder-friendly” venture financings and non-traditional investors, frequently with liquidity...
Read morePassively managed index funds now hold over 30% of U.S. equity fund assets; this shift raises fundamental questions about monitoring and governance. We...
Read moreWe analyze the monitoring efforts of a large active asset manager that involve high-level private meetings with portfolio firms that are unobservable...
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