This paper studies the governance of defined-benefit pension plans in the United Kingdom. We construct a governance measure, equal to the proportion of...
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Index funds own an increasingly large proportion of American public companies. The stewardship decisions of index fund managers—how they monitor,...
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Regulators and commentators around the world are increasingly demanding that institutional investors engage in stewardship with respect to their...
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This paper estimates mutual funds’ preferences for governance structures, using data on proxy vote records. I elicit funds’ revealed preferences...
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This paper looks at shareholder activism from the perspective of the revision of the EU Shareholder Rights Directive, which was approved by the European...
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A stylized fact that lurks in the background of the recent literature on common ownership is the parallel increase in the profitability of oligopolistic...
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In Agatha Christie’s Murder on the Orient Express, Poirot deduced that no single culprit was responsible for a murder on the eponymous train. In this...
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Using micro-level data, we examine the behavior of socially responsible investment (SRI) funds. SRI funds select firms with lower pollution, more...
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This article explores the influence of the pension system on corporate governance, which has so far received little attention in the corporate law...
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The past decade saw the rise of both “founder-friendly” venture financings and non-traditional investors, frequently with liquidity...
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This paper examines the voting behavior of women-led mutual funds. We find that women-led mutual funds are more likely to support environmental and...
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Passively managed index funds now hold over 30% of U.S. equity fund assets; this shift raises fundamental questions about monitoring and governance. We...
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