Funds

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....

Index Funds and the Future of Corporate Governance: Theory, Evidence, and Policy

Index funds own an increasingly large proportion of American public companies. The stewardship decisions of index fund managers—how they monitor,...

The Uncertain Stewardship Potential of Index Funds

Regulators and commentators around the world are increasingly demanding that institutional investors engage in stewardship with respect to their...

Which Firms Require More Governance? Evidence from Mutual Funds' Revealed Preferences

This paper estimates mutual funds’ preferences for governance structures, using data on proxy vote records. I elicit funds’ revealed preferences...

Hedge Fund Activism and the Revision of the Shareholder Rights Directive

This paper looks at shareholder activism from the perspective of the revision of the EU Shareholder Rights Directive, which was approved by the European...

Does Common Ownership Explain Higher Oligopolistic Profits?

A stylized fact that lurks in the background of the recent literature on common ownership is the parallel increase in the profitability of oligopolistic...

Does Socially Responsible Investing Change Firm Behavior?

Using micro-level data, we examine the behavior of socially responsible investment (SRI) funds. SRI funds select firms with lower pollution, more...

The Pension System and the Rise of Shareholder Primacy

This article explores the influence of the pension system on corporate governance, which has so far received little attention in the corporate law...

Mutual Funds As Venture Capitalists? Evidence from Unicorns

The past decade saw the rise of both “founder-friendly” venture financings and non-traditional investors, frequently with liquidity...

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...

Do Index Funds Monitor?

Passively managed index funds now hold over 30% of U.S. equity fund assets; this shift raises fundamental questions about monitoring and governance. We...

The Benefits of Access: Evidence from Private Meetings with Portfolio Firms

We analyze the monitoring efforts of a large active asset manager that involve high-level private meetings with portfolio firms that are unobservable...