Working Paper
Hedge Fund Activism
We examine recent confrontational shareholder activism campaigns by hedge funds and by other private investors. The three main parallels between the...
Read moreDo Institutional Investors Monitor their Large-Scale vs. Small-Scale Investments Differently? Evidence from the Say-On-Pay Vote
We examine the relation between an institution’s stock ownership and its tendency to support corporate management through the “Say-on-Pay”...
Read moreIndex 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,...
Read moreCorporate Governance Through Voice and Exit
How do active managers engage with portfolio firms? And, what role does monitoring and engagement play in their trading decisions? We use proprietary...
Read moreUnderstanding the (Ir)Relevance of Shareholder Votes on M&A Deals
Has corporate law and its bundles of fiduciary obligations become irrelevant? Over the last thirty years, the American public corporation has...
Read moreDo Institutional Investors Stabilize Equity Markets in Crisis Periods? Evidence from COVID-19
During the COVID-19 crash, U.S. stocks with higher institutional ownership performed worse. This under-performance was unrelated to revisions in...
Read moreCoordinated Engagements
We study the nature of and outcomes from coordinated engagements by a prominent international network of long-term shareholders cooperating to...
Read moreInstitutional Investors in China: Corporate Governance and Policy Channeling in the Market Within the State
The extraordinary rise of China’s economy has made understanding Chinese corporate governance an issue of global importance. A rich literature has...
Read moreThe Effects of Credible Voluntary Disclosures: Institutional Investor Engagement and Investees’ ESG Performances
We study the effectiveness of institutional investor engagement on the ESG performance of a sample of UK firms listed in the FTSE 350 Index. To measure the...
Read moreDoes Governance Travel around the World? Evidence from Institutional Investors
We examine whether institutional investors affect corporate governance by analyzing portfolio holdings of institutions in companies from 23...
Read moreWolf Pack Activism
Blockholder monitoring is central to corporate governance, but blockholders large enough to exercise significant unilateral influence are rare....
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