Stewardship

Which Investors Fear Expropriation? Evidence from Investors' Portfolio Choices

Using a data set that provides unprecedented detail on investors' stockholdings, we analyze whether investors take the quality of corporate...

The Returns to Hedge Fund Activism

Hedge fund activism is a new form of arbitrage. Using a large hand-collected data set from 2001 to 2006 we find that activist hedge funds in the U.S. propose...

Stewardship and Collective Action: The Australian Experience

Institutional shareholder stewardship codes (‘stewardship codes’) exist in many jurisdictions. They reflect the growing importance of...

Corporate Governance Implications of the Growth in Indexing

Passively managed funds have grown to become some of the largest shareholders in publicly traded companies, but there is considerable debate about the...

Voting Rationales

We examine why institutional investors vote the way they vote on director elections, using a novel dataset on voting rationales provided by...

Hedge Funds and Governance Targets

Corporate governance interventions by hedge fund shareholders are triggering debates between advocates of management empowerment and advocates of...

Shifting Contours of Directors’ Fiduciary Duties and Norms in Comparative Corporate Governance

Corporate law and corporate governance are often called upon to address problems in international and transnational contexts. Financial markets are...

Shareholder Stewardship Enforcement

One of the central problems of shareholder stewardship around the world is rendering institutional investors good monitors of their investee...

Global Shareholder Stewardship: Complexities, Challenges, and Possibilities

Within less than twenty years the idea of shareholder stewardship has become a global phenomenon. In 2010, the United Kingdom hastily released the...

The Investment Behavior of Buyout Funds: Theory and Evidence

Corporate 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...

Information Flows, Organizational Structure, and Corporate Governance

This survey provides an overview of theoretical and empirical research on information flows in corporations. It highlights key frictions preventing...