Stewardship

Portfolio Manager Ownership and Fund Performance

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...

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...

Institutional Investors and Proxy Voting: The Impact of the 2003 Mutual Fund Voting Disclosure Regulation

This paper examines the impact on shareholder voting of the mutual fund voting disclosure regulation adopted by the SEC in 2003, using a paired sample 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...

Pension Reform, Ownership Structure, and Corporate Governance: Evidence from a Natural Experiment

Sweden offers a unique natural experiment to analyze the microeconomic effects of institutionalized saving on ownership structure, corporate...

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...

Returns to Shareholder Activism: Evidence from a Clinical Study of the Hermes U.K. Focus Fund

This article reports a unique analysis of private engagements by an activist fund. It is based on data made available to us by Hermes, the fund manager...