Stewardship

Is Ethical Money Financially Smart?

The False Hope of Stewardship in the Context of Controlling Shareholders: Making Sense Out of the Global Transplant of a Legal Misfit

In 2010, the United Kingdom issued the world’s first stewardship code. Since then, stewardship codes have been issued in many of the world’s leading...

Hedge Funds in Corporate Governance and Corporate Control

Hedge funds have become critical players in both corporate governance and corporate control. In this article, we document and examine the nature of...

Opt-In Stewardship: Toward an Optimal Delegation of Mutual Fund Voting Authority

This Article offers a theory of mutual fund voting to answer when mutual funds should vote on behalf of their investors and when they should not. It argues...

The Rhetoric of Activist Shareholder Stewards

The corporate governance role of institutional investors has long been stressed and culminated in recent emphasis on shareholder stewardship, the new...

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 Price of Ethics: Evidence from Socially Responsible Mutual Funds

ESG Performance and Disclosure: A Cross-Country Analysis

We use a unique dataset to examine the link between ESG disclosure and quality through a cross-country comparison of disclosure requirements and...

THE UK STEWARDSHIP CODE 2010-2020 From Saving the Company to Saving the Planet?

The United Kingdom introduced a Stewardship Code in 2010, followed by a slightly revised iteration in 2012 (the “first version” of the SC). It was...

Systematic Stewardship

This paper frames a normative theory of stewardship engagement by large institutional investors and asset managers in terms of their theory of...

The Importance of Size in Private Equity: Evidence from a Survey of Limited Partners

Using a comprehensive survey, we show that investors with a larger capital allocation to private equity are more specialized − measured by the degree...

Institutional Investor Stewardship in Italian Corporate Governance

In spite of the highly concentrated ownership of listed companies, Italy is one of the countries in which institutional investors are on the rise and are...