Stewardship

The Viability of Blockchain in Corporate Governance

Blockchain technology, along with distributed ledger technologies (DLT), has gained recognition as a potential game-changer in corporate...

The Investment Behavior of Buyout Funds: Theory and Evidence

Shareholder Stewardship in India: The Desiderata

The goal of this paper is to examine whether the stewardship code, which emanated in circumstances that are specific to the United Kingdom (UK), is...

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

We analyze over 4,700 private meetings between a large active asset manager and portfolio firms, unobservable to outsiders. These meetings are...

Stewardship and ESG in Europe

Three main legal strategies are used globally to pursue ESG stewardship: stewardship codes, disclosure regulation, and fiduciary duties. In this...

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...

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...

Do Investors Value Sustainability? A Natural Experiment Examining Ranking and Fund Flows

Examining a shock to the salience of the sustainability of the US mutual fund market, we present causal evidence that investors marketwide value...

Did the Introduction of a Reputation Mechanism for Stewardship Code Voluntary Disclosures Improve Investor Engagement

Institutional investors have limited resources dedicated to engagement activities, yet, in many cases they hold thousands of stocks in their...

Saving Climate Disclosure

Designing a regulatory response to climate change is one of the defining challenges of our era. In an attempt to address it, the Securities and Exchange...

Socially Responsible Investments: Methodology, Risk Exposure and Performance

Diversity of Shareholder Stewardship in Asia: Faux Convergence

Since the UK adopted the world’s first stewardship code in 2010, stewardship codes have proliferated across Asia. Given the UK Code’s prominence,...