Stewardship

The Wall Street Walk when Blockholders Compete for Flows

Effective monitoring by equity blockholders is important for good corporate governance. A prominent theoretical literature argues that the threat of...

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...

The 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...

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...

Incentive Fees and Competition in Pension Funds: Evidence from a Regulatory Experiment

Concerned with excessive risk taking, regulators worldwide generally prohibit private pension funds from charging performance-based fees....

The Investment Behavior of Buyout Funds: Theory and Evidence

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,...

Stewardship and Shareholder Engagement in Germany

Corporate stewardship holds great promise for the improvement of shareholder engagement and the encouragement of more responsible and long-term...

The Market for Stewardship and the Role of the Government

In this contribution, we focus on the market for stewardship, as this has been developing in the UK. We observe that the 2020 UK Stewardship Code more...

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...

Co-Investments of Sovereign Wealth Funds in Private Equity

Direct investments are the preferred vehicle for large institutional investors to have control over their portfolio investments. We study the deal...

The Global Diffusion of Stewardship Codes

In today’s world, the transfer of laws and regulations between different legal systems is commonplace. The global spread of stewardship codes in...