This paper investigates shareholder activism by observing Swedish portfolio managers' behavior at firms' annual general meetings. Institutional shareholders' voting behavior and tendencies for raising opinions at the general meetings are related to firm characteristics, suggested by both agency...

Professors John C. Coates, IV, and R. Glenn Hubbard have prepared a study entitled, Competition and Shareholder Fees in the Mutual Fund Industry: Evidence and Implications for Policy. I will refer to it henceforth as quot;Coates-Hubbard.quot; The working paper was published in June of 2006 under...

Admati and Pfleiderer (2006) demonstrate that under some conditions, linking CEO pay to share price performance may aggravate agency conflicts. Two fundamental conflicts are considered: the manager may take value-destroying, privately beneficial (bad) actions, or value-enhancing, privately...

U.S. institutional investors are a key actor helping to diffuse shareholder-primacy precepts overseas, including to Japan. This study focuses on CalPERS, the public pension fund that is one of Japan's largest foreign equity investors. Using original sources, the article shows how CalPERS...

This book is concerned with the corporate governance aspects of managed investment funds, in particular the role and legal obligations of institutional investors in corporate governance and the legal duty of prudence imposed on fund managers and other market participants that have been entrusted...

Hostile takeovers are commonly thought to play a key role in rendering managers accountable to dispersed shareholders in the Anglo-American system of corporate governance. Yet surprisingly little attention has been paid to the very significant differences in takeover regulation between the two...

This paper considers the association between financial development and labor-market outcomes such as risk and inequality. The relationship is not straightforward, however. It is mediated by politics at the national and corporate levels. Politics spurs financial development, which sets in motion...

This article analyzes the manifold situations in which the efficient-market hypothesis (EMH) has influenced—or has failed to influence—federal securities regulation and state corporate law, and the prospective roles for the EMH in these contexts. In federal securities regulation, the EMH has...