Pension fund capitalism is a new, albeit evolving, stage of Anglo-American capital market development. It is marked by the ability of pension funds to aggregate the widely disbursed ownership of beneficiaries and therefore act as single entities with a unified voice. Pension funds within their...

Public pension funds, as some of the world's largest institutional investors, can command substantial ownership and influence over corporate governance and strategy. This influence can extend to shareholder activism, and can be at odds with other corporate owners. This study analyzes the role of...

Sweden offers a unique natural experiment to analyze the effects of institutionalized saving on the ownership structure, corporate governance, and firm performance. The Swedish pension reform increased the stock market participation of pension funds, causing a significant reshuffling in the...

This report was prepared at the request of the Australian Institute of Superannuation Trustees to assist its members deal with corporate governance issues relevant to the shareholding investment of trustees of Australian superannuation funds. The report: (a) outlines the meaning and importance...

This study examines how UK pension fund trustees interpret the concept of their fiduciary duties in practice and how these interpretations may shape pension fund approaches to corporate stewardship and engagement as envisioned by the UK Stewardship Code. Using the data from 35 in-depth,...

This paper examines the valuation effects associated with the incentive structures of different types of institutional investors using the ownership levels of public and private pension funds in a firm. The results suggest that institutional monitoring is associated with valuation effects when...