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Thy Neighbor's Vote : Peer Effects in Proxy Voting

Huang, Jiekun - 2019

Institutional investors' proxy voting decisions are influenced by their neighbors. I identify peer effects in proxy voting by exploiting the variation in the voting behavior of publicly traded financial institutions induced by close-call votes on shareholder-sponsored governance proposals at...

Persistent link: https://www.econbiz.de/10012859957

Contradictory Voting by ESG Funds

Li, Tao; Naaraayanan, S Lakshmi; Sachdeva, Kunal - 2021

This paper studies the conflict between ESG funds and their investors. Funds trade-off greater short-term financial performance against long-term sustainability. This conflict results in ESG funds voting against their stated pro-social mandate, even when supported by proxy advisors. Lower...

Persistent link: https://www.econbiz.de/10013244583

Can ChatGPT Personalize Index Funds’ Voting Decisions?

Wang, Chen - 2023

informed proxy voting decisions that align with their shareholders’ interests. This article examines the implications of … shareholders and navigate the competitive market.To test ChatGPT’s potential, this article conducted an experiment using its zero …

Persistent link: https://www.econbiz.de/10014355237

Custom Proxy Voting Advice

Hu, Edwin; Malenko, Nadya; Zytnick, Jonathon - National Bureau of Economic Research - 2024

the significant role of customized proxy advice in shaping shareholders' voting decisions. About 80% of funds receive … plays two key roles. First, it helps shareholders express their ideologies through the vote. Second, it facilitates … shareholders' decision-making process by reducing the need to pay attention to every proposal individually and enabling focus on …

Persistent link: https://www.econbiz.de/10014576588

Shareholders, Not Politicians, Should Decide on Takeovers

Jessop, Julian - 2021

about how free markets can work to the benefit of all. Shareholders, not politicians, should decide how to run their … preferable to a more protectionist approach, where change is resisted, competitive pressures are weakened, and shareholders …

Persistent link: https://www.econbiz.de/10013224806

Shareholders Have a Say in Executive Compensation : Evidence from Say-on-Pay in the United States

Kimbro, Marinilka Barros - 2015

This paper examines the SEC regulation requiring non-binding general shareholder vote on executive compensation–“say-on-pay” (SOP). We examine the first two years of SOP in the Russell 3000. The results confirm previous shareholder-proposal studies by finding that SOP approval (reject)...

Persistent link: https://www.econbiz.de/10013036020

The consequences to directors of deploying poison pills

Johnson, William C.; Karpoff, Jonathan M.; Wittry, … - 2019 - First complete draft: August 30, 2019

We examine the labor market consequences for directors who adopt poison pills. Directors who become associated with pill adoption experience significant decreases in vote margins and increases in termination rates across all their directorships. They also experience a decrease in the likelihood...

Persistent link: https://www.econbiz.de/10012120332

A Proposal to Limit the Anti-Competitive Power of Institutional Investors

Posner, Eric A. - 2017

Recent scholarship has shown that institutional investors may cause softer competition among product market rivals because of their significant ownership stakes in competing firms in concentrated industries. However, while calls for litigation against them under Section 7 of the Clayton Act are...

Persistent link: https://www.econbiz.de/10012967362

Corporate governance benefits of mutual fund cooperation

Renjie, Rex Wang; Verwijmeren, Patrick; Xia, Shuo - Leibniz-Institut für Wirtschaftsforschung Halle - 2022

Mutual fund families increasingly hold bonds and stocks from the same firm. We study the implications of such dual holdings for corporate governance and firm decision-making. We present evidence that dual ownership allows financially distressed firms to increase investments and to refinance by...

Persistent link: https://www.econbiz.de/10013399743

Debtholder Stewardship

Gomtsian, Suren - 2022

away from the traditional focus on shareholders by adding investors in other assets to the list of the stewards of …

Persistent link: https://www.econbiz.de/10013403912