Working Paper

22 April 2021

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

We analyze the monitoring efforts of a large active asset manager that involve high-level private meetings with portfolio firms that are unobservable to outsiders. Our analysis reveals the inner workings of the asset management...

Marco Becht | Julian Franks | Hannes Wagner
13 March 2019

Picking Friends Before Picking (Proxy) Fights: How Mutual Fund Voting Shapes Proxy Contests

This is the first comprehensive study of mutual fund voting in proxy contests. Mutual funds tend to vote for dissident nominees at firms with weak operating and financial performance, and when dissidents are hedge funds. Notably,...

Alon Brav | Wei Jiang | Tao Li | James Pinnington
18 July 2018

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 sustainability. Being categorized as low sustainability resulted in net outflows of more...

Samuel M. Hartzmark | Abigail B. Sussman
22 May 2017

Can Strong Corporate Governance Selectively Mitigate the Negative Influence of 'Special Interest' Shareholder Activists? Evidence from the Labor Market for Directors

Union and public pension funds, the most prolific institutional activists employing low-cost targeting methods, are often accused of pursuing private benefits. Extant literature finds that unions representing workers, as...

Diane Del Guercio | Tracie Woidtke