Working Paper

30 May 2021

Phantom of the Opera: ETF Shorting and Shareholder Voting

The short-selling of exchange-traded funds (ETFs) creates “phantom” ETF shares, trading at ETF market prices, with cash flows rights but no associated voting rights. Unlike regular ETF shares backed by the ETF’s underlying...

Richard B. Evans | Oğuzhan Karakaş | Rabih Moussawi | Michael Young
13 March 2019

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

This paper provides the first comprehensive study of mutual fund voting in proxy contests. Funds tend to vote against incumbent management at firms with weak operating and financial performance, and in favor of dissidents with...

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