Working Paper

01 September 2014

Ties that Bind: How Business Connections Affect Mutual Fund Activism

We investigate whether business ties with portfolio firms influence mutual funds' proxy voting using a comprehensive data set spanning 2003 to 2011. In contrast to prior literature, we find that business ties significantly influence...

Dragana Cvijanović | Amil Dasgupta | Konstantinos Zachariadis
01 March 2005

The Corporate Governance of Defined Benefit Pension Plans: Evidence from the United Kingdom

This paper studies the governance of defined-benefit pension plans in the United Kingdom. We construct a governance measure, equal to the proportion of trustees of the pension plan who are also executive directors of the sponsoring...

João F. Cocco | Paolo Volpin
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
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