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
19 October 2020

Shareholder Value(s): Index Fund ESG Activism and the New Millennial Corporate Governance

Major index fund operators have been criticized as ineffective stewards of the firms in which they are now the largest shareholders. While scholars debate whether this passivity is a serious problem, index funds’ generally docile...

Michal Barzuza | Quinn Curtis | David H. Webber
07 May 2020

Contracts with (Social) Benefits: The Implementation of Impact Investing

We draw on new data and theory to examine how private market contracts adapt to serve multiple goals, particularly the social-benefit goals that impact funds add to their financial goals. Counter to the intuition from multitasking...

Christopher Geczy | Jessica Jeffers | David Musto | Anne M. Tucker
01 February 2016

Incentive Fees and Competition in Pension Funds: Evidence from a Regulatory Experiment

Concerned with excessive risk taking, regulators worldwide generally prohibit private pension funds from charging performance-based fees. Instead, the premise underlying the regulation of private pension schemes (and other...

Assaf Hamdani | Eugene Kandel | Yevgeny Mugerman | Yishay Yafeh
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