Institutional Investors

Working Paper

Governance under the Gun: Spillover Effects of Hedge Fund Activism

Hedge fund activism is associated with improvements in the governance and performance of targeted firms. In this paper, we show that these positive effects of activism reach beyond the targets, as non-targeted peers make similar improvements...Read more

Nickolay Gantchev
Oleg Gredil
Chotibhak Jotikasthira
22 May 2018

Do Institutional Investors Monitor Their Large vs. Small Investments Differently? Evidence from the Say-on-Pay Vote

Widely-cited theoretical models predict that large shareholders will monitor management, while small shareholders will free-ride. However, we find that institutional investors are particularly likely to oppose management on Say-On-Pay for their...Read more

Miriam Schwartz-Ziv
Russ Wermers
29 January 2018

The Dialogue between the Chairman of the Board and Investors: The Practice in the UK, the Netherlands and Germany and the Future of the German Corporate Governance Code Under the New Chairman

The dialogue of the board and its chairman with investors is an established practice in many countries, such as the United Kingdom, the USA, the Netherlands, Belgium, France and recently also Germany. In the UK this dialogue covers the whole...Read more

Klaus Hopt
08 September 2017

Institutional Investor Activism in a Context of Concentrated Ownership and High Private Benefits of Control: the Case of Italy

This is a draft chapter for a forthcoming volume, The Research Handbook on Shareholder Power, edited by Randall Thomas and Jennifer Hill (Cheltenham:Edgar Elgar). This chapter describes the experience with activist institutional investors in an...Read more

Luca Enriques
01 January 2014

Returns to Shareholder Activism: Evidence from a Clinical Study of the Hermes U.K. Focus Fund

This article reports a unique analysis of private engagements by an activist fund. It is based on data made available to us by Hermes, the fund manager owned by the British Telecom Pension Scheme, on engagements with management in companies...Read more

Marco Becht
Julian Franks
Colin Mayer
Stefano Rossi
01 December 2006

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