Outsourcing Active Ownership in Japan
This paper examines active ownership in Japan by an equity ownership service, Governance for Owners Japan (GOJ). GOJ engages with...
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Investors’ Horizons and the Amplification of Market Shocks
During episodes of market turmoil, institutional investors with short trading horizons are inclined or forced to sell their holdings to a larger extent...
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The Conundrum of Common Ownership
The common ownership debate has become one of the most contentious issues in corporate law today. This debate is a by-product of major...
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Virtual Shareholder Meetings
We examine determinants and consequences of ‘virtual’ shareholder meetings (VSM). Using a preCovid sample of voluntary VSM adopters, we do not...
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Citizens United vs. FEC and Corporate Political Activism
This paper analyzes the effect that the U.S. Supreme Court’s landmark decision on Citizens United vs. FEC had on corporate political activism. The...
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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...
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Opt-In Stewardship: Toward an Optimal Delegation of Mutual Fund Voting Authority
This Article offers a theory of mutual fund voting to answer when mutual funds should vote on behalf of their investors and when they should not. It argues...
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Public versus Private Equity
The last twenty years or so have seen a sharp decline in public equity. I present a framework that explains the forces that cause the listing propensity of...
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The ESG - Innovation Disconnect: Evidence from Green Patenting
No firm or sector of the global economy is untouched by innovation. In equilibrium, innovators will flock to (and innovation will occur...
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Does Governance Travel around the World? Evidence from Institutional Investors
We examine whether institutional investors affect corporate governance by analyzing portfolio holdings of institutions in companies from 23...
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Wolf Pack Activism
Blockholder monitoring is central to corporate governance, but blockholders large enough to exercise significant unilateral influence are rare....
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