The Real Effects of Environmental Activist Investing
We study the real effects of environmental activist investing. Using plant-level data, we find that targeted firms reduce their toxic...
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The Importance of Climate Risks for Institutional Investors
The Importance of Climate Risks for Institutional Investors
Climate risks have potentially large effects on investors’ portfolio companies. Some companies face direct costs related to changes in the climate...Read more
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 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...Read more
Passive Investors
Passive Investors
Passive investors, such as Vanguard or Blackrock, that track an index and have no discretion over their investments own a growing...Read more
Diversity of Shareholder Stewardship in Asia: Faux Convergence
Diversity of Shareholder Stewardship in Asia: Faux Convergence
In 2010, when the United Kingdom enacted the world’s first stewardship code (UK Code), the impetus behind it was clear. Institutional investors...Read more
Hedge Fund Activism and the Revision of the Shareholder Rights Directive
Hedge Fund Activism and the Revision of the Shareholder Rights Directive
This paper looks at shareholder activism from the perspective of the revision of the EU Shareholder Rights Directive, which was approved by the...Read more
The Sustainability Footprint of Institutional Investors
The Sustainability Footprint of Institutional Investors
Institutional Investors are currently the dominant category of shareholders in stock markets and have attracted considerable attention by...Read more
Index Funds and Corporate Governance: Let Shareholders be Shareholders
Index Funds and Corporate Governance: Let Shareholders be Shareholders
Index funds and indexed ETFs managed by the “Big Three” – BlackRock, Vanguard and State Street – have grown to be the largest investors in the...Read more
Stewardship and Collective Action: The Australian Experience
Stewardship and Collective Action: The Australian Experience
The global financial crisis gave rise to competing narratives about shareholders and their engagement in corporate governance. According to one...Read more
Stewardship and Shareholder Engagement in Germany
Stewardship and Shareholder Engagement in Germany
Corporate stewardship holds great promise for the improvement of shareholder engagement and the encouragement of more responsible and long-term...Read more
Opt-In Stewardship: Toward an Optimal Delegation of Mutual Fund Voting Authority
Opt-In Stewardship: Toward an Optimal Delegation of Mutual Fund Voting Authority
Corporate ownership around the world rests largely in the hands of institutional intermediaries. Even in U.S., once a bastion of retail investors...Read more
Corporate Governance, the Depth of Altruism and the Polyphony of Voice
Corporate Governance, the Depth of Altruism and the Polyphony of Voice
This post responds to the paper 'Exit v. Voice' by Eleonora Broccardo, Oliver Hart, and Luigi Zingales (BHZ). The paper discusses two possible...Read more