Stewardship

Working Paper

01 March 2006

Hedge Funds, Insiders, and the Decoupling of Economic and Voting Ownership: Empty Voting and Hidden (Morphable) Ownership

Most U.S. public companies have a single class of voting common shares: voting power is proportional to economic ownership. Linking votes to shares is often thought to be desirable, because, as residual claimants, shareholders have an...

Bernard Black | T. C. Hu
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
18 July 2018

Do Investors Value Sustainability? A Natural Experiment Examining Ranking and Fund Flows

Examining a shock to the salience of the sustainability of the US mutual fund market, we present causal evidence that investors marketwide value sustainability. Being categorized as low sustainability resulted in net outflows of more...

Samuel M. Hartzmark | Abigail B. Sussman

Pages