Working Paper

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
01 March 2015

The Disappearing Taboo of Multiple Voting Shares: Regulatory Responses to the Migration of Chrysler-Fiat

In 2014, the Italian Government broke an old taboo of Italian corporate law, joining the ranks of many different legal systems that allow the issuance of multiple voting shares (MVSs), including the United States. The importance of the...

Marco Ventoruzzo
13 March 2019

Picking Friends Before Picking (Proxy) Fights: How Mutual Fund Voting Shapes Proxy Contests

This paper provides the first comprehensive study of mutual fund voting in proxy contests. Funds tend to vote against incumbent management at firms with weak operating and financial performance, and in favor of dissidents with...

Alon Brav | Wei Jiang | Tao Li | James Pinnington