Voting

Working Paper

Do Index Funds Monitor?

Passively managed index funds now hold over 25% of U.S. mutual fund and ETF assets. The rise of index investing raises fundamental questions about monitoring and corporate governance. We show that, relative to active funds, index funds are less...Read more

Davidson Heath
Daniele Macciocchi
Roni Michaely
Matthew C. Ringgenberg
20 November 2019

Retail Shareholder Participation in the Proxy Process: Monitoring, Engagement, and Voting

We study retail shareholder voting using a detailed and nearly universal sample of anonymized retail shareholder voting records over the period 2015-2017. Contrary to public perception, we find that retail shareholders are an influential voting...Read more

Alon Brav
Matthew Cain
Jonathon Zytnick
12 November 2019

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

This paper studies mutual fund voting in proxy contests using a comprehensive sample of voting records over the period 2008 - 2015, taking into account selective targeting by activists. We find that firm, fund, and event characteristics generate...Read more

Alon Brav
Wei Jiang
James Pinnington
13 March 2019

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