Stewardship Code for Institutional Investors - 2017
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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 that voting authority for mutual funds ought to depend upon: (1) whether the fund...Read more
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 than $12...Read more
Good Activist/Bad Activist: The Rise of International Stewardship Codes
This paper focuses on recent trends in shareholder participation in corporate governance in a number of major developed countries. Conflicting attitudes toward shareholder participation, especially in the US, have colored the underlying debate...Read more
Co-Investments of Sovereign Wealth Funds in Private Equity
Direct investments are the preferred vehicle for large institutional investors to have control over their portfolio investments. We study the deal structure of direct investments by sovereign wealth funds (SWFs) in private equity transactions. We...Read more
Incentive Fees and Competition in Pension Funds: Evidence from a Regulatory Experiment
Concerned with excessive risk taking, regulators worldwide generally prohibit private
pension funds from charging performance-based fees. Instead, the premise underlying the regulation of private pension schemes (and other retail-oriented...Read more