Stewardship Code for Institutional Investors - 2017
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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
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The Wall Street Walk when Blockholders Compete for Flows
Effective monitoring by equity blockholders is important for good corporate governance. A prominent theoretical literature argues that the threat of block sale ("exit") can be an affective governance mechanism. Many blockholders are money...Read more
Why Do Retail Investors Make Costly Mistakes? An Experiment on Mutual Fund Choice
There is mounting evidence that retail investors make predictable, costly investment mistakes, including underinvestment, naïve diversification, and payment of excessive fund fees. Over the past thirty-five years, however, participant-directed...Read more