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Author : Ada Gruianu
Publisher :
ISBN 13 :
Total Pages : 112 pages
Book Rating : 4.:/5 (18 download)
Download or read book Analysis of Proxy Voting by Mutual Funds written by Ada Gruianu and published by . This book was released on 2008 with total page 112 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Analysis and Implications of the New Proxy Voting Rules for Mutual Funds written by and published by . This book was released on 2004 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Rasha Ashraf
Publisher :
ISBN 13 :
Total Pages : 52 pages
Book Rating : 4.:/5 (129 download)
Download or read book Determinants and Consequences of Proxy Voting by Mutual Funds on Shareholder Proposals written by Rasha Ashraf and published by . This book was released on 2015 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: We analyze mutual funds' proxy voting records on shareholder proposals and investigate the following three issues. First, we study the determinants of mutual funds' voting policies across firms. Next, we examine the incentive structure of mutual funds that could act as a motivational force for them to undertake an activist role in their proxy voting behavior. Last, we investigate the trading behavior of mutual funds surrounding proposal meeting date and voting record release date and investigate whether mutual funds engage in quot;Wall Street Walk,quot; that is, sell off their shares when dissatisfied with firms' management. Our results indicate that mutual funds support shareholder proposals and vote against management for proposals that are likely to increase shareholders' wealth and rights, in firms with weaker external monitoring mechanisms and in firms with entrenched management. The level of insider voting rights and the internal governance mechanism through blockholder ownership also influence funds' voting decisions. Moreover, mutual funds' motivation to take on an activist role does not come from their ownership concentration, but rather from their long-term investment goal. The results further indicate that there is a positive reputational effect for the funds undertaking a monitoring role in their voting strategies. The trading behavior of mutual funds suggests that funds reduce holdings when they disapprove of managements' policy, but before doing so they take on an activist role by supporting shareholder proposals.
Author : Ying Duan
Publisher :
ISBN 13 :
Total Pages : 47 pages
Book Rating : 4.:/5 (13 download)
Download or read book The Role of Mutual Funds in Corporate Governance written by Ying Duan and published by . This book was released on 2015 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines mutual fund families' proxy voting records to analyze their choices between voting against management (“voice”) and voting with their feet (“exit”). Even though proxy voting is particularly conducive to governance through voice rather than exit, we provide evidence that both exit and voice are important governance mechanisms when Institutional Shareholder Services recommends voting against management. Funds with smaller ownership blocks and shorter investment horizons are more likely to exit, and funds are more likely to exit small, liquid firms with greater insider ownership.
Author :
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)
Download or read book A survey of Canadian mutual funds on proxy voting written by and published by . This book was released on 2007 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: In August 31, 2006, mutual funds in Canada were required, for the first time, to publicly report their Secondly, we wanted to see the levels of support proxy voting policies and to disclose their proxy given to the various ESG shareholder resolutions voting records. [...] In all of Inhance Investment's funds there was not one vote in support of • In compliance with Continuous management among the subset of Disclosure requirements, all the mutual shareholder proposals reviewed by this funds report, on their Web sites, proxy study. [...] The results of this survey support the view that Canadian mutual funds are not doing everything 3) A failure of senior mutual fund family in their power to vote their proxies with care and executives to communicate to fund diligence. [...] For conventional funds the initial intention was to The goal of this study was to see the how mutual only look at the top three funds managed by each funds were complying with the new Continuous fund family, but it quickly became apparent that Disclosure rules and to provide a sampling of our data would be extremely limited as those voting behavior across a range of issues funds would not hold man.
Author : Christian Wilk
Publisher : GRIN Verlag
ISBN 13 : 3640946758
Total Pages : 81 pages
Book Rating : 4.6/5 (49 download)
Download or read book Proxy Voting Behavior of Institutional Investors written by Christian Wilk and published by GRIN Verlag. This book was released on 2011-07 with total page 81 pages. Available in PDF, EPUB and Kindle. Book excerpt: Bachelor Thesis from the year 2010 in the subject Business economics - Business Management, Corporate Governance, grade: 9.0, Maastricht University, language: English, abstract: This thesis analyzes the voting behavior of the Teachers Insurance and Annuity Association - College Retirement Equities Fund (TIAA-CREF). As one of the largest financial services companies in the United States, with over 426 billion Dollar in combined assets under management as of 31 of March 2010, the fund is using proxy voting as a tool to promote positive returns from their investments. This thesis relies on a database constructed out of SEC N-PX lings over a period of six month. The results indicate that TIAA-CREF only withholds directors their vote in a moderate amount of cases. In addition, the fund voted more often against management at proposals cast by shareholders concerning board structures and shareholder rights than at proposals concerning other corporate governance issues.
Author : Burton Rothberg
Publisher :
ISBN 13 :
Total Pages : 39 pages
Book Rating : 4.:/5 (129 download)
Download or read book Mutual Fund Proxy Votes written by Burton Rothberg and published by . This book was released on 2005 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt: We examine how large mutual funds voted their proxies. Data concerning fund voting has recently become available in two new datasets. In the first, mutual funds are required to disclose their policies for making voting decisions. In the second, they are required to disclose how they actually vote on all issues.We find that the large mutual fund families have decided to vote the shares in all their funds as a block, thus increasing their voting power. They claim they do not wish to interfere in the operational management of their investments. This includes social or ethical issues. However, they feel strongly about antitakeover policies and executive compensation.Analysis of the voting data shows that the largest funds voted with management on most issues. However, they voted against management often on antitakeover and executive compensation issues. There is evidence that the funds voted against boards that were not sufficiently independent from management.We also find that voting patterns vary between funds with different investment styles. Stock pickers tended to vote with management more often. Funds with a passive investment approach, such as index funds, tend to vote against management slightly more often.Finally, we investigate the question of conflicts of interest. We compare the voting records of fund companies that are primarily mutual funds to the voting records of fund companies that are a small part of larger financial services companies. We do not find a difference in how often they vote against management.
Author : Alon Brav
Publisher : Now Publishers Inc
ISBN 13 : 1601983387
Total Pages : 76 pages
Book Rating : 4.6/5 (19 download)
Download or read book Hedge Fund Activism written by Alon Brav and published by Now Publishers Inc. This book was released on 2010 with total page 76 pages. Available in PDF, EPUB and Kindle. Book excerpt: Hedge Fund Activism begins with a brief outline of the research literature and describes datasets on hedge fund activism.
Author : Investment Company Institute (U.S.)
Publisher :
ISBN 13 :
Total Pages : 168 pages
Book Rating : 4.3/5 (512 download)
Download or read book Management Investment Companies written by Investment Company Institute (U.S.) and published by . This book was released on 1962 with total page 168 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Eunjee Kim
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (14 download)
Download or read book Does Disclosure Regulation Affect Mutual Fund Families' Proxy Voting? written by Eunjee Kim and published by . This book was released on 2021 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the effect of disclosure regulation on mutual fund families' proxy voting. I study beneficial ownership reporting rules requiring more-than-5% equity investors to file either a 13D, which allows them to influence the firm and its management, or a less costly 13G, which prohibits such actions. Using a regression discontinuity design, I find that mutual fund families that file beneficial ownership reports (i.e., just above 5%) are more likely to vote in favor of management on executive compensation than families that do not (i.e., just below 5%). Consistent with the idea that mutual fund families opt for a low-cost 13G at the expense of their ability to influence the firm, I also document that the effect of the reporting rules is greater when the cost of filing a 13D is higher or when voting against management is more likely to be seen as influencing the firm. My findings suggest that the regulatory mandates aimed at improving transparency can incentivize mutual fund families to refrain from confronting management in voting.
Author : United States. Government Accountability Office
Publisher : DIANE Publishing
ISBN 13 : 9781422396926
Total Pages : 26 pages
Book Rating : 4.3/5 (969 download)
Download or read book Corporate Shareholder Meetings written by United States. Government Accountability Office and published by DIANE Publishing. This book was released on 2007 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Paul Calluzzo
Publisher :
ISBN 13 :
Total Pages : 49 pages
Book Rating : 4.:/5 (13 download)
Download or read book Mutual Fund Board Connections and Proxy Voting written by Paul Calluzzo and published by . This book was released on 2018 with total page 49 pages. Available in PDF, EPUB and Kindle. Book excerpt: We study fund-firm connections that arise when firm executives and directors serve as fund directors. We find that connected funds are significantly more likely to vote with management in proposals with negative ISS recommendations or low shareholder support. As our data shows that management support does not exist either before connection formation or after its termination, this result is unlikely to be caused by omitted factors. Rather, the connected fund's voting patterns show independence from ISS recommendations and successful connected voting is associated with positive announcement returns, suggesting that connected fund support for management reflects information advantages. Lastly, we find that a fund family and firm are more likely to connect when the fund family holds a large stake in the firm and is geographically proximate, as well as when it has a record of voting independently from ISS.
Author :
Publisher : DIANE Publishing
ISBN 13 : 1428937528
Total Pages : 32 pages
Book Rating : 4.4/5 (289 download)
Download or read book Mutual funds assessment of regulatory reforms to improve the management and sale of mutual funds written by and published by DIANE Publishing. This book was released on with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : OECD
Publisher : OECD Publishing
ISBN 13 : 9264116052
Total Pages : 78 pages
Book Rating : 4.2/5 (641 download)
Download or read book Corporate Governance Strengthening Latin American Corporate Governance The Role of Institutional Investors written by OECD and published by OECD Publishing. This book was released on 2011-07-01 with total page 78 pages. Available in PDF, EPUB and Kindle. Book excerpt: This report reflects long-term, in-depth discussion and debate by participants in the Latin American Roundtable on Corporate Governance.
Author : Sathish Ramesh
Publisher :
ISBN 13 :
Total Pages : 88 pages
Book Rating : 4.:/5 (18 download)
Download or read book Proxy Voting of Mutual Funds written by Sathish Ramesh and published by . This book was released on 2007 with total page 88 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Dunhong Jin
Publisher : International Monetary Fund
ISBN 13 : 1513519492
Total Pages : 46 pages
Book Rating : 4.5/5 (135 download)
Download or read book Swing Pricing and Fragility in Open-end Mutual Funds written by Dunhong Jin and published by International Monetary Fund. This book was released on 2019-11-01 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: How to prevent runs on open-end mutual funds? In recent years, markets have observed an innovation that changed the way open-end funds are priced. Alternative pricing rules (known as swing pricing) adjust funds’ net asset values to pass on funds’ trading costs to transacting shareholders. Using unique data on investor transactions in U.K. corporate bond funds, we show that swing pricing eliminates the first-mover advantage arising from the traditional pricing rule and significantly reduces redemptions during stress periods. The positive impact of alternative pricing rules on fund flows reverses in calm periods when costs associated with higher tracking error dominate the pricing effect.
Author : Christian Wilk
Publisher : GRIN Verlag
ISBN 13 : 364094657X
Total Pages : 42 pages
Book Rating : 4.6/5 (49 download)
Download or read book Proxy voting behavior of institutional investors: Evidence from TIAA-CREF written by Christian Wilk and published by GRIN Verlag. This book was released on 2011-06-29 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: Bachelor Thesis from the year 2010 in the subject Business economics - Business Management, Corporate Governance, grade: 9.0, Maastricht University, language: English, abstract: This thesis analyzes the voting behavior of the Teachers Insurance and Annuity Association - College Retirement Equities Fund (TIAA-CREF). As one of the largest financial services companies in the United States, with over 426 billion Dollar in combined assets under management as of 31 of March 2010, the fund is using proxy voting as a tool to promote positive returns from their investments. This thesis relies on a database constructed out of SEC N-PX lings over a period of six month. The results indicate that TIAA-CREF only withholds directors their vote in a moderate amount of cases. In addition, the fund voted more often against management at proposals cast by shareholders concerning board structures and shareholder rights than at proposals concerning other corporate governance issues.
