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Does Disclosure Regulation Affect Mutual Fund Families Proxy Voting
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Book Synopsis Does Disclosure Regulation Affect Mutual Fund Families' Proxy Voting? by : Eunjee Kim
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.
Book Synopsis Institutional Investors and Proxy Voting by : Martijn Cremers
Download or read book Institutional Investors and Proxy Voting written by Martijn Cremers and published by . This book was released on 2018 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the impact on shareholder voting of the mutual fund voting disclosure regulation adopted by the SEC in 2003, using a paired sample of proposals submitted before and after the rule change. We focus on how voting outcomes relate to institutional ownership and the voting behavior of mutual funds. While voting support for management has decreased over time, there is no evidence that mutual funds' support for management declined after the rule change, as expected by advocates of disclosure. In fact, in the context of management-sponsored proposals on executive equity incentive compensation plans, mutual funds appear to have increased their support for management after the rule change. We also find that this result is not due to changes in compensation plan features, nor that voting outcomes were plausibly related to broker voting, which was eliminated in a parallel 2003 stock exchange rule change. Finally, there is some evidence that firms with greater mutual fund ownership adopt a higher frequency of sponsoring executive equity incentive compensation plans, which could partly explain our findings.
Book Synopsis Institutional investors and proxy voting on compensation plans : the impact of the 2003 mutual fund voting disclosure regulation by : Martijn Cremers
Download or read book Institutional investors and proxy voting on compensation plans : the impact of the 2003 mutual fund voting disclosure regulation written by Martijn Cremers and published by . This book was released on 2009 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the impact on shareholder voting of the mutual fund voting disclosure regulation adopted by the SEC in 2003, using a paired sample of management proposals on executive equity incentive compensation plans submitted before and after the rule change. While voting support for management has decreased over time, we find no evidence that mutual funds' support for management declined after the rule change, as expected by advocates of disclosure. In fact, we find evidence of increased support for management by mutual funds after the change. There is some evidence that firms sponsoring such proposals both before and after the rule change differ from those sponsoring a proposal only before the change. For example, firms are more likely to sponsor a proposal both before and after the rule change if they have higher mutual fund ownership. Such endogeneity could partly explain our findings of increased support after the rule.
Book Synopsis Management Investment Companies by : Investment Company Institute (U.S.)
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:
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.
Book Synopsis Securities and Exchange Commission by :
Download or read book Securities and Exchange Commission written by and published by . This book was released on 2003 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Mutual Fund Proxy Votes by : Burton Rothberg
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.
Book Synopsis The Role of Mutual Funds in Corporate Governance by : Ying Duan
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.
Book Synopsis Would Mutual Funds Bite the Hand that Feeds Them? Business Ties and Proxy Voting by : Gerald F. Davis
Download or read book Would Mutual Funds Bite the Hand that Feeds Them? Business Ties and Proxy Voting written by Gerald F. Davis and published by . This book was released on 2006 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyzes conflicts of interest in proxy voting by mutual funds using newly-available data on funds' voting records for 2004. We first examine mutual funds' ties to corporate clients created via pension fund business and their patterns of portfolio ownership. We then link these to proxy votes at specific firms and to overall voting policies for 21 mutual fund families, CalPERS and CREF. Among large fund families, levels of ownership are essentially independent of client relationships between mutual funds and firms, and funds are no more likely to vote with management at client firms than non-clients. At the policy level, however, we find a positive relation between the volume of pension business a fund's parent does and its propensity to vote with management.
Book Synopsis ESG and Responsible Institutional Investing Around the World: A Critical Review by : Pedro Matos
Download or read book ESG and Responsible Institutional Investing Around the World: A Critical Review written by Pedro Matos and published by CFA Institute Research Foundation. This book was released on 2020-05-29 with total page 80 pages. Available in PDF, EPUB and Kindle. Book excerpt: This survey examines the vibrant academic literature on environmental, social, and governance (ESG) investing. While there is no consensus on the exact list of ESG issues, responsible investors increasingly assess stocks in their portfolios based on nonfinancial data on environmental impact (e.g., carbon emissions), social impact (e.g., employee satisfaction), and governance attributes (e.g., board structure). The objective is to reduce exposure to investments that pose greater ESG risks or to influence companies to become more sustainable. One active area of research at present involves assessing portfolio risk exposure to climate change. This literature review focuses on institutional investors, which have grown in importance such that they have now become the largest holders of shares in public companies globally. Historically, institutional investors tended to concentrate their ESG efforts mostly on corporate governance (the “G” in ESG). These efforts included seeking to eliminate provisions that restrict shareholder rights and enhance managerial power, such as staggered boards, supermajority rules, golden parachutes, and poison pills. Highlights from this section: · There is no consensus on the exact list of ESG issues and their materiality. · The ESG issue that gets the most attention from institutional investors is climate change, in particular their portfolio companies’ exposure to carbon risk and “stranded assets.” · Investors should be positioning themselves for increased regulation, with the regulatory agenda being more ambitious in the European Union than in the United States. Readers might come away from this survey skeptical about the potential for ESG investing to affect positive change. I prefer to characterize the current state of the literature as having a “healthy dose of skepticism,” with much more remaining to be explored. Here, I hope the reader comes away with a call to action. For the industry practitioner, I believe that the investment industry should strive to achieve positive societal goals. CFA Institute provides an exemplary case in its Future of Finance series (www.cfainstitute.org/research/future-finance). For the academic community, I suggest we ramp up research aimed at tackling some of the open questions around the pressing societal goals of ESG investing. I am optimistic that practitioners and academics will identify meaningful ways to better harness the power of global financial markets for addressing the pressing ESG issues facing our society.
Book Synopsis Analysis and Implications of the New Proxy Voting Rules for Mutual Funds by :
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:
Book Synopsis 2005 Investment Company Fact Book by :
Download or read book 2005 Investment Company Fact Book written by and published by . This book was released on 2005-05-15 with total page 172 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Investment Company Act Release by : United States. Securities and Exchange Commission
Download or read book Investment Company Act Release written by United States. Securities and Exchange Commission and published by . This book was released on 1967 with total page 974 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Fiduciary Law and Responsible Investing by : Benjamin J. Richardson
Download or read book Fiduciary Law and Responsible Investing written by Benjamin J. Richardson and published by Routledge. This book was released on 2013-08-21 with total page 398 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is about fiduciary law’s influence on the financial economy’s environmental performance, focusing on how the law affects responsible investing and considering possible legal reforms to shift financial markets closer towards sustainability. Fiduciary law governs how trustees, fund managers or other custodians administer the investment portfolios owned by beneficiaries. Written for a diverse audience, not just legal scholars, the book examines in a multi-jurisdictional context an array of philosophical, institutional and economic issues that have shaped the movement for responsible investing and its legal framework. Fiduciary law has acquired greater influence in the financial economy in tandem with the extraordinary recent growth of institutional funds such as pension plans and insurance company portfolios. While the fiduciary prejudice against responsible investing has somewhat waned in recent years, owing mainly to reinterpretations of fiduciary and trust law, significant barriers remain. This book advances the notion of ‘nature’s trust’ to metaphorically signal how fiduciary responsibility should accommodate society’s dependence on long-term environmental well-being. Financial institutions, managing vast investment portfolios on behalf of millions of beneficiaries, should manage those investments with regard to the broader social interest in sustaining ecological health. Even for their own financial self-interest, investors over the long-term should benefit from maintaining nature’s capital. We should expect everyone to act in nature’s trust, from individual funds to market regulators. The ancient public trust doctrine could be refashioned for stimulating this change, and sovereign wealth funds should take the lead in pioneering best practices for environmentally responsible investing.
Author :Gaëtane Schaeken Willemaers Publisher :Kluwer Law International B.V. ISBN 13 :9041133941 Total Pages :378 pages Book Rating :4.0/5 (411 download)
Book Synopsis The EU Issuer-disclosure Regime by : Gaëtane Schaeken Willemaers
Download or read book The EU Issuer-disclosure Regime written by Gaëtane Schaeken Willemaers and published by Kluwer Law International B.V.. This book was released on 2011-01-01 with total page 378 pages. Available in PDF, EPUB and Kindle. Book excerpt: Présentation de l'éditeur : "In an examination that is at once critical, comparative and interdisciplinary, the book discusses the stated objectives of the EU issuer-disclosure regime - principally about retail investor protection - and then goes on to identify objectives that can actually be met in practice, i.e. market efficiency and corporate governance. The author concludes by drawing concrete policy and regulatory implications, along the way covering such aspects and ramifications of the regime. In its defence of the power of market forces as regulatory means, and its clear argument that market finance should be seen at a minimum as a useful complement to bank credit and other financing sources, this important book can claim a privileged space in the debate over the role of disclosure requirements in securities regulation."
Book Synopsis Activist Vs. Passivist Hedge Funds by : Ivan Kühne
Download or read book Activist Vs. Passivist Hedge Funds written by Ivan Kühne and published by Haupt Verlag AG. This book was released on 2011 with total page 350 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Recurrent Crisis in Corporate Governance by : Paul W. MacAvoy
Download or read book The Recurrent Crisis in Corporate Governance written by Paul W. MacAvoy and published by Stanford University Press. This book was released on 2004 with total page 196 pages. Available in PDF, EPUB and Kindle. Book excerpt: Taking a close look at American corporate governance, the authors show what is missing in today's corporate governance, and support a case for activating the board of directors to put new controls on management and take responsibility for the result.
