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Institutional Investor Voting Behavior
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Book Synopsis Proxy Voting Behavior of Institutional Investors by : Christian Wilk
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.
Book Synopsis Institutional Investor Voting Behavior by : Luca Enriques
Download or read book Institutional Investor Voting Behavior written by Luca Enriques and published by . This book was released on 2018 with total page 57 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper shows how network theory can improve our understanding of institutional investors' voting behavior and, more generally, their role in corporate governance. The standard idea is that institutional investors compete against each other on relative performance and hence might not cast informed votes due to rational apathy and rational reticence. In other words, institutional investors have incentives to free ride, instead of “cooperating” and casting informed votes. We show that connections of various nature among institutional investors, whether from formal networks, geographical proximity or common ownership, and among institutional investors and other agents, such as proxy advisors, contribute to shaping institutional investors' incentives to vote “actively.” They also create intricate competition dynamics: competition takes place not only among institutional investors (and their asset managers), but also at the level of their employees and among “cliques” of institutional investors. Employees, who strive for better jobs, are motivated to obtain more information on portfolio companies than may be strictly justified from their employer institution's perspective, and to circulate it within their network. Cliques of institutional investors compete against each other. Because there are good reasons to believe that cliques of cooperators outperform cliques of non-cooperators, the network-level competition might increase the incentives of institutional investors to collect information. These dynamics can enhance institutional investors' engagement in portfolio companies and also shed light on some current policy issues such as the antitrust effects of common ownership and mandatory disclosures of institutional investors' voting.
Book Synopsis Proxy voting behavior of institutional investors: Evidence from TIAA-CREF by : Christian Wilk
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.
Book Synopsis Proxy Voting Behavior of Institutional Investors by : Christian Wilk
Download or read book Proxy Voting Behavior of Institutional Investors written by Christian Wilk and published by Aus der Reihe: e-fellows.net stipendiaten-wissen. This book was released on 2011-07 with total page 0 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.
Book Synopsis Institutional Investors' Mandatory Voting Disclosure - European Plans and U.S. Experience by : Klaus Ulrich Schmolke
Download or read book Institutional Investors' Mandatory Voting Disclosure - European Plans and U.S. Experience written by Klaus Ulrich Schmolke and published by . This book was released on 2006 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The European Commission proposed in its action plan "Modernisation of company law and enhancing corporate governance in the European Union - a plan to move forward" of the year 2003 a mandatory disclosure of institutional investors' voting behavior with regard to their portfolio companies as a medium-term measure. This proposal was evidently inspired by SEC rules mandating voting disclosure of investment companies and investment advisers adopted in the same year. However, the realization of the Commission's proposal is far from certain. It has not only met strong opposition by commentators when it was presented to the public in 2003. The Commission itself recently launched a consultation process to reassess the necessity and desirability of the medium- and long-term proposals of its action plan thereby indicating that it will take the principle of subsidiarity of EC law much more seriously than in the past. At the same time, the British government gets ready to adopt a disclosure rule at the national level. This paper examines the U.S. debate on and experience with institutional investors' mandatory voting disclosure. With the aid of the insights and arguments thereby gathered the paper argues that there was and still is a case for a mandatory voting disclosure rule at EC level.
Book Synopsis Institutional Investor Activism by : William Bratton
Download or read book Institutional Investor Activism written by William Bratton and published by OUP Oxford. This book was released on 2015-08-20 with total page 924 pages. Available in PDF, EPUB and Kindle. Book excerpt: The past two decades has witnessed unprecedented changes in the corporate governance landscape in Europe, the US and Asia. Across many countries, activist investors have pursued engagements with management of target companies. More recently, the role of the hostile activist shareholder has been taken up by a set of hedge funds. Hedge fund activism is characterized by mergers and corporate restructuring, replacement of management and board members, proxy voting, and lobbying of management. These investors target and research companies, take large positions in `their stock, criticize their business plans and governance practices, and confront their managers, demanding action enhancing shareholder value. This book analyses the impact of activists on the companies that they invest, the effects on shareholders and on activists funds themselves. Chapters examine such topic as investors' strategic approaches, the financial returns they produce, and the regulatory frameworks within which they operate. The chapters also provide historical context, both of activist investment and institutional shareholder passivity. The volume facilitates a comparison between the US and the EU, juxtaposing not only regulatory patterns but investment styles.
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.
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 The New Palgrave Dictionary of Economics and the Law by : NA NA
Download or read book The New Palgrave Dictionary of Economics and the Law written by NA NA and published by Springer. This book was released on 2016-04-30 with total page 696 pages. Available in PDF, EPUB and Kindle. Book excerpt: A great deal of economics is about law - the functioning of markets, property rights and their enforcement, financial obligations, and so forth - yet these legal aspects are almost never addressed in the academic study of economics. Conversely, the study and practice of law entails a significant understanding of economics, yet the drafting and administration of laws often ignore economic principle. The New Palgrave Dictionary of Economics and the Law is uniquely placed by the quality, breadth and depth of its coverage to address this need for building bridges. Drawn from the ranks of academics, professional lawyers, and economists in eight countries, the 340 contributors include world experts in their fields. Among them are Nobel laureates in economics and eminent legal scholars. First published in 1998 and now available in paperback for the first time, The New Palgrave Dictionary of Economics and the Law has established itself as a classic reference work in this important field.
Book Synopsis Institutional Investors' Power to Change Corporate Behavior by : Suzanne Young
Download or read book Institutional Investors' Power to Change Corporate Behavior written by Suzanne Young and published by Emerald Group Publishing. This book was released on 2013-10-24 with total page 452 pages. Available in PDF, EPUB and Kindle. Book excerpt: Institutional Investors' Power to Change Corporate Behavior
Book Synopsis Corporate Governance Strengthening Latin American Corporate Governance The Role of Institutional Investors by : OECD
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.
Book Synopsis Essays on the Proxy Voting System in Large Public Corporations by : Karen Elizabeth Van Nuys
Download or read book Essays on the Proxy Voting System in Large Public Corporations written by Karen Elizabeth Van Nuys and published by . This book was released on 1990 with total page 182 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Robo-Voting Phenomena by : Nicola Cucari
Download or read book Robo-Voting Phenomena written by Nicola Cucari and published by . This book was released on 2020 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Proxy advisors' recommendations have emerged as the key determinant of shareholder voting, and the evidence provided in this study raises some questions as to the influence and power of proxy advisors. Despite assertions that proxy advisors are powerful, few empirical studies in relation to their influence on shareholder votes have been conducted in a European context. This study is the first to analyse the robo-voting phenomena in one of the major European markets (Italy). In this way, our paper aims to identify those institutional investors that strictly vote in alignment with external recommendations (including proxy advisors or management recommendations). Our main results are that two main characteristics influence the voting approach of institutional investors: country of residence and size. We think that our results are timely not only because of the general rise of importance of proxy advisor and shareholder voting, but also because the debate on corporate governance has now shifted to fiduciary duty to vote and a focus on social or legal enforcement.
Book Synopsis Voting by Institutional Investors on Corporate Governance Issues in the ... Proxy Season by :
Download or read book Voting by Institutional Investors on Corporate Governance Issues in the ... Proxy Season written by and published by . This book was released on 1989 with total page 136 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Government Against Itself by : Daniel DiSalvo
Download or read book Government Against Itself written by Daniel DiSalvo and published by Oxford University Press, USA. This book was released on 2015 with total page 305 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Daniel DiSalvo contends that the power of public sector unions is too often inimical to the public interest"--
Book Synopsis Voting Policies of Institutional Investors on Corporate Governance Issues by : James E. Heard
Download or read book Voting Policies of Institutional Investors on Corporate Governance Issues written by James E. Heard and published by . This book was released on 1981 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Influence of Institutional Investors on Corporate Management and Corporate Governance in Germany by : Sebastian Sturm
Download or read book The Influence of Institutional Investors on Corporate Management and Corporate Governance in Germany written by Sebastian Sturm and published by GRIN Verlag. This book was released on 2009-04-14 with total page 117 pages. Available in PDF, EPUB and Kindle. Book excerpt: Diploma Thesis from the year 2008 in the subject Business economics - Law, grade: 1,3, Technical University of Chemnitz, language: English, abstract: Corporate management and corporate governance are becoming more and more crucial in today’s successful economies. With the increasing relevance of capital markets this subject comes more into the focus of the public. Particularly, the fast growing importance of institutional investors is a key factor which helps to explain the changing attitude of managers towards shareholders and corporate governance. In conjunction with the German capital market, a wide variety of mismanagement in German public limited companies has revealed shortfalls of German top-management and corporate control in the last decade. This development was of fundamental importance for the development of the German Corporate Governance Code. Hence, the basic underlying of corporate governance can be attributed to a conflict between the management of a listed corporation and its owners. More precisely, this conflict arises because the management does not adequately comprise the interests of shareholders. In Germany, assets under management of professional investors have increased at 92 percent from 1990 to 2001.1 In addition, a growing administration of private savings by professional fund managers as well as the intensified exercise of influence by institutional investors on corporate governance and corporate management respectively corporate strategy is observable. Similarly, a growing importance of institutional investors could be observed in the United Kingdom as well as in the United States. Within academic literature, the issue of activism by institutional investors in Germany is analyzed little, so far. Furthermore, there are only a few surveys on the outcome of the influence by institutional investors on corporate management. Therefore, this thesis aims to answer the following questions: 1. How was the development of shareholder activism in Germany and how can it be characterized and explained? 2. Is shareholder activism a superior tool in relation to the market of corporate control to solve the principal-agent problem? 3. What do institutional investors demand from German corporations and in particular from corporate management? 4. Which options do institutional investors have to influence corporate management? 5. How are these options for activism covered by the German Corporate Governance Code and the German legal framework? 6. What is the optimum corporate governance from an institutional investor’s angle? 7. What is the empirical outcome?
