Read Books Online and Download eBooks, EPub, PDF, Mobi, Kindle, Text Full Free.
Mutual Fund Board Connections And Proxy Voting
Download Mutual Fund Board Connections And Proxy Voting full books in PDF, epub, and Kindle. Read online Mutual Fund Board Connections And Proxy Voting ebook anywhere anytime directly on your device. Fast Download speed and no annoying ads. We cannot guarantee that every ebooks is available!
Book Synopsis Mutual Fund Board Connections and Proxy Voting by : Paul Calluzzo
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.
Book Synopsis Essays on Director Connections in the Mutual Fund Industry by : Paul Calluzzo
Download or read book Essays on Director Connections in the Mutual Fund Industry written by Paul Calluzzo and published by . This book was released on 2014 with total page 115 pages. Available in PDF, EPUB and Kindle. Book excerpt:
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 Ties that Bind by : Dragana Cvijanovic
Download or read book Ties that Bind written by Dragana Cvijanovic and published by . This book was released on 2016 with total page 78 pages. Available in PDF, EPUB and Kindle. Book excerpt: We investigate whether business ties with portfolio firms influence mutual funds' proxy voting using a comprehensive data set spanning 2003 to 2011. In contrast to prior literature, we find that business ties significantly influence pro-management voting at the level of individual pairs of fund families and firms after controlling for ISS recommendations and holdings. The association is significant only for shareholder-sponsored proposals and stronger for those that pass or fail by relatively narrow margins. Our findings are consistent with a demand-driven model of biased voting in which company managers use existing business ties with funds to influence how they vote.
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 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 Mutual funds assessment of regulatory reforms to improve the management and sale of mutual funds by :
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:
Book Synopsis Strategic Proxy Voting by : Gregor Matvos
Download or read book Strategic Proxy Voting written by Gregor Matvos and published by . This book was released on 2013 with total page 61 pages. Available in PDF, EPUB and Kindle. Book excerpt: Despite its importance, voting in the elections of corporate boards of directors remains relatively unexplored in the empirical literature. We construct a comprehensive dataset of 3,204,890 mutual fund votes in director elections that took place between July 2003 and June 2005. We find substantial systematic heterogeneity in fund voting patterns: some mutual funds are management friendly, and others are less so. We construct and estimate a model of voting in which mutual funds impose externalities on each other: the cost of opposing management decreases when other funds oppose it as well. We exploit fund heterogeneity to overcome the endogeneity problem induced by unobserved firm quality. We estimate all parameters in the voting model and show that strategic interaction between funds is economically and statistically significant. We then construct counterfactuals to compute the equilibrium distribution of votes under alternative specifications of strategic externalities. We use the counterfactuals to show that implementing confidential voting in board of director elections has potentially large consequences on the equilibrium number of funds withholding their votes from directors.
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.
Author :United States. Government Accountability Office Publisher :DIANE Publishing ISBN 13 :9781422396926 Total Pages :26 pages Book Rating :4.3/5 (969 download)
Book Synopsis Corporate Shareholder Meetings by : United States. Government Accountability Office
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:
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 Analysis of Proxy Voting by Mutual Funds by : Ada Gruianu
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:
Book Synopsis Who Calls the Shots? by : Stephen J. Choi
Download or read book Who Calls the Shots? written by Stephen J. Choi and published by . This book was released on 2018 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Shareholder voting has become an increasingly important focus of corporate governance, and mutual funds control a substantial percentage of shareholder voting power. The manner in which mutual funds exercise that power, however, is poorly understood. In particular, because neither mutual funds nor their advisors are beneficial owners of their portfolio holdings, there is concern that mutual fund voting may be uninformed or tainted by conflicts of interest. These concerns, if true, hamper the potential effectiveness of regulatory reforms such as proxy access and say on pay. This article analyzes mutual fund voting decisions in uncontested director elections. We find that mutual funds use a variety of strategies to economize on the costs of making voting decisions, including having funds in the same fund family vote in lockstep, voting virtually always in accordance with management recommendations, and voting virtually always in accordance with recommendations of ISS. Smaller fund families employ these strategies to a greater extent than larger families. We further adduce evidence on how ISS recommendations affect fund voting. Funds that account for less than 10% of the assets in our sample exhibit a strong tendency to follow ISS recommendations, a much smaller percentage than funds that virtually always follow management recommendations (approximately 25% of assets). A much larger percentage (36% of the assets) votes in accordance with ISS withhold recommendations in approximately 50% of the cases. We conclude that the influence of ISS is due more to funds' measured evaluation of the ISS recommendations rather than to funds blindly following these recommendations. We find no evidence that funds in families that are affiliated with commercial banks, investment banks, or insurance companies have a stronger proclivity than independent funds to vote in accordance with management recommendations or to shield their votes from criticism in order to maintain good business relations or generate new business for their affiliates. The largest fund families - Vanguard, Fidelity, and American Funds, each of which individually accounts for roughly 11% of total mutual fund assets - vote substantially differently both from each other and from ISS recommendations. This is strong evidence of heterogeneity in the voting behavior of mutual funds in director elections. Finally, we examine the factors associated with high (in excess of 30%) withhold votes in director elections. An ISS withhold recommendation, in conjunction with at least one of four factors - a withhold vote by Fidelity, the director missing 25% of board meetings, the company having ignored a shareholder resolution that received majority support, and a Vanguard withhold vote on outside directors with business ties to the company - is associated with a 49% probability of receiving a high withhold vote. Directors in these groups account for 48% of all directors who received high withhold votes. By contrast, an ISS withhold recommendation that is not combined with one of these factors is associated with only a 21% probability of a high withhold vote, and the general probability of a high withhold vote is a mere 2%. These findings suggest steps that companies and directors should take to try to avoid high withhold votes. They are also evidence that not all ISS recommendations have the same impact on voting outcomes.
Book Synopsis Proxy Voting of Mutual Funds by : Sathish Ramesh
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:
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 Essays on Mutual Funds Investment and Proxy Voting Decisions by : Praveen Kumar Das
Download or read book Essays on Mutual Funds Investment and Proxy Voting Decisions written by Praveen Kumar Das and published by . This book was released on 2008 with total page 192 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Do Governance Mechanisms Matter for Mutual Funds? by : Julia Chou
Download or read book Do Governance Mechanisms Matter for Mutual Funds? written by Julia Chou and published by . This book was released on 2011 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper finds evidence that corporate governance mechanisms matter for mutual funds, especially funds with better governance standards. Using new and unexplored mutual fund governance data, we show that corporate governance mechanisms play a role in both the investment decisions and the monitoring efforts of mutual funds. Mutual funds, in general, tend to tilt their portfolios toward firms with strong corporate governance, and this is more evident in funds with good governance practices. We further find that corporate governance also affects fund proxy voting decisions. Such voting decisions are indicative of the funds' efforts aimed at monitoring corporate activities supporting mutual fund activism. Funds with better governance tend to vote against management's, but consistent with Institutional Shareholder Services' negative recommendations on management-sponsored proposals relating to antitakeover, board quality, and director election. Overall, our evidence suggests that well-governed, while not poorly-governed, mutual funds do perform their fiduciary duties and act in the interests of their shareholders.