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Carleton, Nelson, and Weisbach (1988): “The Influence of Institutions On Corporate Governance Through Private Negotiation: Evidence From TIAA-CREF”
Journal of Finance
Becht, Franks, Mayer, and Rossi (2009): “Returns To Shareholder Activism: Evidence From
a Clinical Study of the Hermes UK Focus Fund”
Review of Financial Studies
Brav, Jiang, Partnoy, and Thomas (2008): “Hedge Fund Activism, Corporate Governance and Firm Performance”
Journal of Finance
Brav, Jiang, and Kim (2015): “The Real Effect of Hedge Fund Activism: Productivity, Asset Allocation, and Labour Outcomes”
Review of Financial Studies
Brav, Jiang, Ma, and Tian (2019): “How Does Hedge Fund Activism Reshape Corporate Innovation?”
Journal of Financial Economics
Malenko and Shen (2016): “The Role of Proxy Advisory Firms: Evidence from a Regression-Discontinuity Design”
Review of Financial Studies
Li (2016): “Outsourcing Corporate Governance: Conflicts of Interest Within the Proxy Advisory Industry”
Management Science
Appel, Gormley, and Keim (2016): “Passive Investors, Not Passive Owners.”
Journal of Financial Economics
Appel, Gormley, and Keim (2018): “Standing on the Shoulders of Giants: The Effect of Passive Investors on Activism.”
Review of Financial Studies
Better not to vote than to vote in ignorance (Tom Gosling)
- Investors should revisit how they use proxy advisory firms such as the Institutional Shareholder Services (ISS).How to Give Shareholders a Say in Corporate Social Responsibility (Alex Edmans and Tom Gosling)
- If companies are going to pursue goals beyond profits, investors should be allowed to weigh in. Alex and Tom propose that investors are given a "say-on-purpose" vote.Index or passive? (Tom Gosling)
- Do index funds have sufficient incentives to engage in governance? If not, what remedies should be undertaken?Stewardship Must Be Embedded Across the Investment Chain (Alex Edmans)
- Attempts to reform stewardship should include not only asset managers, but also asset owners, investment consultants and proxy advisors.Efficient Markets Need Guys Like Me (Paul Singer)
- Activists and index funds are natural allies. There is no conflict between short- and long-term value.How Short-Term Activists Create Long-Term Value (Alex Edmans)
- Hedge funds improve firm value, operating performance, labour productivity, and innovation.ISS: Friend or foe to stewardship? (Tom Gosling)
- How the influence of ISS on voting outcomes in the UK is overstated, but still material