Institutional Shareholder Activism: The Changing Face of Corporate OwnershipTaylor & Francis, 1999 - 182 páginas This book examines the shareholder activism of institutional investors, and the effect of this activism on portfolio performance. By focusing on 118 institutional investors headquartered in the United States, the book is unique in addressing the shareholder activism of a large sample. Institutional shareholder activism is defined to include both traditional mechanisms of influence (i.e. filing shareholder proposals) and relationship investing. Institutional owners included private and public pension funds, mutual funds, bank trusts, insurance companies, endowments, and foundations. These institutional owners differ substantially, and these differences lead institutions to use their ownership power to pursue different philosophies and actions. Some institutions follow a passive governance policy, While others adopt an activist role. This book seeks to answer four questions: (1) Are institutional owners actively involved in the strategic affairs of companies in their portfolios? (2)Which forms of activism do institutional owners employ (either confrontational mechanisms, such as filing shareholder proposals, or relationship building mechanisms)? (3)Which forms of activism employed are most effective? and (4) Does the institutional type affect its pursuit of shareholder activism? In answering these questions the author suggests new important results that in many cases are contrary to what prior reports of the activities by a small number of institutional owners may intimate. |
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... Institutional Ownership and Corporate Governance Chapter 3 : Heterogeneity of Institutional Owners 29 43 17125 19 Chapter 7 : Results and Analysis 73 Chapter 8 : Implications for Institutions , Corporations , Regulators and Future ...
... Institutional Ownership and Corporate Governance Chapter 3 : Heterogeneity of Institutional Owners 29 43 17125 19 Chapter 7 : Results and Analysis 73 Chapter 8 : Implications for Institutions , Corporations , Regulators and Future ...
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Contenido
Introduction | 1 |
Institutional Ownership and Corporate Governance | 7 |
Heterogeneity of Institutional Owners | 19 |
Results and Analysis | 73 |
Implications for Institutions Corporations | 101 |
Questionnaire | 113 |
List of Institutional Owners for First Survey | 135 |
Selected Bibliography | 161 |
Términos y frases comunes
activist agency theory Asset Allocation ASSET MANAGEMENT bank trusts CalPERS CAPITAL MANAGEMENT COLLEGE Comparison of Portfolio CORP Corporate Governance Descriptive Statistics effects F Statistic financial returns FIREMEN'S firm performance FOUNDATION Frequency Table GROUP Harold Demsetz higher portfolio performance holder institutional activism Institutional Investors institutional owners institutional ownership institutional shareholder activism INSURANCE COMPANY Internal Management investing with boards Investing with Top INVESTMENT MANAGEMENT Investment Philosophy large public pension large shareholders Law Review managerial Mean Test measure performance success Model 2a monitoring mutual funds NATIONAL BANK NATIONAL BK Ownership and Control Ownership Structure Pension Fund Activism Portfolio Returns principal constituents proxy PUBLIC EMPLOYEES public pension plans Questionnaire Subgroup Regression Analysis relationship investing research question RETIREMENT FUND Return Return Return shareholder proposals significant targeting TIAA-CREF tivism top management teams TR COMPANY traditional mechanisms TRUST COMPANY type of institution UNIVERSITY variables vestors voting YN YN YN