Journal ArticleDOI
The Evolution of Shareholder Activism in the United States
Stuart L. Gillan,Laura T. Starks +1 more
TLDR
In this paper, the authors review the evidence on shareholder activism and find that while some studies have found positive short-term market reactions to announcements of certain kinds of activism, there is little evidence of improvement in the long-term operating or stock-market performance of the targeted companies.Citations
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Journal ArticleDOI
The colors of investors’ money: The role of institutional investors around the world
Miguel A. Ferreira,Pedro Matos +1 more
TL;DR: This article studied the role of institutional investors around the world using a comprehensive data set of equity holdings from 27 countries and found that all institutional investors have a strong preference for the stock of large firms and firms with good governance, while foreign institutions tend to overweight firms that are cross-listed in the U.S and members of the Morgan Stanley Capital International World Index.
Journal ArticleDOI
ESG and financial performance: aggregated evidence from more than 2000 empirical studies
TL;DR: In this article, the authors present a comprehensive overview of academic research on the relationship between environmental, social, and governance (ESG) criteria and corporate financial performance (CFP) and show that the business case for ESG investing is empirically very well founded.
Journal ArticleDOI
Hedge Fund Activism, Corporate Governance, and Firm Performance
TL;DR: In this article, the authors used a large hand-collected dataset from 2001 to 2006 to find that hedge funds in the U.S. propose strategic, operational, and financial remedies and attain success or partial success in two thirds of the cases.
Journal ArticleDOI
Corporate governance in the 2007–2008 financial crisis: Evidence from financial institutions worldwide
TL;DR: In this paper, the influence of corporate governance on financial firms' performance during the 2007-2008 financial crisis was investigated using a unique dataset of 296 financial firms from 30 countries that were at the center of the crisis.
Journal ArticleDOI
Does governance travel around the world? Evidence from institutional investors.
TL;DR: In this article, the authors examined whether institutional investors affect corporate governance by analyzing portfolio holdings of institutions in companies from 23 countries during the period 2003-2008 and found that firm-level governance is positively associated with international institutional investment.
References
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Journal ArticleDOI
Theory of the firm: Managerial behavior, agency costs and ownership structure
TL;DR: In this article, the authors draw on recent progress in the theory of property rights, agency, and finance to develop a theory of ownership structure for the firm, which casts new light on and has implications for a variety of issues in the professional and popular literature.
Journal ArticleDOI
Separation of ownership and control
Eugene F. Fama,Michael C. Jensen +1 more
TL;DR: The authors argue that the separation of decision and risk-bearing functions observed in large corporations is common to other organizations such as large professional partnerships, financial mutuals, and nonprofits. But they do not consider the role of decision agents in these organizations.
Journal ArticleDOI
Large Shareholders and Corporate Control
Andrei Shleifer,Robert W. Vishny +1 more
TL;DR: In this article, the authors explore a model in which the presence of a large minority shareholder provides a partial solution to the free-rider problem in a corporation with many small owners, where the corporation may not pay any one of them to monitor the performance of the management.
Journal ArticleDOI
Market Liquidity and Performance Monitoring
Bengt Holmstrom,Jean Tirole +1 more
TL;DR: In this article, the authors study the value of the stock market as a monitor of managerial performance and show that the stock price incorporates performance information that cannot be extracted from the firm's current or future profit data.
Journal ArticleDOI
Corporate governance proposals and shareholder activism: the role of institutional investors
Stuart L. Gillan,Laura T. Starks +1 more
TL;DR: In this article, the authors examine voting outcomes and short-term market reactions conditioned on proposal type and sponsor identity and find that proposals sponsored by institutions or coordinated groups appear to act as substitutes gaining substantially more support than those sponsored by individuals.
Related Papers (5)
Hedge Fund Activism, Corporate Governance, and Firm Performance
Theory of the firm: Managerial behavior, agency costs and ownership structure
Corporate governance proposals and shareholder activism: the role of institutional investors
Stuart L. Gillan,Laura T. Starks +1 more