Do large registered investment funds undermine shareholder activism ? Evidence from hedge fund proposals
EEG Investiga11 Joulu 2024

Do large registered investment funds undermine shareholder activism ? Evidence from hedge fund proposals

Loureiro, Gilberto R. and Mendonça, Cesar (2024) "Do Large Registered Investment Funds Undermine Shareholder Activism? Evidence from Hedge Fund Proposals." Journal of Banking and Finance. http://dx.doi.org/10.2139/ssrn.4361663


### Summary in English (150 words)


This study examines the voting behavior of Registered Investment Funds (Mutual Funds, ETFs, and Closed-End Funds) on shareholder proposals, focusing on Hedge Fund proposals, a common vehicle for value-oriented shareholder activism. Using Proxy Insight data from 2010 to 2020, the findings show that Registered Funds support Hedge Fund proposals at lower rates—4 percentage points less than other investors, increasing to 10 points for proposals more contentious to company management. Overall support for Hedge Fund proposals is higher (39.5%) compared to non-hedge proposals (32.6%). The study reveals that the ten largest fund families significantly influence passive funds' voting behavior, reducing support for activist proposals by 18 percentage points on average. This suggests that the growing ownership concentration by large Registered Funds diminishes overall support for shareholder activism via Hedge Fund proposals. Consequently, Registered Funds, especially those controlled by major groups, may be less effective monitors, impacting corporate governance and shareholder value negatively.

Tämä jakso on lisätty Podme-palveluun avoimen RSS-syötteen kautta eikä se ole Podmen omaa tuotantoa. Siksi jakso saattaa sisältää mainontaa.

Jaksot(108)

20. A Discomforting Pedagogy of Poverty: Discourses, Representations and Vulnerabilities

20. A Discomforting Pedagogy of Poverty: Discourses, Representations and Vulnerabilities

Hutton, M., & Heath, T. (2025). A Discomforting Pedagogy of Poverty: Discourses, Representations and Vulnerabilities. Sociology. https://doi.org/10.1177/00380385251380772This article proposes a “pedag...

20 Maalis 10min

19. Exploring the longitudinal impact of entrepreneurial education on entrepreneurial competences and intentions: evidence of an asymmetric polarization effect

19. Exploring the longitudinal impact of entrepreneurial education on entrepreneurial competences and intentions: evidence of an asymmetric polarization effect

Almeida, D. C., Afonso, P., Ferreira, L. P., & Soares, A. M. (2026). Exploring the longitudinal impact of entrepreneurial education on entrepreneurial competences and intentions: evidence of an asymme...

10 Maalis 5min

18. Framework for cross-border governance: from cross-border critical factors to sustainable development

18. Framework for cross-border governance: from cross-border critical factors to sustainable development

Krüger, C., Pennabel, A. F., Paschoalotto, M. A. C., Guimarães, F. H. C. B., Medeiros Kruger, N. R., Meneguzzo, M., Passador, C. S., & Ferreira Caldana, A. C. (2024). Framework for cross-border govern...

6 Maalis 11min

17. Do earnouts create the right incentives? Earnings management around earnout-based acquisitions

17. Do earnouts create the right incentives? Earnings management around earnout-based acquisitions

Coelho, A. P., & Loureiro, G. (2025). Do earnouts create the right incentives? Earnings management around earnout-based acquisitions. Journal of Financial Research. https://doi.org/10.1111/jfir.70007T...

3 Maalis 13min

16. 30th birthday celebrations: Views from the top about future management research and practice

16. 30th birthday celebrations: Views from the top about future management research and practice

Ratten, V., Newman, A., Palacios-Marqués, D., Mckeown, T., Casais, B., Prentice, C., Nuñez-Sánchez, J. M., Liñán, F., Stanton, P., Le, H., Aseri, M. A., & Walton, S. (2026). 30th birthday celebrations...

24 Helmi 11min

15. Between promise and practice: a scoping review of the democratic outcomes of youth participation in local governance

15. Between promise and practice: a scoping review of the democratic outcomes of youth participation in local governance

Ramos, F., Tavares, A. F., & da Cruz, N. F. (2026). Between promise and practice: a scoping review of the democratic outcomes of youth participation in local governance. Children and Youth Services Re...

20 Helmi 12min

14. Science and productivity in European firms: how do regional innovation modes matter?

14. Science and productivity in European firms: how do regional innovation modes matter?

Barbosa, N., & Faria, A. P. (2026). Science and productivity in European firms: how do regional innovation modes matter? European Planning Studies, 34(1), 84–106. https://doi.org/10.1080/09654313.2025...

17 Helmi 5min

13. Balancing the double-edged sword of artificial Intelligence: Job demands, resources, and Work–Life balance

13. Balancing the double-edged sword of artificial Intelligence: Job demands, resources, and Work–Life balance

Pinho, J. C., Fontes, A., & Santos, G. G. (2026). Balancing the double-edged sword of artificial Intelligence: Job demands, resources, and Work–Life balance. Computers in Human Behavior Reports, 21, 1...

13 Helmi 9min

Suosittua kategoriassa Tiede

hippokrateen-vastaanotolla
rss-mita-tulisi-tietaa
tiedekulma-podcast
rss-hereilla
rss-duodecim-lehti
utelias-mieli
rss-jyvaskylan-yliopisto
sotataidon-ytimessa
rss-laakaripodi
university-of-eastern-finland
docemilia
rss-ranskaa-raakana
rss-astetta-parempi-elama-podcast