Are Mutual Funds Active Voters?

被引：159

作者：

Iliev, Peter ^{[1
]}

Lowry, Michelle ^{[2
]}

机构：

[1] Penn State Univ, University Pk, PA 16802 USA

[2] Drexel Univ, Philadelphia, PA 19104 USA

来源：

REVIEW OF FINANCIAL STUDIES | 2015年 / 28卷 / 02期

关键词：

CORPORATE GOVERNANCE; BUSINESS TIES; PROPOSALS; BOARDS; FEET;

D O I：

10.1093/rfs/hhu062

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Mutual funds vary greatly in their reliance on proxy advisory recommendations. Over 25% of funds rely almost entirely on Institutional Shareholder Services (ISS) recommendations, while other funds place little weight on them. Funds with higher benefits and lower costs of researching the items up for vote are less likely to rely on ISS. These actively voting funds are less likely to vote in a "one-size-fits-all" manner, and they earn higher alphas, consistent with benefits from this allocation of resources. For the underlying firms, the presence of actively voting funds mitigates the influence of ISS and helps sway shareholder votes toward value-maximizing outcomes.

引用

页码：446 / 485

页数：40

共 41 条

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