Skip to main content Accessibility help
×
Hostname: page-component-7c8c6479df-xxrs7 Total loading time: 0 Render date: 2024-03-29T01:24:54.968Z Has data issue: false hasContentIssue false

6 - Institutional Investors as Minority Shareholders

from I - Theoretical Framework and Policy Issues in Regulating Related Party Transactions

Published online by Cambridge University Press:  07 June 2019

Luca Enriques
Affiliation:
University of Oxford
Tobias H. Tröger
Affiliation:
Johann Wolfgang Goethe-Universität Frankfurt am Main
Get access

Summary

Image of the first page of this content. For PDF version, please use the ‘Save PDF’ preceeding this image.'
Type
Chapter
Information
Publisher: Cambridge University Press
Print publication year: 2019

Access options

Get access to the full version of this content by using one of the access options below. (Log in options will check for institutional or personal access. Content may require purchase if you do not have access.)

References

Alexander, C., Chen, M., Seppi, D., and Spatt, C. (2009) The role of advisory services in proxy voting, NBER Discussion Paper No. 15143.Google Scholar
Amzaleg, Y., Ben Zion, U., and Rosenfeld, A. (2007) “On the duty of care of institutional investors: Evidence on participation of mutual fund managers in shareholders meetings in Israel,” Advances in Financial Economics 12, 7590.Google Scholar
Amzaleg, Y., Ben Zion, U.,, and Rosenfeld, A. (2009) “On the role of institutional investors in corporate governance: Evidence from voting of mutual funds in Israel,” Advances in Financial Economics 13, 197215.CrossRefGoogle Scholar
Ashraf, R. and Jayaraman, N. (2007) “Determinants and consequences of proxy voting by mutual funds on shareholder proposals,” unpublished working paper, Georgia Tech.CrossRefGoogle Scholar
Ashraf, R., Jayaraman, N., and Harley, R. (2009) “Conflict of interests and mutual fund proxy voting: evidence from shareholder proposals on executive compensation,” unpublished working paper, Georgia Tech.CrossRefGoogle Scholar
Bae, K., Kang, J., and Kim, J. (2002) “Tunneling or value added: evidence from mergers by Korean business groups, Journal of Finance 57, 2695–740.CrossRefGoogle Scholar
Bebchuk, L. and Hamdani, A. (2009) “The elusive quest for global governance standards,” University of Pennsylvania Law Review 157, 1263–317.Google Scholar
Black, B. (1992) “Agents watching agents: The promise of institutional investor voice, “UCLA Law Review 39, 811–88.Google Scholar
Black, B. (1998) “Shareholder activism and corporate governance in the United States,” in: Newman, P. (Ed.), The New Palgrave Dictionary of Economics and the Law, McMillan Press, New York, pp. 459–66.Google Scholar
Brickley, J., Lease, R., and Smith, C. (1988) “Ownership structure and voting on anti-takeover amendments,” Journal of Financial Economics 20, 267–91.CrossRefGoogle Scholar
Brickley, J., Lease, R., and Smith, C. (1994) “Corporate voting: Evidence from charter amendment proposals,” Journal of Corporate Finance 1, 531.CrossRefGoogle Scholar
Cai, J., Garner, J., and Walkling, R. (2009) “Electing directors,” Journal of Finance 64, 2389–421.CrossRefGoogle Scholar
Carleton, W., Nelson, J., and Weisbach, M. (1998) “The influence of institutions on corporate governance through private negotiations: Evidence from TIAA-CREF,” Journal of Finance 53, 1335–62.CrossRefGoogle Scholar
Chen, Z., Bin, K., and Yang, Z. (2010), “Does granting minority shareholders direct control over corporate decisions help reduce value decreasing corporate decisions in firms with concentrated share ownership? A natural experiment from China,” unpublished working paper, City University of Hong Kong.CrossRefGoogle Scholar
Cremers, M. and Romano, R. (2011) “Institutional investors and proxy voting on compensation plans: the impact of the 2003 mutual fund voting disclosure regulation,” American Law and Economics Review, 13, 220–68.CrossRefGoogle Scholar
Davis, G. and Kim, H. (2007) “Business ties and proxy voting by mutual funds,” Journal of Financial Economics, 85, 552–70.CrossRefGoogle Scholar
De Jong, A., Mertens, G., and Roosenboom, P. (2006) “Shareholders’ voting at general meetings: Evidence from the Netherlands,” Journal of Management and Governance 10, 353–80.CrossRefGoogle Scholar
Djankov, Simeon, La Porta, R., Lopez de Silanes, F.,. and Shleifer, A. (2008) “The law and economics of self dealing,” Journal of Financial Economics, 88, 430–65.CrossRefGoogle Scholar
Enriques, L., Hertig, G., and Kanda, H. (2009) “Related-party transactions,” in: Kraakman, R. et al. (eds.), The Anatomy of Corporate Law: A Comparative and Functional Approach, Oxford University Press, Oxford and New York, pp. 153–82.Google Scholar
Fry, E. (2009) “Too many shareholders not voting, Asian trade body says,” Financial Times, July 12.Google Scholar
Giannetti, M. and Laeven, L.,(2009) “Pension reform, ownership structure, and corporate governance: Evidence from Sweden,” Review of Financial Studies 22, 4091–127.CrossRefGoogle Scholar
Gillan, S. and Starks, L. (2003) “Corporate governance, corporate ownership, and the role of institutional investors: A global perspective,” Journal of Applied Corporate Finance 13, 422Google Scholar
Gillan, S. andStarks, L. (2007) “The evolution of shareholder activism in the United States”, Journal of Applied Corporate Finance 19, 5573.CrossRefGoogle Scholar
Gilson, R. and Gordon, J. (2003) “Controlling controlling shareholders: New limits on the operate, sale of control, and freeze out alternatives,” University of Pennsylvania Law Review 152, 785843.CrossRefGoogle Scholar
Goshen, Z. (2003) “The efficiency of controlling corporate self-dealing: Theory meets reality,” California Law Review 91, 393438.CrossRefGoogle Scholar
Guohua, J., Lee, C., and Yue, H. (2010) “Tunneling through intercorporate loans: The China experience,” Journal of Financial Economics 98, 120.Google Scholar
Hauser, S., Rosenberg, Y., and Ofir, S. (1999) “An Examination of the benefits due to the compulsory participation of mutual funds in shareholder meetings,” unpublished working paper, Israel Securities Authority (Hebrew).Google Scholar
Johnson, S., La Porta, R., Lopez de Silanes, F., and Shleifer, A. (2000) “Tunneling,” American Economic Review 90, 2227.CrossRefGoogle Scholar
La Porta, R., Lopez de Silanes, F., Shleifer, A., and Vishny, R. (1998) “Law and finance,” Journal of Political Economy 106, 1113–55.CrossRefGoogle Scholar
Listokin, Y. (2010) “If you give shareholders power, do they use it? An empirical analysis,” Journal of Institutional and Theoretical Economics 166, 3853.Google Scholar
Matvos, G. and Ostrovsky, M. (2008) “Cross-ownership, returns, and voting in mergers”, Journal of Financial Economics 89, 391403.CrossRefGoogle Scholar
Matvos, G. and Ostrovsky, M. (2010) “Heterogeneity and peer effects in mutual fund proxy voting,” Journal of Financial Economics 98, 90112.CrossRefGoogle Scholar
Maug, E. and Rydkvist, K. (2009) “Do shareholders vote strategically? Voting behavior, proposal screening, and majority rules,” Review of Finance 13, 4779.CrossRefGoogle Scholar
Morgan, A., Poulsen, A., Wolf, J., and Yang, T. (2009) “Mutual funds as monitors: Evidence from mutual fund voting,” unpublished working paper, University of Georgia.CrossRefGoogle Scholar
Norden, L. and Strand, T. (2011) “Shareholder activism among portfolio managers: Rational decisions or 15 minutes of fame?” Journal of Management and Governance, 15, 375–91.CrossRefGoogle Scholar
OECD (2009) Guide on Fighting Abusive Related-Party Transactions in Asia (Corporate Governance Series, OECD, Paris).Google Scholar
Poulsen, T., Strand, T., and Thomsen, S. (2010) “Voting power and shareholder activism: A study of Swedish shareholder meetings,” Corporate Governance: An International Review 18, 329–43.Google Scholar
Rothberg, B. and Lillien, S. (2006) “Mutual funds and proxy voting: New evidence on corporate governance,” Journal of Business and Technology Law 1, 157–84.Google Scholar
Strickland, D., Wilesb, K., and Zenner, M. (1996) “A requiem for the USA: Is small shareholder monitoring effective?” Journal of Financial Economics 40, 319–38.CrossRefGoogle Scholar
Sullivan, R. (2010) “UK Seen as Model for Stewardship Guidelines,” Financial Times, August 1.Google Scholar

Save book to Kindle

To save this book to your Kindle, first ensure coreplatform@cambridge.org is added to your Approved Personal Document E-mail List under your Personal Document Settings on the Manage Your Content and Devices page of your Amazon account. Then enter the ‘name’ part of your Kindle email address below. Find out more about saving to your Kindle.

Note you can select to save to either the @free.kindle.com or @kindle.com variations. ‘@free.kindle.com’ emails are free but can only be saved to your device when it is connected to wi-fi. ‘@kindle.com’ emails can be delivered even when you are not connected to wi-fi, but note that service fees apply.

Find out more about the Kindle Personal Document Service.

Available formats
×

Save book to Dropbox

To save content items to your account, please confirm that you agree to abide by our usage policies. If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account. Find out more about saving content to Dropbox.

Available formats
×

Save book to Google Drive

To save content items to your account, please confirm that you agree to abide by our usage policies. If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account. Find out more about saving content to Google Drive.

Available formats
×