کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
960374 | 929449 | 2010 | 23 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
Heterogeneity and peer effects in mutual fund proxy voting
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موضوعات مرتبط
علوم انسانی و اجتماعی
مدیریت، کسب و کار و حسابداری
حسابداری
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چکیده انگلیسی
This paper studies voting in corporate director elections. We construct a comprehensive data set of 2,058,788 mutual fund votes over a two-year period. We find systematic heterogeneity in voting: some funds are consistently more management-friendly than others. We also establish the presence of peer effects: a fund is more likely to oppose management when other funds are more likely to oppose it, all else being equal. We estimate a voting model whose supermodular structure allows us to compute social multipliers due to peer effects. Heterogeneity and peer effects are as important in shaping voting outcomes as firm and director characteristics.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Financial Economics - Volume 98, Issue 1, October 2010, Pages 90–112
Journal: Journal of Financial Economics - Volume 98, Issue 1, October 2010, Pages 90–112
نویسندگان
Gregor Matvos, Michael Ostrovsky,