Activist Shareholders In Corporate Governance

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Activist Shareholders in Corporate Governance

Tim Bowley
Activist Shareholders in Corporate Governance Book PDF

Author : Tim Bowley
Publisher : Bloomsbury Publishing
Page : 243 pages
File Size : 44,8 Mb
Release : 2023-01-12
Category : Business & Economics
ISBN : 9781509952243

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Activist Shareholders in Corporate Governance by Tim Bowley Pdf

This book explores the regulatory challenges of public company shareholder activism. Around the world, policy makers, practitioners and academics debate how best to regulate shareholder activism. Using Australia as a case study, the book examines key issues raised by this debate. With a market structure and legal settings that are conducive to activism, Australia makes an ideal case study and provides a fresh comparative perspective on the regulatory debate about shareholder activism, which tends to be dominated by US-focused analysis and commentary. The book presents empirical evidence which reveals that Australian activism is a significant and multifaceted phenomenon, undertaken by different types of activists pursuing varying strategies and supported by a range of complementary market developments. The book uses this evidence to develop comparative insights and explore internationally topical issues, including: - activists' willingness to use interventionist governance rights; - the role of intermediaries such as proxy advisers in facilitating activism; - institutional investor stewardship; and - the risks of collective shareholder activism. This book provides an important comparative perspective on the topic of shareholder activism. It is an essential resource for policy makers, practitioners and academics interested in the regulatory implications of shareholder activism.

Shareholder Activism and the Law

Ekrem Solak
Shareholder Activism and the Law Book PDF

Author : Ekrem Solak
Publisher : Routledge
Page : 237 pages
File Size : 51,8 Mb
Release : 2020-05-04
Category : Law
ISBN : 9781000069747

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Shareholder Activism and the Law by Ekrem Solak Pdf

This book provides a complete framework for contemporary shareholder activism and its implications for US corporate governance, which is based on director primacy theory. Under director primacy theory, shareholders do not wish to be involved in the management of the company; in the rare event that they wish to be involved, it is considered a transfer of power from the board of directors to shareholders, which in turn reduces the efficiency of centralised decision-making in public companies. However, this book demonstrates that shareholders do not use their power to transfer corporate control from the board to themselves, and that some form of shareholder activism is even collaborative, which is a new paradigm for US corporate governance. This book shows that while monitoring remains a key contribution of shareholders, they also bring new informational inputs to corporate decision-making that could not be obtained under the traditional board model. Accordingly, contemporary shareholder activism enhances the board’s decision-making and monitoring capacity, without undermining the economic value of the board's authority. Therefore, this book argues that the complete approach of contemporary shareholder activism should be accommodated into US corporate governance. In doing so, this book considers not only legal and regulatory developments in the wake of the 2007–2008 financial crisis, but also the governance developments through by-law amendments. Furthermore, the author makes several recommendations to soften the current director primacy model: establishing a level playing field for private ordering, adopting the proxy access default regime, the majority voting rule, the universal proxy rules, and enhancing the disclosure requirements of shareholders. The book will be of interest to academics and students of corporate governance, both in the US and internationally.

The Foundations and Anatomy of Shareholder Activism

Iris H-Y Chiu
The Foundations and Anatomy of Shareholder Activism Book PDF

Author : Iris H-Y Chiu
Publisher : Bloomsbury Publishing
Page : 204 pages
File Size : 54,5 Mb
Release : 2010-10-12
Category : Law
ISBN : 9781847316042

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The Foundations and Anatomy of Shareholder Activism by Iris H-Y Chiu Pdf

The Foundations and Anatomy of Shareholder Activism examines the landscape of contemporary shareholder activism in the UK. The book focuses on minority shareholder activism in publicly listed companies. It argues that contemporary shareholder activism in the UK is dominated by two groups; one, the institutional shareholders whose shareholder activism is largely seen as a driving force for good corporate governance, and two, the hedge funds whose shareholder activism is based on value extraction and exit. The book provides a detailed examination of both types of shareholder activism, and discusses critically the nature of, motivations for and consequences following both types of shareholder activism. The book then locates both types of shareholder activism in the theory of the company and the fabric of company law, and argues that institutional shareholder activism based on exercising a voice at general meetings is well supported in theory and law. The call for institutions to engage in more informal forms of activism in the name of 'stewardship' may bring about challenges to the current patterns of activism that institutions engage in. The book argues, however, that a more cautious view of hedge fund activism and the pattern of value extraction and exit should be taken. More empirical evidence is likely to be necessary, however, to weigh up the long terms benefits and costs of hedge fund activism.

Corporate Governance Strengthening Latin American Corporate Governance The Role of Institutional Investors

OECD,International Finance Corporation
Corporate Governance Strengthening Latin American Corporate Governance The Role of Institutional Investors Book PDF

Author : OECD,International Finance Corporation
Publisher : OECD Publishing
Page : 76 pages
File Size : 49,5 Mb
Release : 2011-07-01
Category : Electronic
ISBN : 9789264116054

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Corporate Governance Strengthening Latin American Corporate Governance The Role of Institutional Investors by OECD,International Finance Corporation Pdf

This report reflects long-term, in-depth discussion and debate by participants in the Latin American Roundtable on Corporate Governance.

The Oxford Handbook of Corporate Law and Governance

Jeffrey Neil Gordon,Wolf-Georg Ringe
The Oxford Handbook of Corporate Law and Governance Book PDF

Author : Jeffrey Neil Gordon,Wolf-Georg Ringe
Publisher : Oxford University Press
Page : 1217 pages
File Size : 49,6 Mb
Release : 2018
Category : Business & Economics
ISBN : 9780198743682

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The Oxford Handbook of Corporate Law and Governance by Jeffrey Neil Gordon,Wolf-Georg Ringe Pdf

Corporate law and governance are at the forefront of regulatory activities worldwide, and subject to increasing public attention in the wake of the Global Financial Crisis. Comprehensively referencing the key debates, the Handbook provides a much-needed framework for understanding the aims and methods of legal research in the field.

Hedge Fund Activism

Alon Brav,Wei Jiang,Hyunseob Kim
Hedge Fund Activism Book PDF

Author : Alon Brav,Wei Jiang,Hyunseob Kim
Publisher : Now Publishers Inc
Page : 76 pages
File Size : 46,6 Mb
Release : 2010
Category : Business & Economics
ISBN : 9781601983381

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Hedge Fund Activism by Alon Brav,Wei Jiang,Hyunseob Kim Pdf

Hedge Fund Activism begins with a brief outline of the research literature and describes datasets on hedge fund activism.

Shareholder Activism Handbook

Jay W. Eisenhofer,Michael J. Barry
Shareholder Activism Handbook Book PDF

Author : Jay W. Eisenhofer,Michael J. Barry
Publisher : Wolters Kluwer
Page : 1458 pages
File Size : 54,6 Mb
Release : 2005-01-01
Category : Business & Economics
ISBN : 9780735557000

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Shareholder Activism Handbook by Jay W. Eisenhofer,Michael J. Barry Pdf

Shareholder Activism Handbook is the single most comprehensive guide on all matters relating to enforcing shareholders' rights. As shareholder activism becomes a more integral part of investing, the law continues to respond accordingly. Legislators

Institutional Shareholder Activism

Michael J. Rubach
Institutional Shareholder Activism Book PDF

Author : Michael J. Rubach
Publisher : Taylor & Francis
Page : 202 pages
File Size : 45,9 Mb
Release : 1999
Category : Business & Economics
ISBN : 0815335024

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Institutional Shareholder Activism by Michael J. Rubach Pdf

First Published in 2000. Routledge is an imprint of Taylor & Francis, an informa company.

The Power of Shareholder Activism. A Force for Change in Corporate Governance?

Anonim
The Power of Shareholder Activism A Force for Change in Corporate Governance Book PDF

Author : Anonim
Publisher : GRIN Verlag
Page : 77 pages
File Size : 53,9 Mb
Release : 2024-02-09
Category : Business & Economics
ISBN : 9783963551895

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The Power of Shareholder Activism. A Force for Change in Corporate Governance? by Anonim Pdf

Master's Thesis from the year 2024 in the subject Business economics - Investment and Finance, grade: 1.0, University of Rome "La Sapienza" (Economics), language: English, abstract: This master thesis endeavors to scrutinize the efficacy of shareholder activism as a governance mechanism. Drawing upon existing research, it seeks to unravel the intricacies of this phenomenon, spanning its definitions, historical evolution, and diverse manifestations. The thesis will delve into the challenges posed by active shareholders, including the free rider problem, agency conflicts, and the contentious realm of proxy fights. Additionally, it will conduct a comprehensive exploration of the motivations driving shareholder activism, encompassing economic incentives, moral imperatives, and the burgeoning influence of Environmental, Social, and Governance (ESG) considerations. Real-world case studies, such as the Shell vs. ClientEarth dispute, will be dissected to illuminate the practical implications of shareholder activism. Furthermore, the dynamics of investor relations, the tactics deployed by activist shareholders, and their tangible impact on corporate governance will be rigorously examined. In conclusion, this thesis endeavors to offer illuminating insights into the intricate interplay of power, responsibility, and influence within modern corporate governance. As companies navigate the evolving nexus of profit-making and social responsibility, understanding the role and impact of active shareholders assumes paramount importance. Through rigorous analysis and nuanced interpretation, this thesis aims to contribute to a deeper comprehension of the multifaceted phenomenon of shareholder activism.

The Deconstruction of Equity

Wolf-Georg Ringe
The Deconstruction of Equity Book PDF

Author : Wolf-Georg Ringe
Publisher : Oxford University Press
Page : 275 pages
File Size : 43,7 Mb
Release : 2016-09-15
Category : Law
ISBN : 9780191034534

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The Deconstruction of Equity by Wolf-Georg Ringe Pdf

New investment techniques and new types of shareholder activists are shaking up the traditional ways of equity investment that informs much of our present-day corporate law and governance. Savvy investors such as hedge funds are using financial derivatives, securities lending transactions, and related concepts to decouple the financial risk from shares. This leads to a distortion of incentives and has potentially severe consequences for the functioning of corporate governance and of capital markets overall. Taking stock of the different decoupling strategies that have become known over the past several years, this book then provides an evaluation of each from a legal and an economic perspective. Based on several analytical frameworks, the author identifies the elements of equity deconstruction and demonstrates the consequences for shareholders, outside investors, and capital markets. On this basis, the book makes the case for regulatory intervention, based on three different pillars and comprising disclosure, voting right suspension, and ex-post litigation. The book concludes by developing a concrete, comprehensive proposal on how to address the regulatory problem. Overall, this book contributes to the debate about activist investment and the role of shareholders in corporate governance. At the same time it raises a number of important considerations about the role of equity investment more generally.

Institutional Investor Activism

William Bratton,Joseph A. McCahery
Institutional Investor Activism Book PDF

Author : William Bratton,Joseph A. McCahery
Publisher : OUP Oxford
Page : 664 pages
File Size : 42,6 Mb
Release : 2015-08-20
Category : Law
ISBN : 9780191039799

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Institutional Investor Activism by William Bratton,Joseph A. McCahery Pdf

The past two decades has witnessed unprecedented changes in the corporate governance landscape in Europe, the US and Asia. Across many countries, activist investors have pursued engagements with management of target companies. More recently, the role of the hostile activist shareholder has been taken up by a set of hedge funds. Hedge fund activism is characterized by mergers and corporate restructuring, replacement of management and board members, proxy voting, and lobbying of management. These investors target and research companies, take large positions in `their stock, criticize their business plans and governance practices, and confront their managers, demanding action enhancing shareholder value. This book analyses the impact of activists on the companies that they invest, the effects on shareholders and on activists funds themselves. Chapters examine such topic as investors' strategic approaches, the financial returns they produce, and the regulatory frameworks within which they operate. The chapters also provide historical context, both of activist investment and institutional shareholder passivity. The volume facilitates a comparison between the US and the EU, juxtaposing not only regulatory patterns but investment styles.

Institutional Activism in Corporate Governance

Wenge Wang
Institutional Activism in Corporate Governance Book PDF

Author : Wenge Wang
Publisher : Springer Nature
Page : 259 pages
File Size : 54,9 Mb
Release : 2019-11-22
Category : Business & Economics
ISBN : 9783030195779

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Institutional Activism in Corporate Governance by Wenge Wang Pdf

Using both qualitative and quantitative methods, this book examines whether qualified foreign institutional investors (QFIIs), through their shareholder activism, have a meaningful positive impact on the corporate governance of firms listed on the mainland Chinese stock market. Capital flows into and out of China are still subject to tight controls, and the QFII scheme is one important avenue through which QFIIs can become invested in the Chinese stock market. This book is an invaluable resource for anyone interested in learning about ways to invest in one of the world’s largest economies. Wang discusses in depth what specific opportunities, challenges and restrictions to expect in the process, and how investing in China differs from investing in countries with a more open capital account.

Research Handbook on Shareholder Power

Jennifer G. Hill,Randall S. Thomas
Research Handbook on Shareholder Power Book PDF

Author : Jennifer G. Hill,Randall S. Thomas
Publisher : Edward Elgar Publishing
Page : 640 pages
File Size : 46,5 Mb
Release : 2015-07-31
Category : Law
ISBN : 9781782546856

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Research Handbook on Shareholder Power by Jennifer G. Hill,Randall S. Thomas Pdf

Much of the history of corporate law has concerned itself not with shareholder power, but rather with its absence. Recent shifts in capital market structure require a reassessment of the role and power of shareholders. These original, specially commiss

Shareholder Empowerment

Maria Goranova,Lori Verstegen Ryan
Shareholder Empowerment Book PDF

Author : Maria Goranova,Lori Verstegen Ryan
Publisher : Springer
Page : 335 pages
File Size : 50,7 Mb
Release : 2015-10-07
Category : Business & Economics
ISBN : 9781137373939

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Shareholder Empowerment by Maria Goranova,Lori Verstegen Ryan Pdf

In this volume, leading management experts offer critical insights into the promises and illusions of shareholder empowerment, the discrepancies between theory and practice, and the challenges posed by variations in global corporate governance regimes.

Shareholder Activism

Nils Krause
Shareholder Activism Book PDF

Author : Nils Krause
Publisher : Unknown
Page : 0 pages
File Size : 50,7 Mb
Release : 2014-09-20
Category : Electronic
ISBN : 3111756025

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Shareholder Activism by Nils Krause Pdf

In recent years shareholder activism has increased, becoming a more mainstream way of pressuring companies to effect certain changes to maximize shareholder value. The current economic market and the resulting scrutiny surrounding management's ability to effectively lead a company have resulted in an increasing awareness of corporate governance issues. As more activists make their agendas publicy known, management and corporate advisors, as well as shareholders, are becoming better equipped to handle such challenges.