The rhetoric and reality of shareholder democracy and hedge-fund activism / Jang-Sup Shin.

Format:

Book

Author/Creator:

Shin, Jang-Sup, 1962- author.

Series:

Elements in corporate governance 2515-7175.

Cambridge elements. Elements in corporate governance, 2515-7175

Language:

English

Subjects (All):

Hedge funds.

Hedge funds--Management.

Physical Description:

1 online resource (78 pages) : digital, PDF file(s).

Edition:

1st ed.

Place of Publication:

Cambridge : Cambridge University Press, 2024.

Summary:

This Element investigates the historical and systemic roots of hedge-fund activism. It argues that the spirit of the New Deal financial regulations was subverted in the 1980s and 1990s in the name of shareholder democracy and opened the door for the rise of hedge-fund activism. It analyzes the effects of regulatory reforms including the introduction of compulsory voting by institutional investors, proxy-voting rule changes that greatly facilitated aggregation of the proxy votes of institutional investors, and rules that allow hedge funds to draw effectively limitless alternative investments from institutional investors. This Element also evaluates the recent empirical research on hedge-fund activism and explains why shareholder activism has gone awry. It argues that the regulatory changes created a large vacuum in the arena of corporate voting that hedge-fund activists can effectively exploit for their own profits. It concludes with policy proposals for rebuilding the proxy-voting and engagement system

Notes:

Title from publisher's bibliographic system (viewed on 06 Dec 2024).

ISBN:

9781009576420

1009576429

9781009576451

1009576453

9781009576444

1009576445

OCLC:

1484383781