Institutional Voting Trends & Activist Investors — Measuring Mutual Fund Voting Behavior in Proxy Fight Director Elections
Public Deposited- Last Modified
- February 26, 2019
- Creator
-
Graham, Riley
- Affiliation: Kenan-Flagler Business School
- Abstract
- I seek to identify which institutional investors are being the most proactive in terms of voting with or against activists and what factors influence mutual fund voting behavior using a dataset of activist campaign data and mutual fund vote records. Observing director election votes from Q3 2011 to Q2 2016, I conclude that some prominent fund families are siding with activists on a meaningful proportion of proposals. I also determine that variables like Institutional Shareholder Services (ISS) recommendations and activists’ track records negatively affect opposition-sponsored director support, while stronger takeover defenses and prior year stock price return drive increases in the support of activists’ director nominees.
- Date of publication
- spring 2018
- Keyword
- DOI
- Resource type
- Rights statement
- In Copyright
- Advisor
- Shivdasani, Anil
- Degree
- Bachelor of Science
- Academic concentration
- Business Administration
- Honors level
- Honors
- Degree granting institution
- University of North Carolina at Chapel Hill
- Graduation year
- 2018
- Language
- English
Relations
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