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Pension Fund Activism: The Double‐Edged Sword

Brad M. Barber

in The Future of Public Employee Retirement Systems

Published in print:
2009
Published Online:
February 2010
ISBN:
9780199573349
eISBN:
9780191721946
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199573349.003.0015
Subject:
Business and Management, Public Management, Pensions and Pension Management

Many public pension funds engage in activism by using their pooled ownership of stock to affect changes in the corporations they own. The merits of activism depend on (1) the conflicts of interest ... More


Foreign Investors and Corporate Governance in Japan *

Sanford M. Jacoby

in Corporate Governance and Managerial Reform in Japan

Published in print:
2009
Published Online:
February 2010
ISBN:
9780199563630
eISBN:
9780191721359
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199563630.003.0004
Subject:
Business and Management, Corporate Governance and Accountability, HRM / IR

US institutional investors are a key actor helping to diffuse shareholder‐primacy precepts overseas, including Japan. This study focuses on CalPERS, the public pension fund that is one of Japan's ... More


Epilogue: Challenges to the UK System of Ownership and Control

Brian R. Cheffins

in Corporate Ownership and Control: British Business Transformed

Published in print:
2008
Published Online:
January 2009
ISBN:
9780199236978
eISBN:
9780191717260
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199236978.003.0011
Subject:
Law, Company and Commercial Law

After 1990, activism by traditionally dominant institutional shareholders increased and ‘offensive’ shareholder activism (primarily by hedge funds) and ‘public-to-private’ buyouts carried out by ... More


Sokaiya

Curtis J. Milhaupt and Mark D. West

in Economic Organizations and Corporate Governance in Japan

Published in print:
2004
Published Online:
August 2004
ISBN:
9780199272112
eISBN:
9780191601316
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0199272115.003.0005
Subject:
Economics and Finance, Financial Economics

Chapters 5 and 6 examine the dark side of Japanese economic institutions. Discusses the unusual and problematic form that shareholder activism has traditionally taken in Japan—professional disturbers ... More


Corporate Boards in Law and Practice: A Comparative Analysis in Europe

Paul Davies, Klaus Hopt, Richard Nowak, and Gerard van Solinge (eds)

Published in print:
2013
Published Online:
January 2014
ISBN:
9780198705154
eISBN:
9780191774256
Item type:
book
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780198705154.001.0001
Subject:
Law, Comparative Law, EU Law

Corporate boards play a central role in corporate governance and are thus regulated in the corporate law and corporate governance codes of all industrialized countries. Yet while there is a common ... More


Shareholder Democracy and Shareholder Activism

Anita Indira Anand

in Shareholder-driven Corporate Governance

Published in print:
2019
Published Online:
April 2021
ISBN:
9780190096533
eISBN:
9780190096564
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780190096533.003.0003
Subject:
Law, Legal Profession and Ethics

This chapter examines shareholder-driven corporate governance (SCG) through the twin concepts of shareholder democracy and shareholder activism. Taken together, these concepts are the vehicle through ... More


Labor’s Shares

Sanford M. Jacoby

in Labor in the Age of Finance: Pensions, Politics, and Corporations from Deindustrialization to Dodd-Frank

Published in print:
2021
Published Online:
May 2022
ISBN:
9780691217208
eISBN:
9780691217215
Item type:
chapter
Publisher:
Princeton University Press
DOI:
10.23943/princeton/9780691217208.003.0004
Subject:
Economics and Finance, Economic History

This chapter examines the evolution of labor's financial turn, wherein union funds relied on the cookbook to find common ground with other investors and to raise returns on their holdings. In several ... More


Activism, Wolf Packs, and SCG

Anita Indira Anand

in Shareholder-driven Corporate Governance

Published in print:
2019
Published Online:
April 2021
ISBN:
9780190096533
eISBN:
9780190096564
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780190096533.003.0004
Subject:
Law, Legal Profession and Ethics

This chapter explores shareholder activism carried out by “wolf packs.” Just as a blockholder with a sizable percentage of the corporation’s equity can significantly influence a firm’s governance, a ... More


The 2000s: The Decade from Hell

Brian R. Cheffins

in The Public Company Transformed

Published in print:
2018
Published Online:
November 2018
ISBN:
9780190640323
eISBN:
9780190640354
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780190640323.003.0006
Subject:
Law, Company and Commercial Law

This chapter analyzes the 2000s, which for public companies and the executives who ran them was akin to “the decade from hell.” The stock market performed poorly, the number of public companies ... More


The Deconstruction of Equity: Activist Shareholders, Decoupled Risk, and Corporate Governance

Wolf-Georg Ringe

Published in print:
2016
Published Online:
June 2016
ISBN:
9780198723035
eISBN:
9780191789618
Item type:
book
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780198723035.001.0001
Subject:
Law, Company and Commercial Law

Activist shareholders, hedge funds, and other sophisticated players in the capital markets increasingly engage in ‘risk-decoupling’, a strategy referring to the unbundling of the formal shareholder ... More


Governing State Capitalism: The Case of Brazil

Mariana Pargendler

in Regulating the Visible Hand?: The Institutional Implications of Chinese State Capitalism

Published in print:
2015
Published Online:
November 2015
ISBN:
9780190250256
eISBN:
9780190250287
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780190250256.003.0015
Subject:
Law, Comparative Law

Brazil is a main exemplar of contemporary pursuit of state capitalism by a Western economy. Major SOEs have survived the prior wave of privatizations, but they are by no means the only avenue for ... More


The Short-Term Problem Perceived

Mark J. Roe

in Missing the Target: Why Stock-Market Short-Termism Is Not the Problem

Published in print:
2022
Published Online:
March 2022
ISBN:
9780197625620
eISBN:
9780197625651
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780197625620.003.0002
Subject:
Business and Management, Corporate Governance and Accountability

Chapter 1 presents the wide public, political, and media attack on stock market short-termism. It outlines the channels through which stock market short-termism is seen as seriously damaging the ... More


Two Cheers for CSR

Peter Rosenblum

in Corporate Social Responsibility?: Human Rights in the New Global Economy

Published in print:
2015
Published Online:
January 2016
ISBN:
9780226244273
eISBN:
9780226244440
Item type:
chapter
Publisher:
University of Chicago Press
DOI:
10.7208/chicago/9780226244440.003.0002
Subject:
Anthropology, Anthropology, Global

This chapter provides an overview of corporate social responsibility (CSR) strategies employed by industry as well as activist networks and draws out aspects of the apparel and extractive sector's ... More


The Firm Divided: Manager-Shareholder Conflict and the Fight for Control of the Modern Corporation

Graeme Guthrie

Published in print:
2017
Published Online:
May 2017
ISBN:
9780190641184
eISBN:
9780190641214
Item type:
book
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780190641184.001.0001
Subject:
Economics and Finance, Financial Economics

This book investigates the conflict between the managers and shareholders of large corporations. Shareholders want managers to act in ways that make their shares as valuable as possible, but managers ... More


Missing the Target: Why Stock-Market Short-Termism Is Not the Problem

Mark J. Roe

Published in print:
2022
Published Online:
March 2022
ISBN:
9780197625620
eISBN:
9780197625651
Item type:
book
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780197625620.001.0001
Subject:
Business and Management, Corporate Governance and Accountability

Stock-market-driven short-termism is crippling the US economy, according to legal, judicial, and media thinking. Firms forgo the R&D they need, cut capital spending, and buy back their own stock so ... More


Socially Responsible Investing and Purchasing

Steve Lydenberg and Katie Grace

in New Frontiers of Philanthropy: A Guide to the New Tools and New Actors that Are Reshaping Global Philanthropy and Social Investing

Published in print:
2014
Published Online:
August 2014
ISBN:
9780199357543
eISBN:
9780199381425
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199357543.003.0018
Subject:
Political Science, American Politics

Responsible investing and purchasing use market pressures to achieve social and environmental benefits by altering the behavior of firms. Strategies such as screening or standard-setting in ... More


Concept and Evidence against Stock-Market-Driven Short-Termism

Mark J. Roe

in Missing the Target: Why Stock-Market Short-Termism Is Not the Problem

Published in print:
2022
Published Online:
March 2022
ISBN:
9780197625620
eISBN:
9780197625651
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780197625620.003.0007
Subject:
Business and Management, Corporate Governance and Accountability

Chapter 6 examines the best evidence pointing to stock market short-termism being only a minor issue, or not a problem at all, and notes research that rebuts some evidence from Chapter 5.


Concept and Evidence for Stock-Market-Driven Short-Termism

Mark J. Roe

in Missing the Target: Why Stock-Market Short-Termism Is Not the Problem

Published in print:
2022
Published Online:
March 2022
ISBN:
9780197625620
eISBN:
9780197625651
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780197625620.003.0006
Subject:
Business and Management, Corporate Governance and Accountability

Chapter 5 brings forward the best evidence for stock-market short-termism being a serious problem.


Introduction: How Big Is the Problem of Stock-Market-Driven Short-Termism?

Mark J. Roe

in Missing the Target: Why Stock-Market Short-Termism Is Not the Problem

Published in print:
2022
Published Online:
March 2022
ISBN:
9780197625620
eISBN:
9780197625651
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780197625620.003.0001
Subject:
Business and Management, Corporate Governance and Accountability

The Introduction begins by recounting the popular view that stock-market-driven short-termism severely damages the US economy. Firms forgo the R&D they need, cut capital spending, and starve ... More


Conclusion

Mark J. Roe

in Missing the Target: Why Stock-Market Short-Termism Is Not the Problem

Published in print:
2022
Published Online:
March 2022
ISBN:
9780197625620
eISBN:
9780197625651
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780197625620.003.0015
Subject:
Business and Management, Corporate Governance and Accountability

This conclusion recapitulates how and why the evidence does not support the popular and political understanding that stock market short-termism is severely damaging the economy. Some of the public ... More


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