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Events

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“Picking Friends Before Picking (Proxy) Fights: How Mutual Fund Voting Shapes Proxy Contests” by Professor Alon Brav
17Oct

“Picking Friends Before Picking (Proxy) Fights: How Mutual Fund Voting Shapes Proxy Contests” by Professor Alon Brav

Wednesday, 17 October 2018 | 2:30pm - 4:00pm
KK1121
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Finance Seminar
Author:
  • Alon Brav
    Duke University

 

This paper studies mutual fund voting in proxy contests using a comprehensive sample of voting records over the period 2008-2015, taking into account selective targeting by activists. We find that firm, fund, and event characteristics generate substantial heterogeneity among investors in their support for the dissident, including their reliance on proxy advisors. Notably, active funds are significantly more pro-dissident than passive funds. We also uncover evidence consistent with a large unobserved fund "inherent stance" that cannot be explained by observable fund or event characteristics. In particular, we document a positive correlation between the propensity for targeting by activists and pro-activist voting by mutual funds, based both on observables and unobservables. This finding suggests that a relatively pro-activist shareholder base is a key factor driving activists' selection of targets.

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Semiparametric Identification of the Discount Factor and Payoff Function in Dynamic Discrete Choice Models
Semiparametric Identification of the Discount Factor and Payoff Function in Dynamic Discrete Choice Models
Semiparametric Identification of the Discount Factor and Payoff Function in Dynamic Discrete Choice Models
Semiparametric Identification of the Discount Factor and Payoff Function in Dynamic Discrete Choice Models
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18Jun
Economics | Seminar
Semiparametric Identification of the Discount Factor and Payoff Function in Dynamic Discrete Choice Models
18 June 2025 | 2:15 PM - 3:30 PM
KK 910 K. K. Leung Building, HKU
Prof. Katsumi Shimotsu
“Picking Friends Before Picking (Proxy) Fights: How Mutual Fund Voting Shapes Proxy Contests” by Professor Alon Brav
Wednesday, 17 October 20182:30pm - 4:00pm
KK1121
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