Roni MICHAELY
Prof. Roni MICHAELY
金融學
Associate Dean (Global Engagement)
Zhang Yonghong Professor in Finance
Founder & Executive Director, HKU-TLV Innovation Hub
Co-director, HKU Jockey Club Enterprise Sustainability Global Research Institute

3910 2185

KK 934

Publications
解釋反對票:機構投資者藉助投票理由推動公司治理改革

過去,機構投資者在對企業董事投下反對票時,極少公開說明反對的具體原因。 而如今,這種情況正在改變。 附在反對票上的簡短書面說明——正成為推動公司治理改革的利器。 香港大學、布裡斯托大學和多倫多大學的學者分析了2014至2022年間273家機構投資者(合計管理資產超過37萬億美元)披露的近80萬條投票記錄,發現:當投資者明確解釋反對理由時,企業更願意傾聽,並據此調整治理策略。 這一簡單而透明的機制,正在悄然改變全球董事會的運作方式。

Rise Of Index Funds Leads To Deterioration Of Corporate Governance Study Reveals Index Funds Put Less Efforts In Monitoring Their Portfolio Firms, Resulted In Power Imbalance Between Investors And Firm Managements

Over the past three decades, the rise of passively managed index funds has transformed how Americans and other investors around the world invest. In 1990, index funds held only less than 1% of all mutual fund assets. By 2018, this had grown to more than 30%, which worth over US$6 trillion and now represent the largest shareholders of many US corporations.