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| Tekijä: | Davis, G.F. Kim, E. H. |
| Otsikko: | Business ties and proxy voting by mutual funds |
| Lehti: | Journal of Financial Economics
2007 : AUG, VOL. 85:2, p. 552-570 |
| Asiasana: | conflict pension funds unit trusts |
| Kieli: | eng |
| Tiivistelmä: | The magnitude of mutual fundsÂ’ business ties with their portfolio firms is documented and is linked to fundsÂ’ proxy votes at specific firms and to overall voting practices. Aggregate votes at the fund family level indicate a positive relation between business ties and the propensity to vote with management. Votes at specific firms, however, reveal that funds are no more likely to vote with management of client firms than of non-clients. Because the votes took place when funds knew their votes would be publicly scrutinized, fund families with a larger client base may have adopted voting policies that led to less frequent opposition to management at all companies. |
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