• Publications
  • Influence
Dodd-Frank's Say on Pay: Will it Lead to a Greater Role for Shareholders in Corporate Governance?
"Say on pay" gives shareholders an advisory vote on a company's pay practices for its top executives. Beginning in 2011, Dodd-Frank mandated such votes at public companies. The first year of "say onExpand
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Mutual Fund Investors: Divergent Profiles
Mutual funds are owned by almost half of all U.S. households, manage nearly $12 trillion dollars in assets, and have become a primary vehicle for retirement and investment savings in the UnitedExpand
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Managerial Entrenchment and Shareholder Wealth Revisited: Theory and Evidence From a Recessionary Market
Does managerial entrenchment create or destroy shareholder value? This Article presents both theory and evidence that the answer to this question is not monolithic, but rather depends on factors thatExpand
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Mutual Fund Voting of Portfolio Shares: Why Not Disclose?
U.S. mutual funds control nearly one-third of U.S. equity voting power, yet they exercise their voting/governance power in obscurity. No rules (private or public) compel disclosure of the methods,Expand
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Climate Change Disclosure: A Failed SEC Mandate
In 2010 the SEC issued an interpretive guidance calling on public companies to take seriously their disclosure responsibilities with respect to climate risk. The guidance identified the SEC line-itemExpand
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Corporations: Examples & Explanations
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Mutual Fund Boards: A Failed Experiment in Regulatory Outsourcing
The Investment Company Act of 1940 anticipated mutual fund boards would remedy a dysfunctional market of fund investors. Rather than the SEC, the fund board (and its independent members) wouldExpand
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Presentations and Discussions
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The First Year of 'Say on Pay' Under Dodd-Frank: An Empirical Analysis and Look Forward
Using voting data from the first year of “say on pay” votes under Dodd-Frank, we look at the patterns of shareholder voting in advisory votes on executive pay. Consistent with the more limited “sayExpand
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Worthless Warnings? Testing the Effectiveness of Disclaimers in Mutual Fund Advertisements
More than $11 trillion is invested in mutual funds in the United States. Mutual fund investors flock to funds with high past returns, despite there being little, if any, relationship between highExpand
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