Stu Gillan

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Pension funds have pursued an active role in corporate governance, although some question their e!ectiveness and motivations. We examine the impact and motivation of pension fund activism by studying the shareholder proposals of the largest, most active funds from 1987 through 1993. We "nd signi"cant heterogeneity across funds in activism objectives,(More)
In most cases authors are permitted to post their version of the article (e.g. in Word or Tex form) to their personal website or institutional repository. Authors requiring further information regarding Elsevier's archiving and manuscript policies are encouraged to visit: Abstract This paper develops and tests a model of how country characteristics, such as(More)
Vanderbilt for useful comments. Special thanks are due to Jeff Netter (the editor), Jeff Jaffe, Randy Kroszner, Bob Parrino and an anonymous referee for helpful suggestions, and to Bob Parrino for generously sharing some of his data. Abstract We argue that outsiders are handicapped in CEO successions to strengthen the incentive that the contest to become(More)
We examine how the use of peer groups and competitive benchmarking influence the structure of executive compensation. We find that the practice of competitive benchmarking is pervasive. Moreover, we find that this practice has an effect on all components of pay. In our sample, CEOs whose pay is below the median pay level of CEOs in firms of similar size and(More)
We model and experimentally examine the board structure– performance relationship. We examine single-tiered boards, two-tiered boards, insider-controlled boards, and outsider-controlled boards. We find that even insider-controlled boards frequently adopt institutionally preferred rather than self-interested policies. Two-tiered boards adopt institutionally(More)
For helpful comments and suggestions, we are grateful to Dog ˘an Tirtirog ˘lu, and to participants in seminars at Otago University, the New Zealand Finance Workshop, and the Southern Finance Association annual meeting. All remaining errors and ambiguities are our responsibility. Abstract We examine the market reaction to announcements of an intention to(More)
This paper provides evidence on the causal relationship of institutional ownership on a firm's information environment. Our analyses use the annual reconstitution of the Russell 1000 and 2000 indexes. The characteristics of firms near the Russell 1000/2000 threshold are similar, except that firms just included in the top of the Russell 2000 index have(More)
tis, and seminar participants at the University of Miami for helpful discussions and valuable comments. We thank Yaniv Grinstein for the option backdating data and Frank Yu for the earnings management data. We are responsible for all remaining errors and omissions. Abstract – This paper investigates whether proximity to institutional shareholders influences(More)
for their helpful comments. We would also like to thank the Real Estate Research Institute for funding the project. All remaining errors are our own. Abstract While several studies have documented behavioral biases in the behavior of individual investors, very little is known about the existence of such biases in corporations. We utilize the unique nature(More)