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SUMMARY:Stability and Evolution in Investor Ideology - Enrichetta Ravina (
 Chicago Fed)
DTSTART:20220310T130000Z
DTEND:20220310T140000Z
UID:TALK161944@talks.cam.ac.uk
CONTACT:CERF/CF Admin
DESCRIPTION:We track the temporal pattern of institutional investors’ id
 eologies as revealed by their proxy votes from 2005 to 2018. Despite the f
 inancial crisis\, the regulatory changes on proxy voting and transformatio
 n of the asset management industry it has spawned\, and despite the rise o
 f the socially responsible investment movement\, we find that the ideology
  of the largest investors has remained highly stable. The ideologies of in
 stitutional investors are revealed by a dynamic\, spatial scaling analysis
  of all proxy votes of 561mutual fund families. We characterize voting as 
 driven by single-peaked preferences in a two-dimensional Euclidean space. 
 One dimension reflects the familiar left-right ideological leanings\, with
  more socially responsible investors on the left\, and the other dimension
  differences in attitudes towards management\, with management-friendly in
 vestors at one end and management-disciplinarians at the other. Although t
 he ideology of the largest investors remains solidly stable on average\, w
 e find that the ideologies of a substantial fraction of other investors ev
 olve substantially over time.
LOCATION:Online
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