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SUMMARY: “Can Institutional Investors Improve Corporate Governance Throu
 gh Collective Action?” - Professor Alexander Dyck\,  Professor of Financ
 e and Business Economics and ICPM Professor in Pension Management\, Univer
 sity of Toronto
DTSTART:20151027T103000Z
DTEND:20151027T120000Z
UID:TALK62118@talks.cam.ac.uk
CONTACT:Crystal
DESCRIPTION:Can institutional investors generate sufficient power through 
 collective action to drive improvements in governance? We use proprietary 
 data on the private communications of a formal coalition of Canadian insti
 tutional investors and find that its private engagements influenced firms
 ’ adoption of majority voting and say-on-pay advisory votes\, improved c
 ompensation structure and disclosure\, and influenced CEO incentive intens
 ity. Spillovers to non-engaged firms occur through board interlocks and to
  firms in which the CCGG is expected to be more powerful in a voting conte
 st. This form of activism is both a substitute and complement to other int
 erventions to address governance concerns.
LOCATION:Cambidge Judge Business School\,  W2.01
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