Finance Essay-共同基金投票与养老保险 [6]
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论文字数:6336论文编号:org201509281522545339语种:英语 English地区:英国价格:免费论文
关键词:基金投票养老保险Proxy voting
摘要:本文是金融学essay范文,通过审查共同基金和公司之间的联系,并结合实际的共同基金投票结果,探讨养老保险业务是否会影响共同基金和公司之间的联系,并通过更多的激励机制来支持投资管理。
le management proposals, shareholders consider them as value deceasing while management makes efforts for them to be passed by encouraging mutual funds with business ties to side with management. Therefore, I expect the association between business ties and voting support of mutual funds is more likely to be detected when the ISS endorses shareholder proposals and when the ISS opposes management proposals, compared to when the ISS opposes shareholder proposals and the ISS endorses management proposals.
Divergence in fund votes within fund families
Most prior studies on mutual fund voting analyze data at the fund family level since they consider that fund families vote their shares as a block. [4] However, Morgan, Poulsen, Wolf, and Yang (2011) argue that for shareholder sponsored proposals there is a large divergence in voting among funds within a fund family while there is a substantial uniformity in management sponsored proposals. [5] Such a divergence in shareholder proposals suggests that it may be important to perform individual fund level analysis in addition to fund family level analysis. If a fund votes for a proposal of its portfolio firm and this fund is included as one of the pension investment options of the firm, the fund likely has more incentive to support management compared to other funds in the same family which are not included as an investment option. If this is the case, dispersion in voting within fund families would be more likely to be observed when one of the funds is included as an investment option of the pension plan. Furthermore this dispersion may drive a stronger association between mutual fund votes and business ties. In other words, mutual funds more strongly support their portfolio firms with business ties when dispersion within the same family exists compared to when there is uniformity. Therefore, I expect that mutual funds with business ties are more likely to vote for management when there is a divergence in voting among funds within fund families, compared to those funds when there is uniformity. In a similar vein, Burtler and Gurun (2011) find that educationally connected funds are 42% more likely to vote for management when there is a divergence in voting among funds within fund families (about 19% of the observation in their data), while those funds are 7% more likely to vote for management when there is uniformity. In addition, in order to support the achievement of management's goals, mutual funds with pension ties may be more likely to diverge from their family voting policy for close votes compared to non-close votes.
样本摘要-III.SAMPLE DESCRIPTIONS
3.1 Source of data
Data on voting outcomes by mutual funds is obtained from the ISS Voting Analytics Database which includes Company Vote Results and Fund Vote Results (mutual fund N-PX filings). Company Vote Results contain aggregate voting outcomes for Russell 3000 companies' shareholder meetings as well as the total number of shares outstanding, the total number of votes cast, and the ISS recommendation. Fund Vote Results show how individual funds of fund families vote on each proposal. Voting outcomes are recorded as being for, against, or abstaining per proposal per fund. I have access to voting outcomes of corporate governance related management sponsored proposals and shareholder sponsored proposals occurring from June 2003 through December 2005.
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