The Rhetoric and Reality of Shareholder Democracy and Hedge-Fund Activism

Jan-Sup Shin (National University of Singapore)

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English

Cambridge University Press
09 January 2025

Corporate finance; Investment & securities; Corporate governance & responsibilities; Financial law

Series: Elements in Corporate Governance

This Element investigates the historical and systemic roots of hedge-fund activism. It argues that the spirit of the New Deal financial regulations was subverted in the 1980s and 1990s in the name of shareholder democracy and opened the door for the rise of hedge-fund activism. It analyzes the effects of regulatory reforms including the introduction of compulsory voting by institutional investors, proxy-voting rule changes that greatly facilitated aggregation of the proxy votes of institutional investors, and rules that allow hedge funds to draw effectively limitless alternative investments from institutional investors. This Element also evaluates the recent empirical research on hedge-fund activism and explains why shareholder activism has gone awry. It argues that the regulatory changes created a large vacuum in the arena of corporate voting that hedge-fund activists can effectively exploit for their own profits. It concludes with policy proposals for rebuilding the proxy-voting and engagement system.

By: Jan-Sup Shin (National University of Singapore)
Imprint: Cambridge University Press
Country of Publication: United Kingdom
ISBN: 9781009576437
ISBN 10: 1009576437
Series: Elements in Corporate Governance
Pages: 88
Publication Date: 09 January 2025
Audience: Professional and scholarly , Undergraduate
Format: Paperback
Publisher's Status: Active

1. Introduction; 2. The rhetoric and reality of shareholder democracy; 3. The progression of shareholder activism and the rise of hedge-fund activism; 4. Evaluation of institutional activism and hedge-fund activism; 5. Why has shareholder activism gone astray?; 6. Conclusions: Rebuilding the proxy voting and engagement system; References.