{"product_id":"the-rhetoric-and-reality-of-shareholder-democracy-and-hedge-fund-activism-hardback-9781009576413","title":"The Rhetoric and Reality of Shareholder Democracy and Hedge-Fund Activism (Hardback) 9781009576413","description":"\u003cfont face=\"Georgia\"\u003e\r\n\u003cp\u003e\u003cfont size=\"6\"\u003eThe Rhetoric and Reality of Shareholder Democracy and Hedge-Fund Activism\u003c\/font\u003e\u003cbr\u003e\r\n\r\n\r\n\u003c\/p\u003e\n\u003cp\u003e\u003cem\u003eThis Element finds the reason for the increasing gap between the rhetoric and reality of shareholder democracy.\u003c\/em\u003e\u003c\/p\u003e\r\n\r\n\r\n\u003cp\u003e\u003cfont size=\"4\"\u003eJan-Sup Shin (Author)\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\u003cp\u003e\u003cfont size=\"3\"\u003e9781009576413, Cambridge University Press\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\u003cp\u003e\u003cfont size=\"3\"\u003eHardback, published 9 January 2025\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\u003cp\u003e\u003cfont size=\"3\"\u003e88 pages\u003cbr\u003e22.9 x 15.2 x 0.6 cm, 0.265 kg\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\r\n\r\n\r\n\r\n\u003cp align=\"justify\"\u003e\u003cstrong\u003e\u003cfont size=\"3\"\u003eThis 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.\u003c\/font\u003e\u003c\/strong\u003e\u003c\/p\u003e\r\n\r\n\u003cp\u003e\u003cfont size=\"3\"\u003e1. Introduction\u003cbr\u003e 2. The rhetoric and reality of shareholder democracy\u003cbr\u003e 3. The progression of shareholder activism and the rise of hedge-fund activism\u003cbr\u003e 4. Evaluation of institutional activism and hedge-fund activism\u003cbr\u003e 5. Why has shareholder activism gone astray?\u003cbr\u003e 6. Conclusions: Rebuilding the proxy voting and engagement system\u003cbr\u003e References.\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\u003cp\u003e\u003cfont size=\"3\"\u003eSubject Areas: Corporate governance [\u003ca title=\"See our other books on Corporate governance\" href=\"https:\/\/freshlyprintedbooks.co.uk\/search?q=%22Corporate%20governance%20%5BKJR%5D%22\"\u003eKJR\u003c\/a\u003e]\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\r\n\u003c\/font\u003e","brand":"Cambridge University Press","offers":[{"title":"Brand New","offer_id":52415663866136,"sku":"9781009576413","price":46.39,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0730\/2037\/5320\/files\/9781009576413i.jpg?v=1784420921","url":"https:\/\/freshlyprintedbooks.co.uk\/products\/the-rhetoric-and-reality-of-shareholder-democracy-and-hedge-fund-activism-hardback-9781009576413","provider":"Freshly Printed Books","version":"1.0","type":"link"}