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SUMMARY:Proxy Voting and the Rise of ESG - Enrichetta Ravina (Chicago Fed)
DTSTART:20230615T120000Z
DTEND:20230615T130000Z
UID:TALK175211@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\nfrom 2005 to 2018. Despite the 
 financial crisis\, the regulatory changes on proxy voting and transformati
 on of\nthe asset management industry it has spawned\, and despite the rise
  of the socially responsible investment\nmovement\, we find that the ideol
 ogy of the largest investors has remained highly stable. The ideologies of
 \ninstitutional investors are revealed by a dynamic\, spatial scaling anal
 ysis of all proxy votes of 561mutual fund\nfamilies. We characterize votin
 g as driven by single-peaked preferences in a two-dimensional Euclidean sp
 ace.\nOne dimension reflects the familiar left-right ideological leanings\
 , with more socially responsible investors on\nthe left\, and the other di
 mension differences in attitudes towards management\, with management-frie
 ndly\ninvestors at one end and management-disciplinarians at the other. Al
 though the ideology of the largest investors\nremains solidly stable on av
 erage\, we find that the ideologies of a substantial fraction of other inv
 estors evolve\nsubstantially over time.\n
LOCATION:CJBS\, Castle Teaching Room
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