环境和社会(ES)基金的投票行为真的与其公开声明一致吗?每年,这些基金经理会代表投资者,对旗下投资组合企业的提案进行投票。投资者期望自己投资的企业会大力支持ES倡议,然而,笔者Roni Michaely教授联同Guillem Calafi-Ordonez教授和Silvina Rubio教授最近发表的一项研究揭示,若果一些提案很大机会被通过或否决,这些基金通常会投票支持,然而,在票数相近的关键时刻,他们往往会投下反对票。
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KK 934
PhD
Professor Michaely is a professor of Finance and Entrepreneurialship at The University of Hong Kong, and the founding Executive Director of the HKU Tel-Aviv Innovation Hub. He also serves as the Associate Dean (Global Engagement) at HIU business school, and as the Co-director HKU Jockey Club Enterprise Sustainability Global Research Institute (ESGRI). He is also a research member at the European Corporate Governance Institute (ECGI). Before that he spent a significant portion of his career as The Rudd Family professor of Finance at Cornell University and Cornell Tech. His teaching includes Corporate Finance, Entrepreneurial Finance with a recent focus on the possible impact of financial markets and players on Sustainability and Climate change. Professor Michaely’s research interests are in the areas of empirical Corporate Finance, Corporate Governance, ESG (whether and how financial markets and institutions affect Sustainability and Climate change), and Entrepreneurial Finance. His research addresses how informational and agency frictions in capital markets affect managers, investors (such as funds), and information providers (such as analysts and bloggers) decisions, output, and the effect on capital market efficiency. He was recently recognized as one of the most prolific researchers in finance with over 33,000 citations.
Professor Michaely has more than 80 academic publications. His research has appeared in such scholarly journals as the Journal of Finance, Review of Financial Studies, Journal of Financial Economics, Review of Finance, Management Science, The Review of Finance, and Journal of Financial and Quantitative Analysis. His research has been frequently featured in the Wall Street Journal, New York Times, the Economist, Investor’s Business Daily, Bloomberg, BusinessWeek, Forbes, Barrons, Money, and others. Prof. Michaely has given over 300 invited research talks, conference presentations and key-note speeches around the world, and is working with scholars from Asia, the US, and Europe, on research in corporate finance.
Professor Michaely’s research has also received many awards and honors. Recently he won the Review of Finance best paper award both in 2020 and in 2024, the 2024 Antitrust Writing Award, the Best paper award of the 2023 Financial Management Association International, and the best paper at the 2022 French Finance Association. He was also awarded the 2017 Distinguish research award of the, Eastern Finance Association, the 2005 Journal of Financial Economics Fama Prize for best paper, the 2000 Journal of Finance Smith Breeden Prize for distinguish paper, The 2000 Western Finance Association Award for the best paper on capital formation, The Review of Financial Studies 1999 Barclays Global Investors/Michael Brennan Runner-up Award, The 1999 Western Finance Association Award for the best paper, and the 1996 Western Finance Association Award for best paper on investments.
Professor Michaely is a co-founder of two startups and is currently on the on the advisory board of several other startups. He was a director of the Israeli Securities Authority (ISA) from 1998 to 2003 and was the chairperson of Tachlit (mutual fund) investment committee.
- Empirical Corporate Finance
- Corporate Governance
- Entrepreneurialship
- Fin Tech
- Innovation
- “Financing Payouts” (with Joan Farre-Mensa and Martin Schmalz). Journal of Financial and Quantitative Analysis, Forthcoming, https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2535675
- “Information Spillover and Corporate Policies: The Case of Listed Options” (with Gennaro Bernile, Jianfeng Hu, and Guangzhong Li). Journal of Financial and Quantitative Analysis, Forthcoming, https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3761846
- “Mutual funds’ strategic voting on environmental and social issues” (with Guillem Ordonez-Calafi and Silvina Rubio). Review of Finance, September 2024, 28(5), pp. 1575-1610, https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3884917
- “Washington Policy Analysts and the Propagation of Political Information” (with Daniel Bradley, Sinan Gokkaya, Xi Liu). Management Science, 70(8), pp. 5246-5269, https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3016082
- “Do Differences in Analyst Quality Matter for Investors Relying on Consensus Information?” (with Amir Rubin, Dan Segal, and Alexander Vedrashko). Management Science, February 2024, 70(2), pp. 751-772, https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3663084
- “Does Socially Responsible Investing Change Firm Behavior?” (with Davidson Heath, Daniele Macciocchi, and Matthew C. Ringgenberg). Review of Finance, November 2023, 27(6), 2057–2083, https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3837706
- “Cybersecurity Risk” (with Chris Florackis, Christodoulos Louca, and Michael Weber). The Review of Financial Studies, Vol 36(1), January 2023, pp. 351-407, https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3725130
- “Does stock market liquidity affect dividends?” (with Meijun Qian). Pacific-Basin Finance Journal, Vol 74, September 2022, 101788, https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3632927
- “Concierge Treatment from Banks: Evidence from the Paycheck Protection Program” (with Ran Duchin, Xiumin Martin, and Hanmeng Wang). Journal of Corporate Finance, Vol 72, February 2022, Article 102124, https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3775276
- “On the Fast Track: Information Acquisition Costs and Information Production” (with Deqiu Chen, Yujing Ma, and Xiumin Martin). Journal of Financial Economics, Vol 143(2), February 2022, pp. 794-823, https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3503441
- “Disappearing and Reappearing Dividends” (with Amani Moin). Journal of Financial Economics, Vol 143(1), January 2022, pp. 207-226, https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3067550
- “Do Index Funds Monitor?” (with Davidson Heath, Daniele Macciocchi, and Matthew Ringgenberg). The Review of Financial Studies, Vol 35(1), January 2022, pp. 91-131, https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3259433
- “FinTechs and the Market for Financial Analysis” (with Jillian Grennan). Journal of Financial and Quantitative Analysis, Vol 56(6), September 2021, pp. 1877-1907, https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3136150
- “Signaling Safety” (with Stefano Rossi and Michael Weber). Journal of Financial Economics, Vol 139(2), February 2021, pp. 405-427, https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3064029
- “Information Revelation through the Regulatory Process: Interactions between the SEC and Companies ahead of Their IPO” (with Michelle Lowry and Ekaterina Volkova). The Review of Financial Studies, Vol 33(12), December 2020, pp. 5510–5554, http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2802599
- “Cultural Diversity on Wall Street: Evidence from Consensus Earnings Forecasts” (with Kenneth Merkley and Joseph Pacelli). Journal of Accounting and Economics, Vol 70(1), August 2020, Article 101330, https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3068232
- “Owners’ Portfolio Diversification and Firm Investment” (with Evgeny Lyandres, Maria-Teresa Marchica, and Roberto Mura). The Review of Financial Studies, Vol 32(12), December 2019, pp. 4855-4904, http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2234195
- “Consumption Taxes and Corporate Investment” (with Martin Jacob and Maximilian Müller). The Review of Financial Studies, Vol 32(8), August 2019, pp. 3144-3182, https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2800146
- “Are US Industries Becoming More Concentrated?” (with Gustavo Grullon and Yelena Larkin). Review of Finance, Vol 23(4), July 2019, pp. 697-743, http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2612047
- The 2020 Review of Finance best paper award (the Pagano-Zechner Award) for the paper: “Are U.S. Industries Becoming More Concentrated?”
- Distinguish Research Award, Eastern Finance Association, 2017
- The 2005 Jensen Prize for the best paper published in the Journal of Financial Economics in the Areas of Corporate Finance and Organizations; (for the paper: “Payout Policy in the 21st Century”).
- The 2000 Journal of Finance Smith Breeden Prize for distinguish paper (for the paper: “When the Underwriter is the Market Maker: An Examination of Trading in the IPO Aftermarket”)
- The 2000 Western Finance Association Award for the best paper on capital formation (for the paper: “The Making of a Dealer Market: From Entry to Equilibrium in the trading of Nasdaq Stocks”)
- The Review of Financial Studies 1999 Barclays Global Investors/Michael Brennan Runner-up Award (“Conflict of Interest and The Credibility of Underwriter Analyst Recommendations “)
- The 1999 Western Finance Association Award for the best paper (for the paper: “When the Underwriter is the Market Maker: An Examination of Trading in the IPO Aftermarket”)
环境和社会(ES)基金的投票行为真的与其公开声明一致吗?每年,这些基金经理会代表投资者,对旗下投资组合企业的提案进行投票。投资者期望自己投资的企业会大力支持ES倡议,然而,笔者Roni Michaely教授联同Guillem Calafi-Ordonez教授和Silvina Rubio教授最近发表的一项研究揭示,若果一些提案很大机会被通过或否决,这些基金通常会投票支持,然而,在票数相近的关键时刻,他们往往会投下反对票。
WSJ talked about the current trend of corporate dictatorships, where companies are run by founder-chief executives who hold on to special voting shares or run boards as their own personal fief. The article highlights a study by Prof. Roni Michaely of the University of Hong Kong, Hyunseob Kim of the Chicago Federal Reserve, and Doron Levit of University of Washington, which found that the benefits of a benign corporate dictatorship wane over time. The research, which examined 920 companies with both voting and non-voting shares, revealed an intriguing pattern. During the initial years following an IPO, companies with founder control tended to perform on par with their more democratically governed counterparts. However, after a decade or so, a significant premium emerged for shares with full voting rights. The article argues that granting full voting rights to all stakeholders is still the best form of governance for companies in the long run.
Prof Michaely presented a paper utilizing a unique dataset comprising nearly one million voting rationales provided by investors. The research findings shed light on the motivations behind institutional investors’ voting decisions and their impact on corporate governance practices.
There’s little evidence that the benefits to mankind make up for lower returns on your investment.
「被港大管理层委以重任,在我的家乡成立一所创业及创科中心,对我来说,是一趟非常刺激的旅程。我很期待与港大优秀的学者合作、尽早展开我的教学工作、并与香港和中国内地的商界精英交流。我相信在以色成立港大创新中心,将会为所有持分者带来莫大的裨益。我非常高兴能够参与其中。」
港大经管学院教授(金融学)Roni Michaely及另外几位教授共同参与的一项研究显示,指数基金未能有效监察旗下企业,引致投资者与公司管理层权力失衡。
港大经管学院几位学者最近发布的研究发现,有些因素能有助投资者辨别SPAC能否取得成功。