The influence of institutions on corporate governance through private negotiations: evidence from TIAA-CREF

Article Abstract:

This paper analyzes the process of private negotiations between financial institutions and the companies they attempt to influence. It relies on a private database consisting of the correspondence between TIAA-CREF and 45 firms it contacted about governance issues between 1992 and 1996. This correspondence indicates that TIAA-CREF is able to reach agreements with targeted companies more than 95 percent of the time. In more than 70 percent of the cases, this agreement is reached without shareholders voting on the proposal. We verify independently that at least 87 percent of the targets subsequently took actions to comply with these agreements. (Reprinted by permission of the publisher.)

Life Insurance, Direct Life Insurance Carriers, Financial Services, Finance and Insurance, Management Functions, Research, Management, Corporate governance, Financial institutions, Negotiation, Negotiations, Teachers Insurance and Annuity Association - College Retirement Equities Fund, CREF Stock Fund

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Does option compensation increase managerial risk appetite?

Article Abstract:

Research indicates that call option compensation does not always increase an investment manager's appetite for risk. While one optimal policy is for the option to result in deep in or out of the assets, another optimal policy is if the volatility is lower with the option than if the manager was trading his or her own account.

Statistical Data Included, Analysis, Risk assessment, Risk (Economics), Options (Finance), Influence, Risk management

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Price Formation and Liquidity in the U.S. Treasury Market: The Response to Public Information

Article Abstract:

The author examines liquidity forecasting of the treasury securities market. Topics include market makers, market micostructure, and volume surges.

Evaluation, Financial services industry, Services, Market makers (Securities trading), Treasury market

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