Someone who knows everything about index funds, ESG, and climate is @adribuller. Her recent @DissentMag piece on private climate finance is excellent and has links to her other work. Incredibly, Adrienne is writing two (2) books, both scheduled for 2022. dissentmagazine.org/article/the-li…
The sharpest mind on all things universal owner, externalities, fiduciary duty, and other asset manager incentives, legal or otherwise, surely is @MadisonECondon. "Externalities and the Common Owner" is an instant classic (also on my #IPEofMoFi syllabus). scholarship.law.bu.edu/cgi/viewconten…
.@lenorepalladino, lawyer *and* economist ("that progressive economist” – @BernieSanders) knows US corporate governance inside out. She publishes killer articles *and* is a key voice in policy debates, from curbing stock buybacks to public asset managers. journals.sagepub.com/doi/abs/10.117…
We haven't even talked about alternative asset managers. On European venture capital, I highly recommend @franziscooi's work. Her first article on this recently came out in @RIPEJournal (open access), more is in the making. tandfonline.com/doi/full/10.10…
Then there's asset owners, especially pension funds. The towering figure here is, obviously, @NataschaZwan. She & colleagues are currently doing a lot of exciting work on the democratic governance of funded occupational pension schemes: deepen-norface.eu
We'd all be completely clueless, of course, without financial journalists. Over the years I've learned a ton from @AttractaMooney and @kayewiggins, for instance, and I've been reading a lot @KateAronoff and @leee_harris recently.
That's it – end of Chartbook #82 addendum.
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FT visual on VIEs. To deal with this, Coppola et al. match "the universe of traded securities issued by firms in tax havens with their issuer’s ultimate parent" to restate bilateral investment positions.
The issue: So far, data on bilateral positions has been residency-based.
Residency-based: US Treasury International Capital (TIC) & IMF Coordinated Portfolio Investment Survey (CPIS) -> red columns
Coppola et al. use firm-level securities data to restate this as nationality-based positions -> purple
What is asset manager capitalism? (How) does index fund dominance change the political economy of corporate governance?
This has taken me forever. It's a first working paper, focused on the United States. Brief summary below. 1/ osf.io/preprints/soca…
The #CorpGov literature remains in thrall to what I call the Berle-Means-Jensen-Meckling ontology: Shareholders, while dispersed and weak, are the owners and principals of the corporation.
The rise of asset managers has pulled the empirical rug from under the BM-JM ontology. 2/
The table summarizes
- the evolution of the US investment chain
- the hallmarks of historical corporate governance regimes
It shows the similarities (green) and differences (red) btw Hilferding’s late 19th century ‘finance capitalism’ and what I call asset manager capitalism. 3/