Managed Distribution Policies in Closed-End Funds and Shareholder Activism

2012 ◽  
Author(s):  
Martin Cherkes ◽  
Jacob S. Sagi ◽  
Zhi Jay Wang
Keyword(s):  
Shareholder Activism ◽  
Closed End Funds

Managed Distribution Policies in Closed-End Funds and Shareholder Activism

2014 ◽  
Vol 49 (5-6) ◽  
pp. 1311-1337 ◽  
Author(s):  
Martin Cherkes ◽  
Jacob S. Sagi ◽  
Z. Jay Wang
Keyword(s):  
Empirical Evidence ◽  
Shareholder Value ◽  
Shareholder Activism ◽  
Wealth Transfer ◽  
Closed End Funds

AbstractIn closed-end funds, a managed distribution policy (MDP) is a dividend commitment potentially requiring the liquidation of assets. We argue that MDPs lower managerial claims on fund assets and, when the fund is at a discount, increase shareholder value. This transfer of wealth can be rationalized by managers wishing to deter a challenge from activist shareholders through a costly proxy vote. We find strong empirical evidence that managers respond to the presence of activists using MDPs, that MDPs constitute an effective wealth transfer to shareholders, and that activists are less likely to challenge management when an MDP is in place.

Is Carl Icahn Good for Long-Term Shareholders? A Case Study in Shareholder Activism

CFA Digest ◽  
2011 ◽  
Vol 41 (2) ◽  
pp. 14-16
Author(s):  
Chirag B. Patel
Keyword(s):  
Shareholder Activism ◽  
Good For

A Comparative Analysis of Shareholder Activism in the US and UK: Evidence from Shareholder Proposals

2008 ◽  
Author(s):  
Bonnie Buchanan ◽  
Jeffry M. Netter ◽  
Tina Yang
Keyword(s):  
Comparative Analysis ◽  
Shareholder Activism ◽  
Shareholder Proposals ◽  
The Us

The Evolution of Shareholder Activism in Canada

2011 ◽  
Author(s):  
Sylvie Berthelot ◽  
Vanessa Serret
Keyword(s):  
Shareholder Activism

Shareholder Activism in Belgium: The Belgian AGMs and EGMs in 2011

2011 ◽  
Author(s):  
Christoph Van der Elst
Keyword(s):  
Shareholder Activism

Shareholder Activism and Earnings Management Incentives

2012 ◽  
Author(s):  
Yan Sun ◽  
Weimin Wang ◽  
Frank Wang ◽  
Sanjian Bill Zhang
Keyword(s):  
Earnings Management ◽  
Shareholder Activism ◽  
Management Incentives

Shareholder Activism in Banking

2014 ◽  
Author(s):  
Raluca A. Roman
Keyword(s):  
Shareholder Activism

A Theory of Shareholder Activism and its Place in Corporate Law

2015 ◽  
Author(s):  
Bernard S. Sharfman
Keyword(s):  
Shareholder Activism ◽  
Corporate Law
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