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dc.contributor.authorAronson, Bruce E.en_US
dc.date.accessioned2013-11-12T20:28:08Z
dc.date.available2013-11-12T20:28:08Z
dc.date.issued2011en_US
dc.identifier.citationBruce E. Aronson, A Japanese CalPERS or a New Model for Institutional Investor Activism: Japan's Pension Fund Association and the Emergence of Shareholder Activism in Japan, 7 N.Y.U. J.L. & Bus. 571 (2011).en_US
dc.identifier.urihttp://hdl.handle.net/10504/46882
dc.description.abstractIf activist institutional investors are arguably the primary external monitors of management under leading corporate governance systems in the United States and the United Kingdom, who might assume that role in other countries. And, more importantly, what activist shareholder strategies may be possible under different corporate governance systems and operating environments that are generally less supportive of shareholder activism than the United States and the United Kingdom.
dc.description.abstractThis Article seeks to address that question through a comparison of the well-known strategy of CalPERS with that of a rare, real-world example of institutional investor activism outside of the “Anglo-Saxon” model - Japan’s Pension Fund Association (the “PFA”). It examines how institutional investors adopt activist strategies to fulfill their corporate governance role within two important sets of constraints: (1) resource and expertise constraints, and (2) constituency constraints.
dc.description.abstractIt finds that similar resource and expertise constraints lead to basically similar investment portfolio strategies: diversified, passive index investing and a corresponding reliance on proxy voting. However differences in constituency constraints produce corresponding differences in strategic focus and “style.” CalPERS, which is supported and encouraged by its members and broader constituencies, stands out as a high profile and sometimes adversarial activist that acts as a “catalyst” for management accountability. In Japan the PFA, which is less supported by its member corporate pension funds and broader constituencies, acts as a “reluctant activist.” It has adopted objective, performance-based proxy voting guidelines and non-adversarial measures that emphasize and promote good governance rather than criticize poor governance.
dc.language.isoeng_USen_US
dc.titleJapanese CalPERS or a new model for institutional investor activism: Japan's pension fund association and the emergence of shareholder activism in Japanen_US
dc.typeJournal Articleen_US
dc.rights.holderCopyright (c) 2011 Bruce E. Aronson
dc.description.volume7en_US
dc.title.workNYU Journal of Law & Businessen_US
dc.description.pages571-640en_US
dc.subject.fastCorporate governance
dc.subject.fastInstitutional investments
dc.subject.fastStockholders
dc.subject.fastPension trusts
dc.subject.fastJapan
dc.url.fasthttp://id.worldcat.org/fast/879649
dc.url.fasthttp://id.worldcat.org/fast/974299
dc.url.fasthttp://id.worldcat.org/fast/1133680
dc.url.fasthttp://id.worldcat.org/fast/1057041
dc.url.fasthttp://id.worldcat.org/fast/1204082
dc.date.year2011en_US
dc.date.monthSpring
dc.description.issue2
dc.program.unitSchool of Lawen_US
dc.url.link3http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1488201en_US
dc.url.link1https://www.heinonline.org/HOL/Page?public=false&handle=hein.journals/nyujolbu7&men_hide=false&men_tab=citnav&collection=journals&page=571en_US
dc.contributor.cuauthorAronson, Bruce E.en_US
dc.identifier.viafhttps://viaf.org/viaf/283150468298904171648
dc.identifier.wcihttps://www.worldcat.org/identities/viaf-3849149068491565730000/
dc.identifier.ssrnhttps://papers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=427378


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