About | HeinOnline Law Journal Library | HeinOnline Law Journal Library | HeinOnline
LOG IN
LOG IN

39 UCLA L. Rev. 811 (1991-1992)
Agents Watching Agents: The Promise of Institutional Investor Voice

handle is hein.journals/uclalr39 and id is 825 raw text is: AGENTS WATCHING AGENTS: THE PROMISE OF INSTITUTIONAL INVESTOR VOICE Bernard S. Black* I. Introduction ........................................ 812 II. The Possibility of Shareholder Monitoring ........... 820 A. Collective Action Problems ...................... 821 B. Legal Obstacles to Shareholder Action ........... 822 C. Agenda Control by Corporate Managers ......... 825 D. Institutional Investor Conflicts of Interest ........ 826 E. Trends in Institutional Shareholdings and A ctivism ....................................... 827 F. The SEC's Proxy Reform Proposals ............. 829 III. The Promise of Institutional Voice .................. 830 A. When Is Shareholder Voice Important? .......... 831 B. What Institutional Shareholders Can Do ........ 834 1. Process and Structure Issues ................ 836 2. M ixed Issues ............................... 837 3. Deterrence and Targeting of Poor Perform ers ................................. 839 C. Strengthening the Board of Directors ............ 839 1. Changes in Board Structure and Com position ............................... 840 2. Institutional Directors ...................... 842 * Professor of Law, Columbia University. Research support for this project was provided by the Columbia Law School Institutional Investor Project and the Henley Program in Business and Law. I thank William Allen, Ian Ayres, Mark Barenberg, Richard Buxbaum, Bob Clark, Jack Coffee, Robert Comment, Al Conard, Deborah DeMott, Ron Gilson, Robert Goch, Jeff Gordon, Lou Lowenstein, Wayne Marr, Rob- ert Monks, Julie Nelson, Eric Ovsiew, Mark Roe, Patrick Ryan, Peter Strauss, and seminar participants at Columbia, George Mason, and the University of Colorado at Boulder for helpful comments and discussions. Part V of this article, in particular, bears Mark Roe's imprint.

What Is HeinOnline?

HeinOnline is a subscription-based resource containing thousands of academic and legal journals from inception; complete coverage of government documents such as U.S. Statutes at Large, U.S. Code, Federal Register, Code of Federal Regulations, U.S. Reports, and much more. Documents are image-based, fully searchable PDFs with the authority of print combined with the accessibility of a user-friendly and powerful database. For more information, request a quote or trial for your organization below.



Short-term subscription options include 24 hours, 48 hours, or 1 week to HeinOnline.

Purchase Access

Contact us for annual subscription options:

Contact Us

Already a HeinOnline Subscriber?

Log In

profiles profiles most