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Are Sustainability Factors Associated with Stock Price Informativeness?
Index Funds and the Future of Corporate Governance: Theory, Evidence and Policy
Measuring the Sustainability Impact of 25 European ESG Funds
State of Sustainability and Integrated Reporting 2018This report finds that large public company sustainability reporting is maturing rapidly, with financial data presented alongside growing social and environmental metrics and quantified goals. It also finds that despite investor interest, most companies in the S&P 500 have not adopted fully integrated corporate reporting, a new report reveals. "State of Sustainability and Integrated Reporting 2018" was commissioned by the Investor Research Responsibility Center Institute and authored by the Sustainable Investments Institute (Si2).
The Data Privacy Puzzle
Microcap Board Governance
Measuring Effectiveness: Roadmap to Assessing System-level and SDG InvestingRoadmap report offers guidance for measuring effectiveness of system-level and SDG Investing; Applies in-depth example to addressing SDG on Climate Action
Equity Vesting and InvestmentThis paper studies the link between real investment decisions and CEO’s short-term stock price concerns. It finds that vesting equity induces CEOs to reduce investments in long-term projects and to take actions that increase short-term stock price. More broadly, it shows that that the structure of CEO compensation has a causal effect on real-world decisions.
The Long-Term Consequences of Short-Term Incentives
Corporate Governance & Rise of Integrating Corporate Social Responsibility Criteria in Executive CompensationThis study examines the structure of CEO compensation, and it finds that the integration of corporate social responsibility criteria in executive compensation – a relatively recent phenomenon – leads to an increase in long-term orientation.
The Impact of Shareholder Activism on Board Refreshment Trends at S&P 1500 FirmsThe report examines hundreds of new directors who joined S&P 1500 company boards as a result of activist campaigns over the study period from 2011 through 2014. Activist investors typically favored nominees with financial experience, while incumbent boards favored nominees with executive experience.
Central Bank and Development Finance Institution Approaches to Investing in Global SystemsNew Report Details How Central Banks and Development Finance Institutions Try to Affect the World’s Environmental, Societal, and Financial Systems
Retail Automation: Stranded Workers? Opportunities and risks for labor automationThe analysis indicates that automation is set to alter the retail industry's labor profile.
How Investors Integrate ESG: A Typology of ApproachesThis report aims to help investors navigate the rapidly changing responsible investing landscape by developing a typology that classifies approaches to ESG integration.
Age Diversity Within Boards of Directors of the S&P 500 CompaniesThis study examines age diversity within the boards of the companies in the S&P 500.
How Leading U.S. Corporations Govern and Spend on State LobbyingThis project looks at how corporations oversee and govern money spent on corporate lobbying at the state level. It establishes a baseline for that spending by a representative sampling of the biggest U.S. publicly-listed corporations.
Board Refreshment Trends at S&P 1500 FirmsS&P 1500 Benchmark Analysis Finds Progress on Board Renewal, But That Investor Concerns on Tenure and Diversity Are Warranted
Does a Long-Term Orientation Create Value? Evidence from a Regression DiscontinuityThe research shows that providing long-term incentives to executives ― in the form of long-term executive compensation ― leads to increased long-horizon investments and higher business performance.
The ‘Science’ and ‘Art’ of High Quality InvestingThis report finds that investors with a short-term focus tend to undervalue intangible assets — the kind that don’t show up on corporate balance sheets, such as the payoffs from corporate R&D spending, advertising and patent citations. Alternatively, investors and managers who take a long-term view have an opportunity to identify opportunities missed or underpriced by a world focused on the here and now.
Are CEOs Paid for Performance? Evaluating the Effectiveness of Equity IncentivesThe paper examines whether CEO pay reflects long-term stock performance, and finds that it does not.
On Enhancing Shareholder Control: A (Dodd-) Frank Assessment of Proxy AccessThe paper examines a key issue in corporate finance – the optimal division of control between shareholders and management.
Tipping Points 2016: Summary of 50 Asset Owners' and Managers' Approaches to Investing in Global SystemsThis new state-of-the-industry report finds that that investors are deliberately incorporating new investment approaches to help address systems-level risks and opportunities. The study indicates that investors are intentionally attempting to influence systems-level risk factors previously ignored as beyond the impact-ability of institutional investors.
Buybacks and the Board: Director Perspectives on the Share Repurchase RevolutionBuybacks at Highest Level Since Financial Crisis, With S&P 500 Companies Repurchasing $166.3 Billion of Shares in First Quarter of 2016
Food Safety: In a State of TransformationThis report examines major food safety events that have affected publicly traded US companies over the last 25 years and factors acting as catalysts for the food industry’s transition towards increasingly proactive and innovative food safety strategies.
The Top 25 U.S. Electric Utilities: Climate Change, Corporate Governance and PoliticsUtilities are taking widely varied paths to meet climate change business challenges – from new approaches that will guarantee reliable energy supplies to litigation to protect the status quo.
Controlled Companies in the Standard & Poor’s 1500Often, controlling shareholders use multi-class capital structures to concentrate voting power without commensurate capital commitments or risk of loss. Supporters of these multi-class structures argue that control of a firm's voting power enables management teams to minimize the impact of short-term market pressure, so as to focus on long-term business prospects. They promise higher returns over time in exchange for public shareholders’ loss of control.
Does CEO Succession Planning Disclosure Matter?Companies with successful chief executive officer (CEO) transitions were far more likely to have provided shareowners with more disclosure about their CEO succession plans, according to a new study released today by the Investor Responsibility Research Center Institute (IRRCi).
The Corporate Risk Factor Disclosure LandscapeCorporate risks disclosed by public companies in Securities and Exchange Commission (SEC) filings often are generic and do not provide investors with clear, concise and insightful information that is company-specific. A new analysis of risk factor disclosures in annual reports finds that they typically are vague, repetitive and “boilerplate,” offering investors little actionable insight into the risks facing companies.
Beyond Divestment: Using Low Carbon IndexesBeyond Divestment: Using Low Carbon Indexes, provides an actionable roadmap for institutional investors trying to navigate a financially viable path for managing carbon risk.
Passive Investors, Not Passive OwnersPassive Investors, Not Passive Owners, demonstrates that while passive investors – such as those that invest through index funds – are not active owners in the traditional sense of accumulating or selling shares so as to exert influence over managers and their choices, they are far from passive owners.
More Than Half Of Bond Agreements Include Poison PutsA new research report finds that the use of so-called “poison puts” – agreements that allow bondholders the right to redeem their bonds if a change in control occurs – have become more prevalent in bond agreements, especially among sub-investment grade issues.
Almost Three Quarters of Investment Professionals Use Environmental, Social & Governance Information When Making Investment DecisionsCFA Institute ESG Survey
Sustainability Initiatives Can Drive Corporate Revenue Growth And Innovation, New Research ShowsRevenue from Sustainable Products and Services Grew at Six Times the Rate of Overall Corporate Revenue Among Companies in Study
New Research Documents Positive Link Between Corporate Human Resources Policies And Investment OutcomesA new research study connects the dots on the relationship between corporate human resources (HR) policies and investment outcomes such as return on equity, return on investment and profit margins.
Institutional Investors, Proxy Advisors Fail to Use Economic Value Creation as Major Factor In Say-on-pay VotingNew Research Consistent With Recent Findings that Value Creation Is Not the Dominant Driver of Executive Compensation
Deep Misalignment Between Corporate Economic Performance, Shareholder Return And Executive CompensationOnly 12% of CEO Pay Determined by Economic Performance; More than 75% of S&P 1500 Companies Not Equipped to Measure, Manage Key Factors Driving Sustained Corporate Value
Nanotechnology and the S&P 500: Small Sizes, Big QuestionsA new study provides investors and stakeholders with a comprehensive guide to this nascent, rapidly growing industry. The study indicates that nanotechnology could provide important societal and economic benefits.
On The Impact and Future of HFT: White PaperThis paper proposes an innovative solution to mitigate key problems created by high-frequency trading while simultaneously maintaining its benefits, setting forth a new "information transmission zoning" concept solution.
What Investors Need To Know About Cybersecurity: How to Evaluate Investment RisksCompanies are increasingly vulnerable to incoming cybersecurity threats from new directions and adversaries. Investors can examine corporate disclosures and engage with management to better consider the potential implicati
Informed Options Trading prior to M&A Announcements: Insider Trading?This report investigates informed trading activity in equity options prior to the announcement of corporate mergers and acquisitions (M&A).
Playing it Safe? Managerial Preferences, Risk, and Agency ConflictsThis paper examines risk-averse managers' incentive to "play it safe" by taking value-destroying actions that reduce their firms' risk of distress, and how antitakeover laws can alter this behavior.
Corporate Boards Exceeding Oversight Requirements On Environmental And Social IssuesPaper, Forestry, Utility and Healthcare Industries at Lead, While Retail Lags
Engagement Between Corporations And Investors At All Time High, Creating High Satisfaction Levels From All SidesA new study finds that the level of engagement between investors and publicly traded U.S. corporations is at an all time high
Learning and the Disappearing Association between Governance and Returns2013 IRRC Academic Award Winner
The Public Fiduciary: Emerging Themes in Canadian Fiduciary Law for Pension Trustees2013 IRRC Practitioner Award Winner
First Comprehensive Study On State Of Integrated Reporting In United StatesSustainability Reporting Is Widespread, But Connection to Bottom Line Sometimes Missing
New Study Says Multiclass Voting Companies Underperform, RiskierNumber of Controlled Companies on the Rise
New Executive Compensation Research: Peer Group Benchmarking Inherently Flawed And InflationaryFocus on Internal Metrics Rather Than External Factors Essential for Effective Pay Structure
The Election of Corporate Directors: What Happens When Shareowners Withhold a Majority of Votes from Director Nominees?Corporate Governance and Company Specific Issues Are Equal Drivers of Withhold Votes Says IRRC Institute, GMI Ratings New Study; Only Six Factors Determine 75% of Withhold Votes
Environmental, Social and Governance Investing by College and University Endowments in the United StatesNew Study Examines University Endowments' Environmental, Social And Corporate Governance Investments

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