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It appears some institutional investors are aware of activist campaigns before they become public, according to new research. A working paper by three assistant professors of finance — the University of Northern Iowa’s Ryan Flugum, the University of Rhode Island’s Choonsik Lee and the University of South Carolina’s Matthew Souther — found some institutional investors […]

Who benefits and who suffers from the SEC’s proposed proxy-advisory rules?

The debate surrounding how institutional investors use proxy voting is heating up. The contention hinges on guidance the Securities and Exchange Commission released earlier this year on the activities of proxy-advisory firms. It says that when proxy-advisory firms provide proxy-voting advice to their investor clients, it counts as proxy solicitations. That, in turn, means those […]


Public pension plans rely on the help of investment advisory firms, but do politics play a role in which firms they choose to work with? A paper co-written by William Beggs, an assistant professor of finance at the University of San Diego School of Business and Thuong Harvison, a PhD candidate at the University of […]

  • By: Staff
  • October 7, 2019 January 6, 2021
  • 09:27

While investors want more disclosure and transparency, it can come with consequences. When the Securities and Exchange Commission launches an investigation of a firm for financial fraud, it’s voluntary for managers to disclose this. And even when the investigation doesn’t result in charges, firms that voluntarily disclose they were under investigation have significant negative returns […]


The Pension Investment Association of Canada has written the United States Securities and Exchange Commission, noting there shouldn’t be increased regulations on proxy advisory firms as this could cost pension plans without having clear benefits. This comes in response to a roundtable the SEC held on the topic in November 2018. Topics on the agenda […]


A group of retail broker-dealers, banks, financial services firms, and global market makers is gearing up to submit its application with the U.S. Securities and Exchange Commission to launch a new equities exchange. The Members Exchange or MEMX, is an initiative whereby founding members Bank of America Merrill Lynch, Charles Schwab, Citadel Securities, E*TRADE, Fidelity Investments, Morgan […]


In a world of volatility, where pension investors are in it for the long haul, could a stock exchange focused on the long term be helpful? The people behind the recently proposed Long-Term Stock Exchange (LTSE) think so. In November the LTSE filed an application with the Securities and Exchange Commission, seeking to create a […]

ETFs and the risks of connectivity

As ETFs hit new milestones, regulatory scrutiny heats up.

  • October 29, 2015 September 13, 2019
  • 12:35
Active ETFs: The setback

U.S. regulator rejects proposal for non-transparent ETF. What now?

  • October 29, 2014 September 13, 2019
  • 21:36
How Transparency Killed Wall Street

“…substituting NMS and regulatory police for Dictum Meum Pactum was a bad trade…"

  • October 4, 2010 September 13, 2019
  • 12:51