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E-MailTami Groswald Ozery is a co-Editor of the Forum and Fellow at the Harvard Law School Program on Corporate Governance.
Related research from the Program on Corporate Governance includes Index Fund and the Future of Corporate Governance: Theory, Evidence, and Policy (discussed on the Forum here) by Lucian Bebchuk and Scott Hirst.
According to an announcement by Georgetown Professor Robert Thompson, a Program on Corporate Governance study by Lucian Bebchuk and Scott Hirst, Index Funds and the Future of Corporate Governance: Theory, Evidence, and Policy, was selected in the annual poll of corporate and securities law professors as one of the ten best corporate and securities articles of 2019.
The Bebchuk & Hirst article, which was published in the December 2020 issue of the *Columbia Law Review, was earlier the recipient of three prizes:
- The Jaime Fernández de Araoz Award on Corporate Finance, which carries with it a prize of 10,000 EUR (see the award announcement here);
- the IRRC Institute prize, which carries with it a cash award of $10,000 (see the prize announcement here); and
- the European Corporate Governance Institute’s Cleary Gottlieb Steen Hamilton Prize, which carries with it a EUR 5,000 award (see the prize announcement here).
The article is the thirteenth article authored or co-authored by Lucian Bebchuk that has been selected as one of the best corporate and securities articles during the years in which the annual poll was conducted.
The Bebchuk & Hirst article is part of the Corporate Governance Program’s larger ongoing project on stewardship by index funds and other institutional investors. The article builds on an analytical framework for understanding the monitoring and engagement decisions made by index funds put forward in a 2017 study, The Agency Problems of Institutional Investors, by Lucian Bebchuk, Alma Cohen, and Scott Hirst (discussed on the Forum here). The analysis in the article is supplemented by a recent empirical study by Lucian Bebchuk and Scott Hirst, The Specter of the Giant Three (discussed on the Forum here), which examines the substantial and continuing growth of the so-called Big Three index fund managers.
The announcement of the results of the annual poll of corporate and securities law professors is available here. The Bebchuk & Hirst article is available here, is discussed on the Forum here, and PowerPoint slides summarizing its analysis are available here.
