Shareholder Forum Reference: Serving Interests of Investors

Reference: Serving Interests of Investors Forum reports News Reports Academic and Professional Views Relevance: Adviser services Employer responsibility for pensions Equity investment decisions Individual responsibility for savings investment Management of investment funds Reserving secure savings objectives Support of adviser services Technology and analytics developments
	Forum reports
Adv, Equ, Man, Sup, Tec	November 5, 2020 Forum Report: Direct Access Program with Oshkosh Corporation Hosted by the CFA Society New York; see also November 12, 2020 Forum Report: Archived Video of Direct Access with Oshkosh Corporation Hosted by the CFA Society New York
Equ, Man, Sup, Tec	September 30, 2020 Forum Report of Shareholder Survey: The New York Times Company 2020 Investor Interests
Equ, Man, Sup, Tec	September 27, 2019 Forum Report: 2019 HC2 Holdings Shareholder Survey
Equ, Man, Sup, Tec	November 19, 2018 Forum Report: 2018 Otelco Shareholder Survey
Equ, Ind, Man	March 7, 2018 Private Workshop Report: Initial Observations from Interviews of Individual Stock Investors – Matching the Advantages of Major Fund Managers
	News Reports
Adv, Equ, Ind, Man, Tec	December 15, 2021, The New York Times DealBook: "Exclusive: Crowdsourcing shareholder activism" [New venture to support meme activism campaigns]
Adv, Equ, Man, Sup	October 9, 2021, The New York Times: "Lifestyles of the Rich and Gullible: Theranos and Ozy Edition" [Underutilized investor access to decision-making information]
Adv, Equ, Man, Sup, Tec	September 30, 2021, The New York Times: "Only 35% Pass Wall St.’s Toughest Test. How Much Does That Matter?" [Establishing professional recognition for investment analysis]
Adv, Equ, Man, Sup, Tec	August 12, 2021, Insider: "Robinhood's stock democratization is never done, takes aim at shareholder communication" [Investor communication technologies acquired for marketing of retail investment services]
Adv, Equ, Ind, Man, Sup, Tec	June 22, 2021, Reuters: "Engine No. 1 rolls out $100 mln ETF after Exxon board victory" [New ETF promises retail investors activist support of ESG issues at only 0.05% cost]
Adv, Equ, Ind, Man, Sup, Tec	March 1, 2021, Wall Street Journal: "Companies Zoom In on Small Shareholders Amid Retail Trading Frenzy" [New influencers of "efficient market" for stock prices]
Adv, Equ, Man, Sup, Tec	November 17, 2020, Institutional Investor: "Corporate Access Had to Be Reinvented This Year. Investors Say JPMorgan Did It Best" [Pandemic stimulates adoption of electronic communication for investor access]
Adv, Equ, Man, Sup	March 4, 2020 Wall Street Journal: "In Boston, Money Managers Fire Shot at Wall Street Brokers \| Investor conference next week will cut banks out of a lucrative role" [Establishing direct investor control of private corporate access]
Adv, Equ, Man, Sup, Tec	February 19, 2020 The Deal: "Ex-Third Point Analyst Seeks to Oust HC2’s Falcone" [Progress of proxy contest based on shareholder survey]
Adv, Equ, Man, Sup	December 2. 2019 The Deal: "TCI Urges Carbon Disclosures in New ESG Push" [Activist campaign for leadership in contest with the big index funds]
Adv, Equ, Man, Sup, Tec	November 19, 2019 Bloomberg: "SEC Chairman Cites Fishy Letters in Support of Policy Change" [Another level of agency manipulating the interests of ultimate investors]
Adv, Equ, Man, Sup	July 9, 2019 IR Magazine: "T Rowe Price commits to using banks for corporate access" [Fund manager assures willing to pay any price for private access to information "integral to our investment process"]
Adv, Equ, Man, Sup	June 26, 2019 Wall Street Journal: "Giant Investors Are Coming After One of Wall Street’s Cash Cows \| Fidelity, T. Rowe, Wellington, others collaborating to meet corporate CEOs without bank handlers" [Large fund managers establishing private communications directly with CEOs]
Equ, Man, Tec	May 29, 2019, Yahoo Finance video interview of Nth Round, Inc., co-founder Graham McConnell: "This is the new way to find funding for your startup" [New service supporting private trading of unregistered non-public stock]
Adv, Equ, Man	April 22, 2019 IR Magazine: "Largest company conference attendance falling, Nasdaq says" [Changing patterns of corporate management's private "access" meetings with fund managers]
Adv, Equ, Man, Sup	April 5, 2019 Barron's: "‘Corporate America Had Better Take Note.’ Fund Managers Are the New Activist Investors." [Active fund managers resuming direct responsibility for defining shareholder interests]
Adv, Equ, Sup	March 25, 2019 The Philadelphia Inquirer/Philly.com: "‘Enough is enough’: Wall Street analysts want Aramark top execs pushed out as growth lags" [Research analyst addresses investor concerns about a company's management]
Adv, Equ, Man, Sup	March 15, 2019 Reuters: "Mutual funds start to put their mouth where their money is" [Fund managers rediscover benefits of leadership in support of shareholder interests]
Equ, Man, Sup, Tec	January 30, 2019 CNBC: "This time, Tesla will take questions from regular investors, not just analysts and YouTube nerds" [New venture giving "voice" to "everyday investors"]
Adv, Equ, Man, Sup	December 30, 2018 Wall Street Journal: "Mutual Fund Managers Try a New Role: Activist Investor" [More fund managers advertising their ability to influence portfolio companies]
Adv, Equ, Man, Sup	December 6, 2018 Reuters: "U.S. securities regulator should demand more voting disclosure from fund managers: official" [SEC Commissioner supports growing concerns about concentrated control of companies by large fund managers]
Adv, Equ, Man, Sup	June 19, 2018 Wall Street Journal: "Private-Equity Firms Rethink Their Short-Term Focus \| Some look to stay invested in companies for unlimited periods" [New trend of private access to long term investments in the production of goods and services]
Adv, Equ, Man, Tec	June 14, 2018 Wall Street Journal: "Big Investors Don’t Want Wall Street Analysts Snooping on Them \| Investors are concerned that sharing readership habits with banks’ other clients could give rivals an edge" [Selling investors access to other investors' access]
Adv, Equ, Ind, Man	June 6, 2018 Barron's: "Impact Investors Hold US$228 Billion in Assets" [Expanding investor interest in how their capital is used]
Equ, Man	May 10, 2018 Dow Jones MarketWatch: "Boeing, Caterpillar and Deere stand out in select group of industrial winners \| They’re among 16 companies that are boosting profitability and sales per share" [Analysis focused on a company's competitive success in producing goods and services]
Adv, Emp, Man	May 9, 2018 Wall Street Journal: "Wells Fargo Improperly Kept a Pension Fund’s Fee Rebates" [Looking at the 8% of Gross Domestic Product cost for financial services]
Adv, Ind, Man, Sup, Tec	May 9, 2018 Wall Street Journal: "BlackRock Backs a Startup to Find Out What Young Investors Want \| Acorns Grow works by rounding up the amount of a user’s credit-card purchase and investing the change" [Leading manager of institutional assets buying venture position to explore direct marketing to individuals]
Adv, Emp, Man, Sup	May 4, 2018 Wall Street Journal: "The Free Trips Your Financial Adviser Takes Could Cost You \| Wining and dining with money managers for free under tropical skies could cloud his or her judgment" [Professional trading in access]
Equ, Ind, Man	May 2, 2018 Dow Jones MarketWatch: "Elon Musk promises to take question from this YouTuber on Tesla earnings call" [Individual investor wins support to participate in widely observed quarterly conference call]
Adv, Equ, Ind, Man, Tec	April 10, 2018 Barron's: "Point72-Backed Start-Up to Rock the Proxy Vote" [New venture seeking asset management profits from support of individual shareholders' voting power]
Adv, Equ, Man, Sup	April 7, 2018 Dow Jones MarketWatch: "This unique mutual fund charges less than an index fund if it underperforms" [Disruptive innovation in fees for fund management]
Adv, Equ, Man, Sup	February 7, 2018 Wall Street Journal: "BlackRock’s Larry Fink Wants to Become the Next Warren Buffett \| World’s largest asset manager looks to raise over $10 billion to make direct investments in companies" [Biggest manager of low-cost index funds now offering investors something better, for higher fees]
Adv, Equ, Ind, Man, Sup, Tec	February 2, 2018 Bloomberg: "Big Pay Packages Are a Powerful Weapon for Activist Investors \| Shareholder votes have focused attention on the link between compensation and company performance. Here's how hedge funds use executive pay as a lever." [Activist and hedge fund use of Shareholder Support Rankings]
Adv, Equ, Man	January 26, 2018 Wall Street Journal: "Meet an Intrepid Stock-Market Sleuth. He Just Turned 19 Years Old" [An essential element of analyzing a company's ability to generate real profits]
Adv, Equ, Ind, Man, Sup	January 10, 2018 Wall Street Journal: "Advisers at Leading Discount Brokers Win Bonuses to Push Higher-Priced Products" [Questions raised about financial service firms' incentives to steer clients]
Adv, Equ, Man, Sup	January 8, 2018 Bloomberg View: "What Do Investors and Companies Talk About?" [Careful academic research documents what everyone knows about preferential access]
Adv, Emp, Equ, Man, Sup	January 7, 2018 Wall Street Journal: "iPhones and Children Are a Toxic Pair, Say Two Big Apple Investors" [New activist fund established to support institutional investor interests in long term production of goods and services]
Adv, Equ, Ind, Man	December 30, 2017 New York Times: "Why Are Mutual Fund Fees So High? This Billionaire Knows" [Market demand for differentiated "stock picking" portfolio management]
Adv, Emp, Equ, Ind, Man, Sup	October 25, 2017 Wall Street Journal: "The Morningstar Mirage" [Analyzing flawed element of marketplace capital allocation decisions]
Adv, Equ, Man, Sup	January 19, 2017 Wall Street Journal: "New Wall Street Conflict: Analysts Say ‘Buy’ to Win Special Access for Their Clients" [Renewed concerns about preferential access, now with analysts offering it to clients]; see also commentary in January 20, 2017, Matt Levine in Bloomberg View: "Wall Street Analysts Give Investors What They Want \| It's just not what regulators think they should want." [Marketplace requires analysts to provide clients access to private communication, with research only a supporting function]
Adv, Equ, Man, Sup	February 4, 2016 Wall Street Journal: "Making Financial Advisers and Investment Bankers Better Teammates \| Independent advisers and firms that support them are tackling an often prickly relationship" [Advantages of independent advisors in providing clients access to investment banking services]
Adv, Man, Sup, Tec	Febrtuary 2, 2016 Institutional Investor: "Money Machines: Online Wealth Platforms Seek to Tap a Richer Vein \| In the wake of the robo-advisers, newer fintech players target the high-net-worth market with specialized services" [Applications of technology to higher value investor services]
Emp, Ind, Man, Res	December 11, 2015 New York Times: "Pushing Aside 401(k)’s for Mandatory Savings Plans" [Competing views of commercial or public responsibility for funding retirement]
Adv, Man, Sup, Tec	November 20, 2015 New York Times: "Fidelity Joins Growing Field of Automated Financial Advice" [Fund managers entering competition for automated technologies, with chart of current passive investment support products]
Adv, Man, Sup, Tec	November 20, 2015 InvestmentNews: "Is Fidelity's plan to ditch relationship with Betterment and build its own robo too little, too late? \| Partnership ends as Fidelity tries to capitalize with its eMoney technology" [Shifting efforts of asset manager to provide technology supporting adviser services]
Adv, Tec	November 18, 2015 New York Times \| DealBook: "A Flurry of Growth in the Online Financial Advice Field" [Review of growing competition to provide automated investment advisory services]
Equ	November 18, 2015 New York Times: "How Amazon’s Long Game Yielded a Retail Juggernaut" [Example of successful investment in production of goods and services]
Adv, Ind	November 11, 2015 New York Times: "Making an Adviser Relationship Work" [Investor considerations of alternatives to reliance upon wealth advisers]
Equ, Man	November 10, 2015 Dow Jones MarketWatch: "Opinion: How to pick stocks that will outperform for the next 20 years" [Selecting long term investments based on competitive use of capital to produce goods and services]
Emp, Man, Res	November 6, 2015 New York Times \| Fair Game, : "A Hedge Fund Sales Pitch Casts a Spell on Public Pensions" [Investing based on manager's marketing skill instead of use of capital to produce goods and services]
Adv, Equ, Man	November 6, 2015 Wall Street Journal \| MoneyBeat: "When Small Investors Make Tiny Stocks Move, Big-Time" [Opportunities and risks of old investment practices in thinly traded stocks]
Adv, Sup, Tec	November 6, 2015 New York Times: "Financial Advice for Women, From Women" [Technology support of advisory services targeting defined market segment]
Adv, Tec	November 4, 2015 InvestmentNews: "2,500% asset growth projected for robo-advice platforms" [Consultant's view of evolution in technology for investment adviser services]
Adv, Res	November 2, 2015 Financial Planning: "Why Advisors Will Likely Clamor Soon for Cheaper Annuities" [Regulatory encouragement of adviser focus on cost-efficient annuities]
Equ, Man	October 29, 2015 Wall Street Journal: "Mutual Funds Flail at Valuing Hot Startups Like Uber \| Prices for hot private companies are hard to set and can vary widely; a 99% plunge at T. Rowe Price" [Fund managers making up their own performance reports]; see also November 17, 2015 Wall Street Journal: "Regulators Look Into Mutual Funds’ Procedures for Valuing Startups"
Ind, Res	October 15, 2015 Investments & Pensions Europe: "NAPF rebrands itself to cover non-pension savings trend" [Global shift to support of individual responsibility for savings]
Emp, Ind, Man, Res	October 15, 2015 Wall Street Journal: "Companies to Workers: Start Saving More—Or We’ll Do It for You \| Firms are boosting the automatic retirement-savings rate—and finding little pushback from employees" [Employer and fund manager efforts to increase rate of individual savings]
Equ, Ind, Tec	October 13, 2015 Wall Street Journal: "Are You Ready to Buy Stocks at Your Grocery Store?" [Evidence of individual interest in owning specific company stocks]
Equ, Man	October 9, 2015 New York Times \| Mutual Funds Report: "Investing May Be Cheaper, but Fees Still Hurt" [Agency cost advantage of indexed funds] "The Ease of Index Funds Comes With Risk" [Questions about economic foundation of indexed funds]
Adv	October 9, 2015 Wall Street Journal: "When Financial Advisers Move, Should Clients Follow?" [Views of questions investors should consider if adviser switches to new firm]
Adv, Equ	October 7, 2015 Wall Street Journal: "Brokers Answer the Entrepreneurial Call" [Advisers investing in their own business of selling services to investors]
Equ	October 4, 2015 New York Times \| Fair Game: "Valeant’s High-Price Drug Strategy" [Investing in companies managed for short term stock price instead of long term production of goods and services]
Equ	September 28, 2015 Bloomberg View: "Sometimes Companies Meet With Their Owners" [Observations of preferential investor access to decision-making information]
Man	September 27, 2015 New York Times \| Fair Game: "S.E.C. Turns Its Eye to Hidden Fees in Mutual Funds" [Investor concerns about advisor incentives]
Equ, Inv, Man	September 27, 2015 Wall Street Journal: "How Some Investors Get Special Access to Companies \| In meetings with top executives, facts and body language flow from public companies to handpicked recipients" [Renewed concerns about unfair access to investment information]
Man	September 25, 2015 Wall Street Journal: "Some Funds in Your 401(k) Aren’t Really Mutual Funds After All \| Collective investment trusts, or CITs, have lower fees but less transparency" [Development of more cost-efficient alternatives for fund administration]
Adv, Equ, Inv, Man, Res	September 25, 2015 Wall Street Journal \| MoneyBeat: "Can You See the Future? Probably Better Than Professional Forecasters" [Statistics discouraging reliance upon professional predictions]
Adv, Tec	September 23, 2015 Wall Street Journal: "Financial Engines to Offer 401(k) Savers Free Access to Advisers \| Push comes as financial companies seek ways to combine computerized and human assistance" [More solutions for cost-efficient technologies supporting retirement accounts]
Adv, Sup, Tec	September 22, 2015 InvestmentNews: "NextCapital takes on competing retirement robos with 401(k) account aggregation \| With such automated functionality, advisers can pull data from various sources to create a comprehensive financial plan" [Increasing competition to provide advisers with automated financial tools for support of client service]
Adv, Sup, Tec	September 16, 2015 Think Advisor: "The Indie Robo-Advisor: A Doomed Business Model?" [Consultant predicts adaptation of technology to support traditional adviser services]
Emp, Sup, Tec	September 11, 2015 New York Times: "Simpler, Less Expensive 401(k) Options Emerge for Small Businesses" [Developing competition for financial services supporting smaller company employees]
Man	September 10, 2015 Wall Street Journal: "Giant Hedge Fund’s Radical Idea: Performance Guaranteed or Your Money Back" [Testing alternative compensation of fund managers for sustained performance]
Emp, Ind	September 8, 2015 Wall Street Journal \| CFO Journal: "Tax Policies Spur Companies to Offer Pension Buyouts" [Government incentives supporting individual responsibility for retirement funds]
Equ	September 3, 2015 Dow Jones MarketWatch: "How to make money in the coming economic ‘ice age’" [Advisors offering risk-mitigating strategies for individual investors]
Equ, Man, Res	September 2, 2015 Wall Street Journal: "Giant U.S. Pension Fund Calstrs to Propose Shift Away From Stocks, Bonds" [Pension funds considering risk-mitigating strategies to satisfy commitments]
Adv, Man, Sup, Tec	August 26, 2015 Financial Times: "BlackRock buys ‘robo-adviser’ to woo millennials" [Asset manager use of automated financial services to support affiliated advisors]
Adv, Sup, Tec	August 25, 2015 Institutional Investor: "RIA Start-ups Face a Complex World, but Help Is at Hand" [Development of services designed for support of independent investment advisors]
Adv	August 22, 2015 Barron's: "Top 100 Independent Financial Advisors" [Review and rankings of leading independent financial advisors]; see also annual listings: Top 100 Independent Financial Advisors for 2015 Top 100 Independent Financial Advisors for 2014 Top 100 Independent Financial Advisors for 2013
Adv, Sup, Tec	August 6, 2015 Institutional Investor: "RIAs Harness Personal Touch and Tech to Fight Robo-Advisers" [Automated investing services designed to support investment advisors]
Adv, Sup, Tec	August 3, 2015 Institutional Investor: "RIAs Shouldn’t Fear the Robots" [Use of automated investing services with and without investment advisors]
Adv, Sup, Tec	July 9, 2015 Think Advisor: "What Wealthfront’s Attack on Betterment Is Really About" [Evolving competition for technology support of investment adviser services]
Adv, Sup, Tec	June 18, 2015 Financial Times: "Digital upstarts draw middle class investors with means" [Asset managers adopting automated financial services to compete for expanded market]
Adv, Sup	June 18, 2015 Financial Times: "Wirehouses in decline as advisers seek independence" [Financial advisors find alternatives to traditional support services]
	Academic and Professional Views
Adv, Equ, Man, Tec	February 3, 2022, Antoine Argouges of Tulipshare commentary in Proactive: "The history of shareholder activism and why shareholders shouldn’t stay silent any longer" [Service provider support of expanded engagement by new investors]
Adv, Equ, Man, Tec	December 11, 2021, The Wall Street Journal: "The Best-Managed Companies of 2021—and How They Made It to the Top" [Ranking of companies based on management of business enterprise]
Adv, Emp, Equ, Man	November 8, 2021, Time (October 29, 2021, preliminary version): "Chamber of Conscience" [Responsibilities for leadership of enterprise communities]
Adv, Equ, Ind, Man, Sup, Tec	October 22, 2021, Barron's: "Robinhood’s New Proxy Platform Battles Investor Apathy" [Market research of retail investors stimulates adaptive efforts of their advisers]
Adv, Equ, Ind, Man, Sup, Tec	October 15, 2021, TheCorporateCounsel.net: "BlackRock’s Voting Change: Not Such a Big Deal?" [Marketing strategy of customer-directed voting viewed as antitrust defense strategy]
Adv, Equ, Ind, Man, Sup, Tec	October 15, 2021, The New York Times: "Shareholder Democracy Is Getting Bigger Trial Runs" [Investment service providers' marketing strategies focused on engaging ultimate investors]
Adv, Equ, Ind, Man, Res, Sup	October 6, 2021, Morningstar: "Robinhood Enters the Realm of Proxy Voting" [Market research of evolving "retail" investor engagement]
Adv, Equ, Man, Sup	October 4, 2021, Matt Levine commentary in Bloomberg Opinion: "Body Language" [Continuing questions about private investor meetings with corporate managers]
Adv, Equ, Ind, Man, Res, Sup, Tec	September 24, 2021, Witold Henisz of The Wharton School of the University of Pennsylvania, for Engine No. 1, posting in The Harvard Law School Forum on Corporate Governance: "A New Way of Seeing Value" [A new way of marketing to engaged retail investors]
Adv, Equ, Man, Tec	September 15, 2021, Angel Tengulov of University of Kansas posting in The Harvard Law School Forum on Corporate Governance: "Market Efficiency and Limits to Arbitrage: Evidence from the Volkswagen Short Squeeze" [Analysis of new and old market vulnerabilities to trading manipulations of short squeezes]
Equ, Man,	September 2, 2021, Ryan A. McLeod of Wachtell Lipton Rosen & Katz published by Global Comparitive Law in Equity Chambers: "Lessons From the First State: Delaware’s Books and Records Jurisprudence – Corporate America’s Evolving Battleground" (31 pages, 523 KB, in PDF format) [Historical common law foundations of stockholder rights to corporate records, and concerns about recent litigation applications]
Adv, Equ, Ind, Man, Sup, Tec	August 19, 2021, TheCorporateCounsel.net: "Retail Investor Q&A: Coming Soon to an Earnings Call Near You?" [Corporate management observations of increased "retail" investor engagement]
Adv, Equ, Man, Sup	March 4, 2020, Matt Levine commentary in Bloomberg Opinion: "Owners Access Companies Directly \| Corporate access" [Continuing questions about private investor meetings with corporate managers]
Adv, Equ, Man, Sup, Tec	December 23, 2019, Lex Suvanto and David Carey of Edelman posting in The Harvard Law School Forum on Corporate Governance and Financial Regulation: "Wake Up Call for Corporate Leaders" [Professional survey research defines investor decision-making relevance of ESG factors]
Adv, Emp, Equ, Ind, Man, Sup, Tec	December 21, 2019, Ryan Beck and Amit Seru of Stanford Graduate School of Business, published in the Sunday Review of The New York Times: "Short-Term Thinking Is Poisoning American Business" [Business scholars' view of "Capitalism’s Long-Term Solution"]
Adv, Emp, Equ, Ind, Man, Sup	December 12, 2019, The New York Times: "Want a Bigger Say on Corporate Behavior? Move Your Money" [Linking the voting control bandwagon to the ESG bandwagon]
Adv, Emp, Equ, Man, Sup, Tec	November 26, 2019, Rick Wartzman and Kelly Tang of the Drucker Institute, posting in The Harvard Law School Forum on Corporate Governance and Financial Regulation: "Measures of Corporate Effectiveness and the Management Top 250 Rankings" [Analytics supporting investments based on recently rediscovered foundations of business profits]
Equ, Ind, Man	November 19, 2019, Alon Brav of Duke University, Matthew D. Cain of the University of California, Berkeley, and Jonathon Zytnick of Columbia University, published as a Finance Working Paper of the European Corporate Governance Institute (ECGI): "Retail Shareholder Participation in the Proxy Process: Monitoring, Engagement, and Voting" (83 pages, 1.1 MB, in PDF format); for the authors' summary of their research, see November 19, 2019, Alon Brav of Duke University, Matthew D. Cain of the University of California, Berkeley, and Jonathon Zytnick of Columbia University posting in The Harvard Law School Forum on Corporate Governance and Financial Regulation: "Retail Shareholder Participation in the Proxy Process: Monitoring, Engagement, and Voting" [Research of shareholder voting constituency averaging 26% of corporate holdings]
Adv, Emp, Equ, Ind, Man, Res, Sup, Tec	October 1, 2019, Leo E. Strine, formerly of the Delaware Supreme Court, published in Financial Times: "Workers must be at the heart of company priorities \| A judge’s manifesto for fairer and more sustainable capitalism" [Leading corporate governance authority moves from court to political definition of rules]; see also October 1, 2019 Financial Times interview of Leo Strine: "Leo Strine’s new deal for corporate America" and October 3, 2019, Leo E. Strine: "Toward Fair and Sustainable Capitalism \| A Comprehensive Proposal to Help American Workers, Restore Fair Gainsharing Between Employees and Shareholders, and Increase American Competitiveness by Reorienting Our Corporate Governance System Toward Sustainable Long-Term Growth and Encouraging Investments in America’s Future" (28 pages, 441 KB, in PDF format)
Adv, Equ, Man	September 12, 2019, Matt Levine in Bloomberg View: "Picking the Good Stocks Isn’t Enough" [Discovering that influencing is more reliable than predicting]
Adv, Equ, Man,Sup	September 8, 2019, Gaia Balp and Giovanni Strampelli of Bocconi University Department of Law: "Institutional Investor Collective Engagements: Non-Activist Cooperation vs Activist Wolf Packs" (69 pages, 723 KB, in PDF format); see also the authors' subsequently published summary in November 1, 2019, Giovanni Strampelli and Gaia Balp of Bocconi University Department of Legal Studies posting in Columbia Law School CLS Blue Sky Blog: "The Case for Institutional Investors’ Collective Engagements" [European academic support of institutional investor collaborations]
Equ, Man	September 1, 2019, Justin T. Kelton of Abrams, Fensterman, Fensterman, Eisman, Formato, Ferrara, Wolf & Carone, posting in The Harvard Law School Forum on Corporate Governance and Financial Regulation: "Confidentiality and Inspections of Corporate Books and Records" [Clarifying conventional concepts of confidentiality in shareholder rights to records]
Adv, Emp, Equ, Man, Sup	August 23, 2019, Leo E. Strine Jr. of the Delaware Supreme Court and Antonio Weiss of the Harvard Kennedy School, published by The New York Times: "Why Isn’t Your Mutual Fund Sticking Up for You?" [View of fund manager's duty to support its ultimate investors' interests in production of goods and services]
Adv, Equ, Man, Sup	July 6, 2019, Davidson Heath, Daniele Macciocchi and Matthew Ringgenberg of the University of Utah and Roni Michaely of the University of Geneva and Swiss Finance Institute, published by the Swiss Finance Institute: "Do Index Funds Monitor?" (56 pages, 624 KB, in PDF format); see also report of this research in August 12, 2019 IR Magazine: "US passives don’t tackle contentious management issues, reveals research" [Academic research questions effectiveness of index funds' stewardship]
Adv, Equ, Man, Sup, Tec	July 3, 2019, Matt Levine in Bloomberg: "Good Investors Make Investing Harder" [The struggle of large fund managers to outperform the market that their own actions define]
Adv, Equ, Man, Sup	June 27, 2019, Matt Levine in Bloomberg: "The Owners Want to Meet Their Companies" [A professional's reactions to report of large fund managers establishing private communications directly with CEOs]
Adv, Equ, Man, Sup, Tec	June 25, 2019, Robert F. Stambaugh of the Wharton School, University of Pennsylvania: "Skill and Fees in Active Management" (39 pages, 507 KB, in PDF format)
Adv, Equ, Man, Sup	April 28, 2019, David Shammai and Kiran Vasantham of Morrow Sodali, posting in The Harvard Law School Forum on Corporate Governance and Financial Regulation: "Engaging With Your Investors" [Proxy professionals' advice for satisfying increasing investor engagement requirements]
Adv, Emp, Equ, Ind, Man, Res, Sup	April 20, 2019, Joy-Therése Williams and Alicia Seiger of the Decarbonization Advisory Panel for the New York State Common Retirement Fund, posting in The Harvard Law School Forum on Corporate Governance and Financial Regulation: "Decarbonization Advisory Panel Report and Letter to NYS Comptroller" [Investors focusing on how their capital should be used, including through index managers' selections of constituent companies]
Adv, Man, Sup	March 31, 2019, Katherine T. Rabin of Glass, Lewis & Co. posting in The Harvard Law School Forum on Corporate Governance and Financial Regulation: "Glass Lewis’ Report Feedback Service: Direct, Unfiltered Commentary from Issuers and Shareholder Proponents" [Glass Lewis adding proxy solicitation to its expanding private "access" services]
Equ, Man, Tec	March 5, 2019 TheCorporateCounsel.net: "ESG Activism: 'I Am Retail – Hear Me Roar!'” [Application of new technologies to aggregate and support student interests in corporate policies]
Equ, Man, Tec	February 19, 2019 TheCorporateCounsel.net: "''SAY' for Retail Shareholders: Shades of the Defunct 'Moxy Vote'” [Corporate governance professionals' observations of new technologies supporting expanded shareholder voting]
Equ, Man, Tec	January 31, 2019 CorpGov.net: "Internet Will Drive Public Opinion and Proxy Voting to Reflect American Values" [Review of ventures providing technologies for application of political processes to shareholder voting]
Equ, Man, Tec	January 30, 2019 Bloomberg Law: "Tesla’s Once ‘Boring’ Earnings Q&A Opens up to Small Holders (1)" [Professional views of new service supporting communications with retail shareholders]
Adv, Emp, Equ, Man, Sup, Tec	January 25, 2019 IR Magazine: "How long-term investors deal with short-term pressures" [Guide for responsible public fund investing in the production of goods and services]; see also referenced December 2018, FCLTGlobal: "Balancing Act: Managing Risk across Multiple Time Horizons" (30 pages, 445 GB, in PDF format)
Adv, Equ, Man	January 11, 2019 New York Times: "More Start-Ups Have an Unfamiliar Message for Venture Capitalists: Get Lost" [Entrepreneur concerns that investments support sustainable growth in production of goods and services]
Adv, Equ, Man, Sup, Tec	January 4, 2019 Financial Times: "Beyond the bottom line: should business put purpose before profit?" [Reconsidering foundations of competition to produce goods and services]
Adv, Equ, Man, Sup	December 26, 2018, John C. Wilcox of Morris Sodali: Comment letter to the U.S. Securities and Exchange Commission relating to its Roundtable on the Proxy Process (5 pages, 215 KB, in PDFformat) [Expert views of need for regulatory support of shareholder voting and communication processes matching efficiency of financial transaction processes]
Adv, Equ, Man, Sup	December 19, 2018, Doron Levit of the University of Pennsylvania posting in The Harvard Law School Forum on Corporate Governance and Financial Regulation: "Soft Shareholder Activism" [Scholar discovers activist campaigns depend on shareholder communication]
Adv, Man, Sup	December 18, 2018, Paul Calluzzo of Queen's University and Simi Kedia of Rutgers Business School posting in The Harvard Law School Forum on Corporate Governance and Financial Regulation: "Mutual Fund Board Connections and Proxy Voting" [Academic study supporting insider director communications for better informed mutual fund proxy voting]
Adv, Equ, Man	November 29, 2018, John C. Bogle, published in The Wall Street Journal: "Bogle Sounds a Warning on Index Funds" [Indexing founder's views of need for responsible governance of proxy voting]
Adv, Equ, Man	October 9, 2018, Preet Bharara of New York University and Robert J. Jackson, Jr., of the Securities and Exchange Commission, published opinion in The New York Times: "Insider Trading Laws Haven’t Kept Up With the Crooks" [Regulators' view of need to assure fair use of investment information]
Adv, Equ, Man, Sup, Tec	September 21, 2018, Nate Abercrombie of Investing with the Buyside, interview by IR Magazine: "The Investing with the Buyside podcast: Corporate access for the masses" [Analyst's effort to provide access to corporate management insights]
Adv, Equ, Man, Sup	August 24, 2018 Barron's: "Even Wall Street Pros Have a Tough Time Getting Into This Club" [Practical access to peer review of investment analyses]
Adv, Equ, Man, Sup	July 18, 2018, Charles M. Nathan of Finsbury posting in The Conference Board Governance Center Blog: "Institutional Investor Engagement: One Size Does Not Fit All" [Evolving application of governance "engagement" practices to analysts' corporate access]; see also July 24, 2018, Andrew Clearfield of Investment Initiatives LLC and International Corporate Governance Network ("ICGN"): Response to The Conference Board comments of Charles M. Nathan on Institutional Investor Engagement [Corporate governance expert's views of corporate defense expert's views]
Equ, Tec	July 15, 2018, John Mark Zeberkiewicz of Richards Layton & Finger posting in The Harvard Law School Forum on Corporate Governance and Financial Regulation: "Delaware’s Voluntary Sustainability Certification Law" [New law supporting voluntary corporate definition and reporting of sustainability performance measurements]
Adv, Equ, Man, Tec	July 11, 2018, Vikas Agarwal (Georgia State University), Rahul Vashishtha (Duke University), and Mohan Venkatachalam (Duke University) posting in The Harvard Law School Forum on Corporate Governance and Financial Regulation: "Mutual Fund Transparency and Corporate Myopia" [Questions raised (again) about measuring both fund and corporate performance based on quarterly market pricing of stock]
Adv, Equ, Man	July 2018, William Lock with Bruno Paulson and Dirk Hoffmann-Becking of Morgan Stanley Asset Management in its Global Equity Observer: "It’s All About The Earnings – The Long-Term Earnings"(4 pages, 1.1 MB, in PDF format) [Active manager's views of selecting company investments based on earnings from business]
Adv, Equ, Man, Tec	June 22, 2018 Institutional Investor: "Asset Managers Among the Worst-Governed Public Firms, Study Finds" [Analysis of language raises questions about reliability of major asset managers]
Adv, Equ, Man, Sup, Tec	June 19, 2018 Wall Street Journal: "The Personalized Index Fund’s Time May Be Near" [Considering investor control of criteria for indexed portfolio]
Adv, Equ, Man, Sup	June 18, 2018, Donna F. Anderson of T. Rowe Price posting in The Harvard Law School Forum on Corporate Governance and Financial Regulation: "T. Rowe Price’s Investment Philosophy on Shareholder Activism" [Mutual fund's carefully defined practices for communications and portfolio manager decisions responding to activists]
Adv, Equ, Ind, Man, Sup, Tec	June 14, 2018, Morgan Stanley Investment Management: "Sustainable Signals: Asset Owners Embrace Sustainability" (12 pages, 2.4 MB, in PDF format); for a report of the research, see June 18, 2018 Business Insider: "Money managers are flocking to a $23 trillion investing strategy that Morgan Stanley says is ready to take off" [Survey of 118 global funds finds 70% have implemented ESG strategies, another 14% actively considering, but only 42% feel they have adequate tools to assess]
Adv, Equ, Ind, Man, Sup, Tec	June 11, 2018 The New York Times \| DealBook: "New Goldman Sachs Fund Will Track Paul Tudor Jones’s Feel-Good Companies" [Applying metrics to selection of "good" users of capital, but with questions about underlying logic]
Adv, Emp, Equ, Man, Sup	June 6, 2018, Jamie Dimon of JPMorgan Chase & Co. and Warren E. Buffett Berkshire Hathaway Inc. in The Wall Street Journal: "Short-Termism Is Harming the Economy \| Public companies should reduce or eliminate the practice of estimating quarterly earning" (see also June 6, 2018 CNBC video interview of the authors) [Renewed efforts to focus corporate managers and investors on the use of capital to produce goods and services]; see also related June 7, 2018 Directors and Boards: "Buffett and JPMorgan's Dimon Want to Ditch Quarterly Earnings Estimates?" [Board views of support initiative to discourage focus on short term financial targets]
Adv, Equ, Ind, Man, Sup	May 9, 2018 Dow Jones MarketWatch: "Opinion: Why you can’t trust Wall Street analysts" [Renewed questions about sell-side analyst biases]
Adv, Man	March 18, 2018, Linlin Ma of Northeastern University, Yuehua Tang of University of Florida, and Juan-Pedro Gomez of IE University Business School for publication in Journal of Finance: "Portfolio Manager Compensation in the U.S. Mutual Fund Industry" (93 pages, 2.3 MB, in PDF format); see also summary in April 14, 2018, Linlin Ma of Northeastern University, Yuehua Tang of University of Florida, and Juan-Pedro Gomez of IE University Business School posting in The Harvard Law School Forum on Corporate Governance and Financial Regulation: "Portfolio Manager Compensation in the U.S. Mutual Fund Industry" [Academic research identifies common difference between economic interests of portfolio managers and their employers]
Adv, Ind, Man, Sup, Tec	February 28, 2018, Brian Barnes of M1 Finance LLC: "Do you really need a financial advisor?" [Technology innovator challenges traditional model of financial services]
Adv, Equ, Man, Sup	February 2018, Lawrence D. Brown of Temple University, Andrew C. Call of Arizona State University, Michael B. Clement of University of Texas at Austin, and Nathan Y. Sharp of Texas A&M University: "Managing the Narrative: Investor Relations Officers and Corporate Disclosure" (60 pages, 628 KB, in PDF format); for a subsequently published summary, see October 23, 2018, Andrew C. Call of Arizona State University, posting in The Harvard Law School Forum on Corporate Governance and Financial Regulation: "Managing the Narrative: Investor Relations Officers and Corporate Disclosure" [Academic survey of corporate investor relations officers' views of managing investor access to information]
Adv, Equ, Ind, Man, Sup	January 19, 2018, Jay Clayton of the U. S. Securities and Exchange Commission, speech: "Opening Remarks to SEC-NYU \| Dialogue on Securities Markets #4: Shareholder Engagement" [Regulator's views of corporate and fund manager responsibilities for interests of ultimate investors]
Adv, Equ, Ind, Man, Sup	January 2, 2018, Michael Dambra of SUNY at Buffalo, Laura Casares Field of University of Delaware, Matthew Gustafson of Pennsylvania State University, and Kevin Pisciotta of University of Kansas, published in the Journal of Accounting and Economics: "The Consequences to Analyst Involvement in the IPO Process: Evidence Surrounding the JOBS Act" (75 pages, 1.1 MB, in PDF format) [Analysis showing 3% investor losses with increased analyst involvement in stock offerings, but improved investment banker benefits]
Adv, Man, Sup	June 2017, Lucian A. Bebchuk of Harvard Law School, Alma Cohen of Tel Aviv University and Scott Hirst of Harvard Law School published in Summer 2017, Journal of Economic Perspectives: "The Agency Problems of Institutional Investors" (42 pages, 240 KB, in PDF format) [Academic analysis of multiple layers of agency interests controlling capital of ultimate investors]; for the authors' subsequently published summary, see June 12, 2018, Lucian Bebchuk, Alma Cohen, and Scott Hirst of Harvard Law School posting in The Harvard Law School Forum on Corporate Governance and Financial Regulation: "Index Fund Stewardship" [Scholarly questions about reliance upon index fund managers to guide corporate governance]
Sup, Tec	December 16, 2015 sponsored content of Broadridge Financial Solutions published by InvestmentNews: "Robo-advising and other services" [Developing administrative support of technology for adviser services]
Adv, Equ, Ind, Man, Sup, Tec	December 5, 2017 Wall Street Journal, Journal Reports: Leadership: "Methodology for the Management Top 250 Company Rankings \| How the Drucker Institute identified the most effectively managed U.S. companies" [Summary of methodology and references to other reports of project]
Adv, Emp, Man	December 5, 2015, Ashby H.B. Monk of Stanford University and University of Oxford, published in Institutional Investor \| Avenue of Giants: "It’s Time for Finance to Go Organic" [Academic attention to source and distribution channels for financial products]
Emp, Ind, Res	December 3, 2015, Charles E.F. Millard of Citigroup. formerly of Pension Benefit Guaranty Corp., published in Pensions & Investments: "States offer promise in addressing retirement crisis" [Pension expert's view of need for practical funding of financial security]
Adv, Inv, Sup, Tec	December 2015, Capgemini Financial Services: "United States Wealth Report 2015" (32 pages, 3.0 MB, in PDF format) [Market research of high net worth individual ("HNWI") use of wealth management services]; see also June 2015, Capgemini Financial Services and RBC Wealth Management, excerpt from World Wealth Report 2015: "Equities lead and Credit emerges as a key demand and opportunity" (8 pages, 1.4 MB, in PDF format) [Global allocations of high net worth individual ("HNWI") investments to asset categories]
Adv, Equ, Sup, Tec	November 6, 2015, Zachary Karabell of Envestnet published in The Wall Street Journal: "The Uberization of Money" [Adviser support provider's vision of opportunities in improved efficiency of retail financial services]
Equ	October 25, 2015 Dow Jones MarketWatch: "Opinion: Companies are wasting money from layoffs on share buybacks" [Analyzing investments based on fundamental business performance]
Equ	October 20, 2015, David F. Larcker and Brian Tayan of the Stanford Graduate School of Business, published in the Stanford Closer Look Series: "Trust and Consequences: A Survey of Berkshire Hathaway Operating Managers" (5 pages, 169 KB, in PDF format); see also summary in October 29, 2015 Stanford Business Insights: "What Is It Like to Be Owned by Warren Buffett? \| A new survey reveals Berkshire’s management style" [A 50 year view of investing in the production of goods and services]
Adv, Sup	October 15, 2015, Norb Vonnegut in The Wall Street Journal \| Wealth Adviser: "Vonnegut: The Math and Meta Questions of Going Independent" [View of questions advisors should consider before starting independent practice]
Sup	October 14, 2015 InvestmentNews: "Down to the details: Financial planning software" [Alternative software products supporting financial adviser services]
Ind, Man, Res	September 13, 2015, Diane Oakley of the National Institute on Retirement Security interview on C-SPAN Washington Journal: "State Retirement Savings Efforts" [Pension advocacy organization's views of need for support of individual investment plans]
Adv	September 2015, InvestmentNews Research: "2015 InvestmentNews Adviser Compensation and Staffing Study - Executive Summary" (13 pages, 565 KB, in PDF format) [Summary of trends in growth and prosperity of wealth management advisers]
Equ, Man	August 11, 2015, Eduard Van Gelderen of Erasmus University Rotterdam and Ashby H. B. Monk of Stanford University: "Knowledge Management in Asset Management" (25 pages, 280 KB, in PDF format) [Research supporting use of investment skill and knowledge to achive superior financial performance in active management]
Man, Res	August 2015, Diane Oakley of the National Institute on Retirement Security (NIRS): "Retirement Security Risk: What Role Can Annuities Play in Easing Risks in Public Pension Plans?" (36 pages, 2.2 MB, in PDF format) [Analysis of annuities to reduce risks of pension fund obligations]
Equ, Man	July 28, 2015 (draft), Mila Getmansky of the University of Massachusetts, Peter A. Lee of AlphaSimplex Group, and Andrew W. Lo of the Massachusetts Institute of Technology: (MIT) Sloan School of Management: "Hedge Funds: A Dynamic Industry in Transition" (135 pages, 3.0 MB, in PDF format); see also August 17, 2015 Bloomberg: "Buzzkill Profs: Hedge Funds Do Half as Well as You Think" [Research raises questions about performance statistics of fund managers]
Equ	July 16, 2015 MarketWatch: "Opinion: What you can do about obscenely high executive pay" [Basing investments on corporate managers' respect of long term shareholder interests]
Equ, Man	July 3, 2015, David J. Winters of Wintergreen Fund video interview for Wealthtrack: "Winters: Market Mania?" [Value investor's view of risks associated with index funds]; see also related April 30, 2015, Liz Cohernour and David J. Winters of Wintergreen Advisers, LLC: "How the Votes of Big Index Funds Feed CEO Greed and Put Americans’ Retirement Savings in Peril" (10 pages, 1.4 MB, in PDF format) [Report of major fund manager's defined contribution plan data]
Emp, Sec	July 2015, CFO Research in collaboration with Mercer LLC: "Taking the Next Step in Pension Risk Management" (20 pages, 6.9 MB, in PDF format) [Survey of financial executives responsible for defined benefit plans regarding their management of risks and consideration of alternatives]
Equ, Man	June 2015, CFA Institute: "Enviromental, Social & Governance (ESG) Survey" (19 pages, 230 KB, in PDF format); see also related August 14, 2015, CFA Institute: "ESG Issues in Investing: Investors Debunk the Myths" (2 pages, 39 KB, in PDF format) August 17, 2015, CFA Institute and IRRC Institute, publilshed by BusinessWire, : "Almost Three Quarters of Investment Professionals Use Environmental, Social & Governance Information When Making Investment Decisions" [Research advocating use of ESG criteria in investment decisions]
Man, Res	June 2015, The Vanguard Group, Inc.: "How America Saves 2015" (110 pages, 2.6 MB, in PDF format) [Report of major fund manager's defined contribution plan data]
Adv, Equ, Man	April 2015, Zachary Karabell of Envestnet, Inc. in The Envestnet Edge: "The End of Short-Termism is Long Overdue" (4 pages, 1.3 MB, in PDF format) [Adviser recommends investment strategies in anticipation of marketplace shift of focus to long term business objectives]
Equ, Man	March 14, 2015 New York Times \| Strategies: "How Many Mutual Funds Routinely Rout the Market? Zero" [Research confirms mutual fund performance does not exceed statistical probabilities of random stock selection]; see also referenced prior articles and cited sources: July 19, 2014 New York Times \| Strategies: "Who Routinely Trounces the Stock Market? Try 2 Out of 2,862 Funds" [Research shows fewer mutual funds out-performing market than statistical odds of random selection] July 26, 2014 New York Times \| Strategies: "Heads or Tails? Either Way, You Might Beat a Stock Picker" [Applying probabilities analysis to previously reported research for cost-efficient speculation in market pricing of equity securities] (periodic reports) S&P Dow Jones Indices LLC: "Does Past Performance Matter? The Persistence Scorecard" ■ June 2014 (8 pages, 138 KB, in PDF format) ■ December 2014 (7 pages, 132 KB, in PDF format) ■ June 2015 (17 pages, 503 KB, in PDF format)
Equ, Man	September 8, 2014, Ashby H.B. Monk of University of Oxford, published in Institutional Investor: "The New Dawn of Financial Capitalism" [Scholar's observations of need for revitalized investment in long term enterprise development]
Emp	June 2014, CFO Research in collaboration with Prudential Financial, Inc: "Managing Financial Risk in Retirement and Benefits Programs" (15 pages, 6.9 MB, in PDF format) [Survey of financial executive views regarding evolving employer responsibilities for support of employee retirement and benefit programs]
Adv, Emp, Ind, Res, Sup, Tec	December 2013, Transamerica Retirement Solutions: "Prescience 2017 \| Expert Opinions on the Future of Retirement Plans" (28 pages, 5.5 MB, in PDF format) [Survey of retirement plan experts regarding trends and anticipated developments in management of employee pensions]
Adv, Emp, Equ, Ind, Man, Sup	June 17, 2009 The Nation: "The Most Important Financial Journalist of Her Generation \| Long before most in the business press rose to the challenge, Gretchen Morgenson was reporting that the financial sector had gone rogue." [Professional views of reporting facts for investment decisions]