LEADER 06051nam 2200745 a 450 001 9910788581403321 005 20211005003848.0 010 $a1-283-89640-0 010 $a0-8122-0464-6 024 7 $a10.9783/9780812204643 035 $a(CKB)3240000000064707 035 $a(EBL)3441747 035 $a(SSID)ssj0000606283 035 $a(PQKBManifestationID)11379745 035 $a(PQKBTitleCode)TC0000606283 035 $a(PQKBWorkID)10596499 035 $a(PQKB)11450938 035 $a(OCoLC)793012543 035 $a(MdBmJHUP)muse8282 035 $a(DE-B1597)449358 035 $a(OCoLC)1013954435 035 $a(OCoLC)979684716 035 $a(DE-B1597)9780812204643 035 $a(Au-PeEL)EBL3441747 035 $a(CaPaEBR)ebr10641582 035 $a(CaONFJC)MIL420890 035 $a(MiAaPQ)EBC3441747 035 $a(EXLCZ)993240000000064707 100 $a20101222d2011 uy 0 101 0 $aeng 135 $aurnn#---|u||u 181 $ctxt 182 $cc 183 $acr 200 00$aCorporate governance failures$b[electronic resource] $ethe role of institutional investors in the global financial crisis /$fedited by James P. Hawley, Shyam J. Kamath, and Andrew T. Williams 210 $aPhiladelphia $cUniversity of Pennsylvania Press$dc2011 215 $a1 online resource (352 p.) 300 $aRevised proceedings of a two-day conference entitled Institutional Investors, Risk/Return, and Corporate Governance Failures : Practical Lessons from the Global Financial Crisis. 311 0 $a0-8122-4314-5 320 $aIncludes bibliographical references (p. [279]-333) and index. 327 $tFront matter --$tContents --$tChapter 1. Introduction /$rHawley, James P. / Kamath, Shyam J. / Williams, Andrew T. --$tChapter 2. Beyond Risk: Notes Toward a Responsible Investment Theory /$rLydenberg, Steve --$tChapter 3. The Quality of Corporate Governance Within Financial Firms in Stressed Markets /$rMark, Robert --$tChapter 4. Chasing Alpha: An Ideological Explanation of the Catastrophic Failure in the U.K.'s Financial Services Industry /$rAugar, Philip --$tChapter 5. Corporate Governance, Risk Analysis, and the Financial Crisis: Did Universal Owners Contribute to the Crisis? /$rHawley, James P. --$tChapter 6. Great Expectations: Institutional Investors, Executive Remuneration, and ''Say on Pay'' /$rSheehan, Kym --$tChapter 7. Against Stupidity, the Gods Themselves Contend in Vain: The Limits of Corporate Governance in Dealing with Asset Bubbles /$rDravis, Bruce --$tChapter 8. Real Estate, Governance, and the Global Economic Crisis /$rEichholtz, Piet / Kok, Nils / Yonder, Erkan --$tChapter 9. The Sophisticated Investor and the Global Financial Crisis /$rTaub, Jennifer S. --$tChapter 10. The Role of Investment Consultants in Transforming Pension Fund Decision Making: The Integration of Environmental, Social, and Governance Considerations into Corporate Valuation /$rKnight, Eric R. W. / Dixon, Adam D. --$tChapter 11. Funding Climate Change: How Pension Fund Fiduciary Duty Masks Trustee Inertia and Short-Termism /$rWoods, Claire --$tNotes --$tList of Contributors --$tIndex --$tAcknowledgments 330 $aCorporate governance, the internal policies and leadership that guide the actions of corporations, played a major part in the recent global financial crisis. While much blame has been targeted at compensation arrangements that rewarded extreme risk-taking but did not punish failure, the performance of large, supposedly sophisticated institutional investors in this crisis has gone for the most part unexamined. Shareholding organizations, such as pension funds and mutual funds, hold considerable sway over the financial industry from Wall Street to the City of London. Corporate Governance Failures: The Role of Institutional Investors in the Global Financial Crisis exposes the misdeeds and lapses of these institutional investors leading up to the recent economic meltdown. In this collection of original essays, edited by pioneers in the field of fiduciary capitalism, top legal and financial practitioners and researchers discuss detrimental actions and inaction of institutional investors. Corporate Governance Failures reveals how these organizations exposed themselves and their clientele to extremely complex financial instruments, such as credit default swaps, through investments in hedge and private equity funds as well as more traditional equity investments in large financial institutions. The book's contributors critique fund executives for tolerating the "pursuit of alpha" culture that led managers to pursue risky financial strategies in hopes of outperforming the market. The volume also points out how and why institutional investors failed to effectively monitor such volatile investments, ignoring relatively well-established corporate governance principles and best practices. Along with detailed investigations of institutional investor missteps, Corporate Governance Failures offers nuanced and realistic proposals to mitigate future financial pitfalls. This volume provides fresh perspectives on ways institutional investors can best act as gatekeepers and promote responsible investment. 606 $aGlobal Financial Crisis, 2008-2009$vCongresses 606 $aFinancial risk$vCongresses 606 $aCorporate governance$vCongresses 606 $aInstitutional investments$vCongresses 610 $aBusiness. 610 $aEconomics. 610 $aPolitical Science. 610 $aPublic Policy. 615 0$aGlobal Financial Crisis, 2008-2009 615 0$aFinancial risk 615 0$aCorporate governance 615 0$aInstitutional investments 676 $a330.9/0511 701 $aHawley$b James P.$f1944-$01467616 701 $aKamath$b Shyam J$01467617 701 $aWilliams$b Andrew T.$f1943-$0115159 801 0$bMiAaPQ 801 1$bMiAaPQ 801 2$bMiAaPQ 906 $aBOOK 912 $a9910788581403321 996 $aCorporate governance failures$93678347 997 $aUNINA