Featured Work
Jan 1, 2025
Andrey Malenko, Nadya Malenko | Working Paper No. 00158-00
Voting Choice
Traditionally, fund managers cast votes on behalf of fund investors. Recently, there is a shift towards "pass-through voting," with fund managers offering their investors a choice: delegate their votes to...
Aug 25, 2018
Ali Kakhbod, Uliana Loginova, Andrey Malenko, Nadya Malenko | Working Paper No. 00155-00
Advising the Management: A Theory of Shareholder Engagement
We study the effectiveness of shareholder engagement, that is, shareholders communicating their views to management. When shareholders and management have different beliefs, each shareholder engages more effectively when other shareholders...
Dec 13, 2016
Andrey Malenko | Working Paper No. 00004-00
Selling to Advised Buyers
In many cases, buyers are not fully informed about their valuations and rely on the advice of biased experts. For example, the board of the bidder relies on the advice...
Apr 3, 2016
Andrey Malenko, Nadya Malenko | Working Paper No. 00156-00
Proxy Advisory Firms: The Economics of Selling Information to Voters
We analyze how proxy advisors, which sell voting recommendations to shareholders, affect corporate decision-making. If the quality of the advisor's information is low, there is overreliance on its recommendations and...
