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Summary for the mandatory papers
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PAPERS CORPORATE GOV & SOCIAL RESPONSABILITY.Paper Title: "Are CEOs Rewarded for Luck?"
Methodology: Empirical analysis using oil price changes in the oil industry and industry-level
exchange rates in the traded goods sector as measures of luck.
Main Findings: CEOs are often rewarded for factors beyond their control, indicated by changes
in their pay corresponding to these external 'luck' factors.
Key Takeaway: This paper highlights the challenge in distinguishing between CEO
performance and external factors, questioning the effectiveness of executive compensation
structures.
Paper Title: "The Effect of Institutional Ownership on Payout Policy: Evidence from Index
Thresholds"
Methodology: Empirical analysis exploiting the rebalancing of Russell indexes to study changes
in institutional ownership and its impact on firm payout policies.
Main Findings: Higher institutional ownership leads to an increase in cash distribution to
shareholders.
Key Takeaway: The study suggests that institutional investors can influence corporate payout
policies, potentially aligning them more closely with shareholder interests.
Paper Title: "The Real Effects of Share Repurchases"
Methodology: Empirical investigation into the impact of share repurchases on employment
and investment in firms.
Main Findings: Firms engaging in share repurchases often experience a decrease in
employment and capital expenditures.
Key Takeaway: Share repurchases, while beneficial in some aspects, can have real negative
impacts on a firm's investment in human capital and future growth prospects.
Paper Title: "The Real Effects of Environmental Activist Investing" by Naaraayanan,
Sachdeva, and Sharma (2019)
Methodology: Analysis of the impact of environmental activism by pension funds on
carbon-intensive firms, using the Boardroom Accountability Project as a case study.
Main Findings: Targeted firms decreased toxic releases and improved air quality, primarily
through higher investment in abatement technologies.
Key Takeaway: Environmental activist investing can effectively influence corporate behavior
towards more environmentally responsible practices.
Paper Title: "Hedge Funds Activism" by Akey and Appel (2020)
Methodology: Examination of the impact of hedge fund activism on environmental releases of
targeted firms, using data from the EPA Toxic Release Inventory and other sources.
Main Findings: A decrease in toxic releases following hedge fund campaigns, mainly attributed
to decreased production rather than increased abatement activities.
Key Takeaway: Hedge fund activism can lead to significant environmental impacts, although
the methods to achieve these outcomes may vary.
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