Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/171506 
Erscheinungsjahr: 
2007
Schriftenreihe/Nr.: 
Economics Working Paper Series No. 07/63
Verlag: 
ETH Zurich, CER-ETH - Center of Economic Research, Zurich
Zusammenfassung: 
Although pension funds have gained importance in the last two decades, their role has not been described in detail by economic models. This paper focusses on the scope of these institutional investors when they are not satisfied with a management team of a company in which the pension fund holds a block of shares. Stock holdings by pension funds are largely dispersed. Therefore, any intervention by pension funds in corporate governance requires the formation of a coalition of pension funds. The realization of a coordinated intervention, in turn, is subject to the problems related to the provision of public goods, such as free-riding. We find that stock dispersion among pension funds, the amount of noise traders, coordination costs and the attractiveness of the exit option are relevant factors for successful interventions. The overall probability for a successful intervention, however, is quite low.
Schlagwörter: 
Pension Funds
Public Goods
Coase Theorem
JEL: 
G23
H41
Q50
Persistent Identifier der Erstveröffentlichung: 
Dokumentart: 
Working Paper

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