Cambridge Handbook of Institutional Investment and Fiduciary Duty

ISBN-13: 9781107035874 / Angielski / Twarda / 2014 / 507 str.

James P. Hawley;Andreas G. F. Hoepner;Keith L. Johnson

Opis

The Cambridge Handbook of Institutional Investment and Fiduciary Duty is a comprehensive reference work exploring recent changes and future trends in the principles that govern institutional investors and fiduciaries. A wide range of contributors offer new perspectives on dynamics that drive the current emphasis on short-term investment returns. Moreover, they analyze the forces at work in markets around the world which are bringing into sharper focus the systemic effects that investment practices have on the long-term stability of the economy and the interests of beneficiaries in financial, social and environmental sustainability. This volume provides a global and multi-faceted commentary on the evolving standards governing institutional investment, offering guidance for students, researchers and policy-makers interested in finance, governance and other aspects of the contemporary investment world. It also provides investment, business, financial media and legal professionals with the tools they need to better understand and respond to new financial market challenges of the twenty-first century.

Recenzje

'This groundbreaking Handbook is an insightful look into the real-world challenges of an investment industry navigating the ever-changing waters of the global economy. It shines a light on the risks that fiduciaries may face if they don't understand how the world is changing around them. The Handbook is a must read for any investment fiduciary interested in a comprehensive interdisciplinary perspective.' Anne Stausboll, Chief Executive Officer of the California Public Employees' Retirement System (CalPERS)

Spis treści

1. Introduction; Part I. Fiduciary Duty: A Global Outlook: 2. The public fiduciary - a Canadian perspective; 3. The basis of fiduciary duty in investment in the United States; 4. Governance and accountability in UK pension schemes; 5. Institutional investment and fiduciary duty in Australia; 6. The regulation of institutional investment in Sweden: a role-model for the promotion of responsible investment?; 7. The Dutch pension system; Part II. Fiduciary Duty and the Landscape of Institutional Investment: 8. The philanthropic fiduciary; 9. Paradigm lost: employment-based defined benefit plans and the current understanding of fiduciary duty; 10. Economically targeted investing: changing of the guard; 11. Institutional investment in the European Union Emissions Trading Scheme; 12. Have institutional fiduciaries improved securities class actions? A review of the empirical literature on the PSLRA's Lead Plaintiff Provision; 13. The future of fiduciary obligation for institutional investors; Part III. Challenging Conventional Wisdom on Fiduciary Duty: 14. Is the search for excessive alpha a breach of fiduciary duty?; 15. Fiduciary duty and sin stocks: is vice really nice?; 16. Whose risk counts?; 17. Sustainability, financial markets and systemic risk; 18. Uncertain times, plural rationalities and the pension fiduciary; 19. Emotional finance and the fiduciary responsibility of asset managers; Part IV. Towards a Broader Interpretation of Fiduciary Duty: 20. Fiduciary duty and the search for a shared conception of sustainable investment; 21. Pension fund fiduciary duty and its impacts on sustainable investing; 22. Reason, rationality and fiduciary duty; 23. Socially responsible investment and the conceptual limits of fiduciary duty; 24. Fiduciary duty at the intersection of business and society; 25. Challenging conventional wisdom: the role of investment tools, investment beliefs and industry conventions in changing our interpretation of fiduciary duty; Part V. Beneficiaries' Roles and Viewpoints: 26. The voice of the beneficiary; 27. Understanding the attitudes of beneficiaries: should fiduciary duty include social, ethical and environmental concerns?; 28. Operationalizing socially responsible investment: a non-financial fiduciary duty problem; 29. The preferences of beneficiaries: what can we learn from research on retail investors?; Part VI. Fiduciary Duty and Governance: 30. Investors and global governance frameworks: broadening the multi-stakeholder paradigm; 31. Investment fiduciaries, the role of the public corporation, and greater commitments to sustainability: signals from the corporate board; 32. Reporting and standards: tools for stewardship; 33. US corporate governance, fiduciary success and stable economic growth; 34. Fulfilling fiduciary duties in an imperfect world - governance recommendations from the Stanford Institutional Investor Forum; 35. Addressing the participation gap in institutional investment: an assessment framework and preliminary results; 36. The costs of fiduciary failure - and an agenda for remedy; Index.