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minority bank (MB) policies. Our theory apparatus synthesizes Vasicek's bond pricing model, and KMV Moody loan portfolio model … increased capital, and brokered deposits, militate against altruistic motives. This implies that for a given amount of altruism …, MBs are better served by tactical portfolio allocation in an expanded investment opportunity set. We apply the theory to …
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I study the effect of mutual funds’ securities lending activities on their participation in proxy voting using hand-collected fund securities lending data. Consistent with Shleifer and Vishny’s (1986) argument that a shareholder’s willingness to monitor a firm decreases as the cost of...
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