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- 2026年10月12日(月) に産研講演会「Waseda Organizational and Financial Economics Seminar ： Before the Vote is Cast」が開催されます。
2026年10月12日(月) に産研講演会「Waseda Organizational and Financial Economics Seminar ： Before the Vote is Cast」が開催されます。
Dates
カレンダーに追加1012
MON 2026- Place
- ハイフレックス開催
- Time
- 13:10～14:50
- Posted
- Thu, 17 Sep 2026
「Before the Vote is Cast」
| 日時 | 2026年10月12日（月）13:10~14:50 |
|---|---|
| 開催方法 | ①対面 ＊開催場所は後日お知らせいたします。 ②Zoom＊お申込み完了の自動返信メールにて、参加用URLをお知らせいたします。 |
| 対象 | 学生・教職員・一般 |
| 講演者 | Julian Franks 氏
（Emeritus Professor, Finance, London Business School） |
| 要旨 | Many scholars and some market participants argue that institutional investor engagement is insufficient, often pointing to the tendency of funds to vote in line with management and against shareholder proposals. This criticism frequently overlooks that voting decisions are typically the culmination of extensive engagement processes. Negative votes may not accurately reflect engagement efforts and influence because, in equilibrium, powerful and influential investors may resolve issues long before the vote takes place. To distinguish between rival explanations—whether the scarcity of negative votes is due to investors wanting to please management, or because negative votes are part of an engagement process tied to private communications and meetings—it is essential to analyze data on pre-voting engagements, contacts, and the decision-making processes behind votes, in addition to the actual votes cast.
This paper will examine a new private database of voting decisions from one of the largest UK asset managers, containing textual records for each vote cast since 2010 across all UK holdings. Utilizing GPT-4 language models to analyze these records, we aim to test whether negative votes are rare because the investor is friendly with management—even in private—or if negative votes are integral to the engagement process and connected to private communications and meetings. Thus, we will investigate the interaction between private meetings, voting decisions, and voting outcomes over time. We will also analyse the interaction between these engagements and voting outcomes and trading decisions in the stocks. |
| 世話人 | 谷川 寧彦（早稲田大学商学学術院 教授） |
| 参加申し込み方法 | 参加はこちらからお申込みください。※10月8日(木）17:00締切 |
| 共催 | 早稲田大学商学部・産業経営研究所・谷川寧彦分科会 |
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