The New Power Brokers

Over the course of the last 70 years, asset managersfrom activist hedge funds to large passive index fund providershave come to own the substantial majority of corporate equities in the United States, and have wielded that ownership to fundamentally reshape the economy. For most of American history, investing was simple: you purchased shares and left the operation of the company to management. If you were dissatisfied with the firm's performance, you sold your shares. With the rise of asset managers, shareholders now attempt to directly change the companies in which they invest.

The New Power Brokers chronicles the economic, legal and technological changes at the heart of this transformation in our public markets, and provides fresh perspectives on what those changes mean for corporations, investors and society as a whole.

Explores the role of institutional investors on corporate policies, investing, and governance Examines how the rise of asset managers in second half of 20th century has transformed the economy and society at large Discusses the congruence of traditional short-term hedge fund activism and ESG advocacy by large asset managers

Autorentext

Sahand Moarefy is a corporate attorney and writer. His work has been featured in various publications, including Foreign Affairs, Lawfare, The Diplomat and American Affairs. Sahand splits his time between Los Angeles and New York City.

Klappentext

Over the course of the last 70 years, asset managers from activist hedge funds to large passive index fund providers have come to own the substantial majority of corporate equities in the United States, and have wielded that ownership to fundamentally reshape the economy. For most of American history, investing was simple: you purchased shares and left the operation of the company to management. If you were dissatisfied with the firm's performance, you sold your shares. With the rise of asset managers, shareholders now attempt to directly change the companies in which they invest.

The New Power Brokers chronicles the economic, legal and technological changes at the heart of this transformation in our public markets, and provides fresh perspectives on what those changes mean for corporations, investors and society as a whole.

Sahand Moarefy is a corporate attorney and writer. His work has been featured in various publications, including Foreign Affairs, Lawfare, The Diplomat and American Affairs. Sahand splits his time between Los Angeles and New York City.

Inhalt

Introduction.- Chapter I: The Early American Corporation.- Chapter II: Adolf Berle and the Modern Corporation.- Chapter III: The Rise of Asset Manager Capitalism.- Chapter IV: The Emergence of the Shareholder Primacy Paradigm.- Chapter V: The New Stakeholder Capitalism and ESG.- Chapter VI: The ESG Report Card and Rise of Private Markets.- Chapter VII: Asset Manager Capitalism and the Energy Industry.- Chapter VIII: Institutional Setup of Today's Asset Managers.- Chapter IX: The Post-ESG World and a Roadmap for the Future.- Chapter X: A New Stewardship Framework.