Institutional Debtholder Governance
研究发现，持有公司债券的共同基金家族在股东大会上更倾向于支持债权人利益投票，即使违背ISS建议，且这种投票会影响公司决策。
Abstract Using data on the universe of U.S. based mutual funds, we find that two out of five fund families hold corporate bonds of firms in which they also own an equity stake. We show that the greater the fraction of debt a fund family holds in a given firm, the greater its propensity to vote in line with the interests of firm debtholders at shareholder meetings, even when against Institutional Shareholder Services (ISS) recommendation. Voting has direct policy consequences as firms that receive more votes in favor of creditors make corporate decisions more in line with the interests of debtholders.