Educational Networks, Mutual Fund Voting Patterns, and CEO Compensation
研究发现，与CEO有相同教育背景的共同基金经理更可能投票反对限制高管薪酬的股东提案，且这种关联与CEO薪酬水平正相关。
Mutual funds whose managers are in the same educational network as the firm's CEO are more likely to vote against shareholder-initiated proposals to limit executive compensation than out-of-network funds are. This voting propensity is stronger when voting among the funds in a family is not unanimous. Furthermore, CEOs of firms who have relatively high levels of educationally connected mutual fund ownership have higher levels of compensation than their unconnected counterparts. This aspect of executive compensation is related to both the abnormal trading performance of the connected investors in the firm and the perceived quality of firm management by the connected investors. The Author 2012. Published by Oxford University Press on behalf of The Society for Financial Studies. All rights reserved. For Permissions, please e-mail: journals.permissions@oup.com., Oxford University Press.