臺灣博碩士論文加值系統

隨著指數化投資的興起，上市公司的股東結構已發生改變，美國標普500的公司有20%以上的投票權被掌握在被動投資者手中。由於被動投資者對公司治理缺乏足夠的誘因，當上市公司逐漸由被動投資者所掌握，傳統公司治理將面臨顯著挑戰。這種現象的存在，使指數公司（index providers）在公司治理上的角色開始受到關注。2017年3月，Snap公司在紐交所公開上市，然而其所募集之股票皆為無表決權特別股，遭到投資人巨大反彈。為反映投資人的意見，標準普爾與富時羅素兩家指數公司相應修改了其指數編製規則，將Snap從兩家公司的旗艦指數中排除。這意味著所有跟蹤上述兩家指數公司所提供的廣基市場指數（broad-based index）的指數型基金（index fund）將無法再投資無表決權的股票。此顯示指數公司不只是傳統意義上認為的第三方資訊供應商，指數也不只以傳統定義的客觀標準化反映市場為唯一目的。實則，指數公司對其指數編製規則的裁量權，實質上影響了成分股在指數中的去留，從而替指數型基金決定其投資標的範圍。此一性質使指數公司成為事實上的投資顧問，並對申購指數基金的被動投資人負有一定的義務，在公司治理中扮演著一定的角色。指數公司目前在美國尚未受到任何監管，同時，上述性質的變化也未受到歐洲監管者的關注。若監管者持續忽略指數公司在資本市場中的角色，傳統公司治理由於被動投資所產生的漏洞將難以填補。
本文主要聚焦在點出指數公司在資本市場中角色的變化，並提供一個可行的監管框架來處理指數公司所引起的問題，主要從其對公司治理的影響的角度切入。本文經由對指數公司的指數編製規則的變化進行分析，具體指出指數公司裁量權之內涵及其如何透過裁量權決定成分股之去留，並就現有文獻進行分析後，就指數公司的性質進行重構：指數公司除了作為第三方資訊供應商外，同時也是對公司治理至關重要的守門人。在此基礎上，本文對現行的指數公司相關監管模式進行了比較法分析，同時以法律經濟分析方法就指數公司造成之市場失靈進行整理，並進一步針對指數公司正確性、適正性與可靠性等問題的相關規範如何與其高度裁量權以及在公司治理上角色相平衡，提出三個可能的解決方案：1. 守門人（Gatekeeper）模型；2. 健全市場（Market Integrity）模型；3. 公有化（Public Utility）模型。本文所建議的三個方案並非互斥關係。本文僅為提供監管者工具，並分析三個方案之優劣。監管者應兼顧風險控管與產業發展而選擇適合於本國之適用方式，從而實現雙贏局面。

The rise of passive investment has changed the ownership structure of public listed companies. Nowadays, passive investors collectively own about 20% of the voting rights of companies in the S&P 500. As passive investors increasingly influence and even control the outcome of shareholder interventions, traditional corporate governance is facing serious challenges led by the lack of financial incentives of passive investors to ensure that each of the companies in their large portfolios is well-run. The failure of index funds in governance intervention has put the role of underlying indices and their providers under scrutiny. In March 2017, the prominent initial public offering (hereinafter “IPO”) of Snap Inc. proposed a multiple-class shares structure, where only insiders and some pre-IPO investors had the right to vote but other shareholders did not, and provoked strong complaints from investors.
In response to the advocate of investors, S&P Dow Jones and FTSE Russell announced new exclusion rules, which led to an exclusion of Snap from their flagship indices. As a result, index funds following the broad-based indices provided by these two companies could no longer invest in non-voting rights share in their portfolio. These new exclusion rules reflect the shifting role of index providers from a third-party data publisher, where indices are considered to technically and objectively capture the market. Indeed, index providers have the power to decide the addition and deletion from indices at their own discretion and further determine the investment portfolio on behalf of index funds. In this thesis, I argue that, while index providers being considered as de facto investment advisors, index providers bear a duty to the end investors who subscribe index funds and thus have a role in corporate governance. It is a loophole for regulators to fill since index providers are barely regulated in the United States and their role in corporate governance is neither left by European Union regulators.
This thesis points out the varying role of index providers in the capital market and proposes a feasible regulatory framework for index providers from a corporate governance perspective. It first analyzes index methodologies and identifies the material rules at the discretion of index providers which are critical in deciding the portfolio companies. Along with literature reviews, this thesis argues that index providers are gatekeepers to corporate governance that are beyond the role of third-party data publishers. On top of that, it conducts a comparative analysis on the current regulatory framework to index providers. To further address the balance between monitoring accuracy, integrity, and conflict of interest of index providers under the current framework and the issue of discretionary power and corporate governance, this thesis also evaluates the underlying market failures with an economic analysis of law. As a result, this thesis proposes three models for addressing index providers: the Gatekeeper Model, the Market Integrity Model, and the Public Utility Model. The proposals I put forward are context-specific, which serve a partly, but not fully, tool kit for regulators. Regulators are expected to consider the market conditions and development stages while adopting the proposed regulatory models.

ACKNOWLEDGEMENTS I
CHINESE ABSTRACT III
ENGLISH ABSTRACT V
TABLE OF CONTENT VII
TABLE OF FIGURES AND TABLES XI
CHAPTER 1: INTRODUCTION 1
1.1 BACKGROUND TO THE RESEARCH 1
1.2 AIMS OF THE STUDY 10
1.3 METHODOLOGY 10
1.4 SCOPE AND LIMITATION OF THE STUDY 11
1.5 STRUCTURE OF THE THESIS 14
CHAPTER 2: THE RISE OF INDEX AND INDEX PROVIDERS 17
2.1. BACKGROUND OF INDEX PROVIDERS AND PASSIVE INVESTMENT 18
2.1.1 Ages Before the Emergence of Passive Investment 18
2.1.2 Ages After Passive Investment 22
2.2 DEFINING INDEX 30
2.2.1 The Taxonomy of Index 30
2.2.2 Functions of Index 31
2.3 HOW DO INDEX PROVIDERS WORK? 36
2.3.1 Business Models of Index Providers 37
2.3.2 Taxonomy of Index Providers 41
2.4 CONCLUSION 43
CHAPTER 3: INDEX PROVIDERS AND CORPORATE GOVERNANCE 45
3.1 THE DISCRETIONARY POWER OF INDEX PROVIDERS 45
3.1.1 Discretion of Making the Rules 46
3.1.2 Discretion Under the Rules 59
3.1.3 Conclusion 64
3.2 INDEX PROVIDERS AND CORPORATE GOVERNANCE 65
3.2.1 Dual Class and Voting Right 66
3.2.2 ROE and Japan’s New Initiative in Asia 71
3.2.3 Shareholders’ Meeting 74
3.3 COMMENTS AND OBSERVATIONS 79
3.3.1 Positive Views 81
3.3.2 Negative Views 91
3.3.3 A Comparative Analysis with CRAs and Proxy Advisors 95
3.3.4 Implication of the Comments and Observations 100
CHAPTER 4: EXISTING REGULATORY FRAMEWORKS OVERSEEING INDEX PROVIDERS 102
4.1 IOSCO PRINCIPLES FOR FINANCIAL BENCHMARK 102
4.1.1 Background: the LIBOR Scandal 103
4.1.2 IOSCO Principle 107
4.2 THE U.S. APPROACH 119
4.2.1 Rules Handling the Conflict of Interests Problem 120
4.2.2 ICA and IAA 122
4.3 EU’S BENCHMARK REGULATION (“BMR”) 124
4.3.1 Scope and Definition 125
4.3.2 Authorization, Registration and Licensing Regulation 127
4.3.3 Integrity of Benchmark 131
4.3.4 Consumer and Investor Protection 135
4.3.5 Conclusion 138
4.4 GOVERNMENT OWNERSHIP APPROACH 139
4.4.1 The History of TIP 140
4.4.2 The Governance of Integrity, Transparency, and Conflict of Interest of TIP 141
4.5 CONCLUSION 143
CHAPTER 5: POSSIBILITY TO REGULATE INDEX PROVIDERS FROM A CORPORATE GOVERNANCE PERSPECTIVE 145
5.1 MARKET FAILURES 149
5.1.1 Monopoly Power and Competition 150
5.1.2 Public Goods 155
5.1.3 Externality and Unexpected Spillover Effects 157
5.1.4 Information Asymmetry 171
5.1.5 Conclusion 174
5.2 CURRENT BENCHMARK REGULATION: THE MISSING POINTS 175
5.2.1 More than a Benchmark: The Missing Differentiation and Classification 176
5.2.2 Discretion of Index Providers: An Unclear Scope 179
5.2.3 The Ambiguity of the Duty to Investors 180
5.3 POSSIBLE SOLUTIONS: THREE MODELS 182
5.3.1 The Gatekeeper Model 183
5.3.2 The Market Integrity Model 185
5.3.3 The Public Utility Model 187
CHAPTER 6: CONCLUSION AND RECOMMENDATION 191
LIST OF REFERENCES 193

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Stigler, George J. (1971), The Theory of Economic Regulation, 2(1) THE BELL JOURNAL OF ECONOMICS AND MANAGEMENT SCIENCE 3.
Sushko, Vladyslav & Grant Turner, The Implications of Passive Investing for Securities Markets, BANK FOR INTERNATIONAL SETLEMENTS (March 11, 2018), https://www.bis.org/publ/qtrpdf/r_qt1803j.htm.
Ueda, Ryoko (2015), How Is Corporate Governance in Japan Changing?: Developments in Listed Companies and Roles of Institutional Investors (OECD Corporate Governance, Working Papers No. 17).
Varian, Hal R. (1993), Markets for public goods?, 7 CRITICAL REVIEW 539
Warhurst, Chris et al. (2009), Lookism: The New Frontier of Employment Discrimination?, 51(1) JOURNAL OF INDUSTRIAL RELATIONS 131.
White, Barbara Ann (1987), Coase and the Courts: Economics for the Common Man, 72(3) IOWA LAW REVIEW 577.
Winden, Andrew &Andrew Baker (2019), Dual-Class Index Exclusion, 13 VIRGINIA LAW & BUSINESS REVIEW 101
Womack, Ryan (2002), Information Intermediaries and Optimal Information Distribution, 24 LIBRARY & INFORMATION SCIENCE RESEARCH 129
Woolridge, J. Randall & Chinmoy Ghosh (1986), Institutional Trading and Security Prices: the Case of Changes in the Composition of the S&P 500 Index, 9(1) THE JOURNAL OF FINANCIAL RESEARCH 13.
Yeyati, Eduardo Levy et al. (2004), Should the Government Be in the Banking Business?: The Role of State-Owned and Development Banks (Inter-American Development Bank, Research Department, Working Paper No. 517).
Zerbe, Richard O. Jr & Howard E. McCurdy (1999), The Failure of Market Failure, 18(4) JOURNAL OF POLICY ANALYSIS AND MANAGEMENT 558.
Cases
Board of Trade v. Dow Jones & Co, 98 I11.2d 109 (1983).
Chicago Board Opinions Exchange v. International Securities Exchange, 973 NE.2d 390 (I11. App. 1 Dist. 2012), appeal denied, 979 NE.2d 875 (2013).
See Standard & Poor’s Corp. v. Commodity Exch., 683 F.2d 704 (2d Cir. 1982).
McGraw-Hill Cos. v. Vanguard Index Trust, 139 F. Supp. 2d 544 (S.D.N.Y. 2001), aff’d, 27 Fed. Appx. 23 (2d Cir. 2001).
Thesis
Bankovica, S & J Pranevics (2007), How Does Inclusion in an Index Affect Stock Prices?, STOCKHOLM SCHOOL OF ECONOMICS IN RIGA.
Official Documents
Bitwise ETF Trust, Registration Statement Under the Securities Act of 1933 (Form S-1) (July 24, 2018), https://www.sec.gov/Archives/edgar/data/1746379/000149315218010390/forms-1.htm.
BlackRock (2018), Open Letter Regarding Consultation on the Treatment of Unequal Voting Structures in the MSCI Equity Indices
FINANCIAL INDUSTRY REGULATORY AUTHORITY (FINRA) (2013), REPORT ON CONFLICTS OF INTEREST, https://www.finra.org/sites/default/files/Industry/p359971.pdf.
FTSE RUSSELL (2017), FTSE RUSSELL VOTING RIGHTS CONSULTATION: NEXT STEPS, https://www.ftse.com/products/downloads/FTSE_Russell_Voting_Rights_Consultation_Next_Steps.pdf.
FTSE RUSSELL (2021), RUSSELL U.S. EQUITY INDICES: CONSTRUCTION AND METHODOLOGY, https://research.ftserussell.com/products/downloads/Russell-US-indices.pdf.
History of London Stock Exchange Group, LONDON STOCK EXCHANGE GROUP, https://www.lseg.com/about-london-stock-exchange-group/history.
History, NIKKEI, http://www.nikkei.co.jp/nikkeiinfo/en/corporate/history/.
ICE) BENCHMARK ADMINISTRATION (2014), LICENSING AND DISTRIBUTION FAQS: LIBOR, http://www.mibonline.org/wp-content/uploads/2014/11/IBA_LICENSING_FAQ.pdf.
INTERCONTINENTAL EXCHANGE (MSCI (2018), CONSULTATION ON THE TREATMENT OF UNEQUAL VOTING STRUCTURES IN THE MSCI EQUITY INDICES, https://www.msci.com/documents/1296102/8328554/Consultation_Voting+Rights.pdf/15d99336-9346-4e42-9cd3-a4a03ecff339.
MSCI (2018), SHOULD EQUITY INDICES INCLUDE STOCKS OF COMPANIES WITH SHARE CLASSES HAVING UNEQUAL VOTING RIGHTS?, https://www.msci.com/documents/1296102/8328554/Discussion+Paper_Voting+rights.pdf/d3ba68f1-856a-4e76-85b6-af580c5420d7.
MSCI (2020), MSCI U.S. EQUITY INDICES METHODOLOGY, https://www.msci.com/eqb/methodology/meth_docs/MSCI_USEI_Methodology_Feb2020.pdf.
OFFICE FOR NATIONAL STATISTICS (U.K.) (2015), GUIDANCE ON USING INDICES IN INDEXATION CLAUSES, https://webarchive.nationalarchives.gov.uk/20160105160709/http:/www.ons.gov.uk/ons/guide-method/user-guidance/prices/ppi/guidance-on-using-indices-in-indexation-clauses.pdf.
Organisation for Economic Co-operation and Development [OECD], G20/OECD Principles of Corporate Governance (November 30, 2015), https://www.oecd-ilibrary.org/g20-oecd-principles-of-corporate-governance_5js09wmjzz45.pdf?itemId=%2Fcontent%2Fpublication%2F9789264236882-en&mimeType=pdf.
Regulation (EU) 2016/1011, of the European Parliament and of the Council of 8 June 2016 on Indices Used as Benchmarks in Financial Instruments and Financial Contracts or to Measure the Performance of Investment Funds and Amending Directives 2008/48/EC and 2014/17/EU and Regulation (EU) No 596/2014, 2016 O.J. (L 171) 13.
Report on the Role and Function of Credit Rating Agencies in the Operation of the Securities Markets: As Required by Section 702(b) of the Sarbanes-Oxley Act of 2002 (January 2003), https://www.sec.gov/news/studies/credratingreport0103.pdf.
S&P DOW JONES INDICES (2020), GLOBAL INDUSTRY CLASSIFICATION STANDARD (GICS®): METHODOLOGY, https://www.spglobal.com/spdji/en/documents/methodologies/methodology-gics.pdf.
S&P DOW JONES INDICES (2021), EQUITY INDICES POLICIES & PRACTICES: METHODOLOGY, https://www.spglobal.com/spdji/en/documents/methodologies/methodology-sp-equity-indices-policies-practices.pdf.
S&P DOW JONES INDICES (2021), INDEX MATHEMATICS: METHODOLOGY, https://www.spglobal.com/spdji/en/documents/methodologies/methodology-index-math.pdf.
S&P DOW JONES INDICES (2021), S&P FLOAT ADJUSTMENT: METHODOLOGY, https://www.spglobal.com/spdji/en/documents/index-policies/methodology-sp-float-adjustment.pdf.
S&P DOW JONES INDICES (2021), S&P U.S. INDICES: METHODOLOGY, https://www.spglobal.com/spdji/en/documents/methodologies/methodology-sp-us-indices.pdf.
SEC (2018), Form S-1 Registration Statement Under The Securities Act Of 1933
STOXX LTD. (2013), THE BENCHMARK INDUSTRY: AN INTRODUCTION AND OUTLOOK, https://www.deutsche-boerse.com/resource/blob/79416/004d58f0824734f8bce2cb621959aef2/data/the-benchmark-industry-1213_de.pdf.
THE COMMITTEE FOR ECONOMIC DEVELOPMENT OF THE CONFERENCE BOARD (CED) (2019), REPORTS: THE FINANCIAL INDEX INDUSTRY, https://www.ced.org/reports/the-financial-index-industry#section8.
White Paper on Corporate Governance in Japan (2008), ASIAN CORPORATE GOVERNANCE ASSOCIATION, https://www.acga-asia.org/advocacy-detail.php?id=16&sk=&sa.
Newspaper Articles
Alloway, Tracy et al., Index Providers Rule the World – For Now, at Least, BLOOMBERG (November 27, 2017, 8:00 AM), https://www.bloomberg.com/news/articles/2017-11-27/index-providers-rule-the-world-for-now-at-least.
Amadeo, Kimberly, MSCI Index and What It Measures, THE BALANCE (October 26, 2020), https://www.thebalance.com/msci-index-what-is-it-and-what-does-it-measure-3305948.
Asgari, Nikou, Leading Index Providers Maintain Grip as ETF Margins Fall, THE FINANCIAL TIMES (July 29, 2019), https://www.ft.com/content/96408df0-911a-11e9-8ff4-699df1c62544.
Associated Press, Former Rabobank Bankers Sentenced in Libor-Rigging Case, THE WALL STREET JOURNAL (March 10, 2016, 9:13 PM), https://www.wsj.com/articles/former-rabobank-bankers-sentenced-in-libor-rigging-case-1457657014.
Authers, John, Investing: The Index Factor, THE FINANCIAL TIMES (August 17, 2015), www.ft.com/content/40bb7c10-419f-11e5-9abe-5b335da3a90e.
Barker, Alex, Brussels Plans End to Self-Regulation of Market Benchmarks, THE FINANCIAL TIMES (September 18, 2013), https://www.ft.com/content/b83c9d62-1fc0-11e3-aa36-00144feab7de.
Bart, Katharina et al., UBS Traders Charged, Bank Fined $1.5 Billion in Libor Scandal, REUTERS (December 19, 2012, 8:04 AM), https://www.reuters.com/article/us-ubs-libor/ubs-traders-charged-bank-fined-1-5-billion-in-libor-scandal-idUSBRE8BI00020121219.
de Swaan, Jean-Christophe, Japan’s Reforms Push Companies to Unlock Cash, THE FINANCIAL TIMES (March 30, 2015), https://www.ft.com/content/a5699738-ce58-11e4-86fc-00144feab7de.
EDITORIAL: Corporate Regulators Have Failed, THE TAPEI TIMES (July 6, 2020), https://www.taipeitimes.com/News/editorials/archives/2020/07/06/2003739419.
Flood, Chris, Call for SEC to Regulate Index Providers as Investment Advisers, THE FINANCIAL TIMES (February 17, 2021), https://www.ft.com/content/7c093c08-393c-4ced-b529-3c76b2d4df33.
Flood, Chris, U.S. Regulatory Scrutiny of Index Providers Mounts, THE FINANCIAL TIMES (May 19, 2021), https://www.ft.com/content/88b33870-96a2-4cb8-8ab2-112980041f0f.
Fray, Keith & Alan Smith, The Dow Jones: A Flawed Measure but with a Rich History, THE FINANCIAL TIMES (January 16, 2017), https://www.ft.com/content/d734b074-d9a8-11e6-944b-e7eb37a6aa8e.
Gallo, Amy, A Refresher on Price Elasticity, HARVARD BUSSINESS REVIEW (August 21, 2015), https://hbr.org/2015/08/a-refresher-on-price-elasticity.
Geller, Martinne, Unilever Drops Dutch Headquarters Move After British Investors Rebel, REUTERS (October 5, 2018, 2:07 PM), https://www.reuters.com/article/uk-unilever-structure-idUKKCN1MF0HD.
Grene, Sophia, The Dance of Denial About Agency Problems, THE FINANCIAL TIMES (January 10, 2016), https://www.ft.com/content/f74a7d44-b3c5-11e5-b147-e5e5bba42e51.
Harding, Robin & Leo Lewis, The Third Arrow of Abenomics: A Scorecard, THE FINANCIAL TIMES (September 8, 2015), https://www.ft.com/content/ee40a73c-521d-11e5-8642-453585f2cfcd.
Hunnicutt, Trevor, S&P 500 to Exclude Snap After Voting Rights Debate, REUTERS (August 1, 2017, 9:44 AM), https://www.reuters.com/article/us-snap-s-p-idUSKBN1AH2RV.
Kao, Shih-ching, TWSE Changes Tatung to Full-Delivery Stock, THE TAIPEI TIMES (July 2, 2020), https://www.taipeitimes.com/News/biz/archives/2020/07/02/2003739191.
Kerber, Ross, Investor Group Seeks to Bar Snap from Indices over Voting Rights, REUTERS (March 7, 2017, 3:29 AM), https://www.reuters.com/article/snap-ipo-indices-idCNL2N1GJ0V0.
Koren, James Rufus & Paresh Dave, Snap Won’t Give Shareholders Voting Rights: For That, It’s Being Shunned by a Major Stock Index, LOS ANGELES TIMES (July 28, 2017, 10:40 AM), https://www.latimes.com/business/la-fi-snap-russell-indices-20170727-story.html.
McLannahan, Ben, Japanese Banks Accused of Tibor Fixing, THE FINANCIAL TIMES (February 6, 2013), https://www.ft.com/content/792d5b58-7010-11e2-8785-00144feab49a.
McLannahan, Ben, Japan Groups Take a Shine to JPX-Nikkei 400 Index, THE FINANCIAL TIMES (Junary 15, 2014), https://www.ft.com/content/d3e3809e-efb8-11e3-9b4c-00144feabdc0.
McLannahan, Ben, Nine Banks Accused of Rigging Key Canada Lending Rate, THE FINANCIAL TIMES (January 16, 2018), https://www.ft.com/content/2c2df13e-fa1a-11e7-9b32-d7d59aace167.
McLannahan, Ben, Tom Hayes and How He Was Caught in the Libor Web, THE FINANCIAL TIMES (April 4, 2017), https://www.ft.com/spider.
Mitchell, Cory, What Is the SPDR S&P 500 ETF (SPY)?, THE BALANCE (September 12, 2020), https://www.thebalance.com/spdr-sandp-500-etf-spy-profile-what-day-traders-trade-1031373.
Nagata, Kazuaki, Abenomics Improved Japan’s Corporate Governance, but More Work Remains, THE JAPAN TIMES (September 14, 2020), https://www.japantimes.co.jp/news/2020/09/14/business/corporate-governance-abenomics-japan/.
Plender, John, We Ignore the Index Providers’ Power at Our Peril, THE FINANCIAL TIMES (March 20, 2019), https://www.ft.com/content/ba5c3634-92f5-39ed-bc49-7d93989b5ce5.
Preston, Darrell, Rigged Libor Hits States-Localities with $6 Billion: Muni Credit, BLOOMBERG (October 8, 2012, 12:00 AM), https://www.bloomberg.com/news/articles/2012-10-09/rigged-libor-hits-states-localities-with-6-billion-muni-credit.
Raval, Anjli & Miles Johnson, Boost for London Bid to Land Saudi Aramco IPO, THE FINANCIAL TIMES (June 9, 2017), https://www.ft.com/content/c3300f5c-4c16-11e7-919a-1e14ce4af89b.
Remembering John Bogle, Patron Saint of the Amateur Investor, THE ECONOMIST (January 21, 2019), https://www.economist.com/finance-and-economics/2019/01/21/remembering-john-bogle-patron-saint-of-the-amateur-investor.
Rennison, Joe & Robin Wigglesworth, Banker Warns of Herculean Task to Escape Libor’s Tentacles, THE FINANCIAL TIMES (August 5, 2018), https://www.ft.com/content/3ffc3d7a-9758-11e8-b747-fb1e803ee64e.
Reuters Staff, Timeline: How the Libor Scandal Unfolded, REUTERS (February 6, 2013, 11:46 PM), https://www.reuters.com/article/us-libor-rbs-scandal/timeline-how-the-libor-scandal-unfolded-idUSBRE9150TB20130206.
Sanderson, Henry, FTSE Russell Scraps “Non-Renewable Energy” Label After LSE Pressure, THE FINANCIAL TIMES (September 30, 2019), https://www.ft.com/content/ad791f42-e051-11e9-b112-9624ec9edc59.
Smith, Peter, World’s Three Biggest Fund Houses Shed $2.8tn of Assets, THE FINANCIAL TIMES (March 16, 2020), https://www.ft.com/content/438854a8-63b0-11ea-a6cd-df28cc3c6a68.
Solomon, Richard, Corporate Governance Is Improving, but Not by Enough , THE JAPAN TIMES (February 18, 2019), https://www.japantimes.co.jp/opinion/2019/02/18/commentary/japan-commentary/corporate-governance-improving-not-enough/.
Staff, Reuters, Factbox: The global benchmarks replacing LIBOR, REUTERS (October 8, 2019)
Stein, Charles, Active vs. Passive Investing, BLOOMBERG (December 5, 2017, 4:55 AM), https://www.bloomberg.com/quicktake/active-vs-passive-investing.
Tan, Andrea & Benjamin Robertson, Dual-Class Shares Are Coming Under Fire: Again, BLOOMBERG (September 28, 2017), https://www.bloomberg.com/news/articles/2017-09-27/can-democracy-stage-a-comeback-at-stock-exchanges.
Thompson, Barney, Second Former Barclays Banker Found Guilty of Euribor Rigging, THE FINANCIAL TIMES (March 28, 2019), https://www.ft.com/content/4d19b096-5166-11e9-b401-8d9ef1626294.
Tracking the LIBOR Scandal, THE NEW YORK TIMES (March 23, 2016), https://www.nytimes.com/interactive/2015/04/23/business/dealbook/db-libor-timeline.html#/#time370_10900.
Vaughan, Liam & Gavin Finch, LIBOR Scandal: The Bankers Who Fixed the World’s Most Important Number, THE GUARDIAN (January 18, 2017, 6:00), https://www.theguardian.com/business/2017/jan/18/libor-scandal-the-bankers-who-fixed-the-worlds-most-important-number.
Vittorio, Andrea, FTSE Russell to Revisit Voting Power One Year After Snap IPO, BLOOMBERG LAW (March 15, 2018, 12:10 AM), https://news.bloomberglaw.com/business-and-practice/ftse-russell-to-revisit-voting-power-one-year-after-snap-ipo.
Walker, Owen, Index Companies to Feel the Chill of Fund Managers’ Price War, THE FINANCIAL TIMES (May 20, 2019), https://www.ft.com/content/e886b2d2-e852-3071-85c1-c9a57113d8a5.
Wigglesworth, Robin & Alex Janlaud, Index Funds Smash Through the $10tn-In-Assets Mark Amid Active Exodus, THE FINANCIAL TIMES (January 8, 2020), www.ft.com/content/a7e20d96-318c-11ea-9703-eea0cae3f0de.
Wigglesworth, Robin, BlackRock Wades into Corporate Governance Conundrum, THE FINANCIAL TIMES (April 20, 2018), https://www.ft.com/content/ca3d7012-441a-11e8-93cf-67ac3a6482fd.
Wigglesworth, Robin, DIY Stock Indices Pose Challenge to Investment Heavyweights, THE FINANCIAL TIMES (December 6, 2019), https://www.ft.com/content/4a5d77de-1786-11ea-9ee4-11f260415385.
Wigglesworth, Robin, Global Passive Assets Hit $15tn as ETF Boom Heats up, THE FINANCIAL TIMES (May 10, 2021), https://www.ft.com/content/7d5c2468-619c-4c4b-b3e7-b0da015e939d.
Wigglesworth, Robin, Passive Attack: The Story of a Wall Street Revolution, THE FINANCIAL TIMES (December 20, 2018), https://www.ft.com/content/807909e2-0322-11e9-9d01-cd4d49afbbe3.
Wigglesworth, Robin, State Street Vows to Turn Up the Heat on ESG Standards, THE FINANCIAL TIMES (January 28, 2020), https://www.ft.com/content/cb1e2684-4152-11ea-a047-eae9bd51ceba.
Wigglesworth, Robin, The Index Providers Are Quietly Building Up Enormous Powers, THE FINANCIAL TIMES (January 20, 2020), https://www.ft.com/content/e761bdb2-33b3-11ea-9703-eea0cae3f0de.
Yang, Chohan, How Century-old Tatung Fell Apart, COMMONWEALTH MAGAZINE (October 30, 2020), https://english.cw.com.tw/article/article.action?id=2832-How%20Century-old%20Tatung%20Fell%20Apart.
Ying, Bryan, The Problems at Tatung: TTT Analysis, THE TAIWAN TIMES (July 4, 2020), https://thetaiwantimes.com/the-problems-at-tatung-ttt-analysis/3410.
Electornic Articles
Bates, Christopher, The New EU Benchmarks Regulation: What You Need to Know, CLIFFORD CHANCE (September 7, 2016), https://www.cliffordchance.com/briefings/2016/09/the_new_eu_benchmarksregulationwhatyounee.html.
Beioley, Kate, The Hidden Index Charges Driving Your ETF Costs, INVESTORS’ CHRONICLE (June 22, 2017), https://www.investorschronicle.co.uk/2017/06/22/funds-and-etfs/the-big-theme/the-hidden-index-charges-driving-your-etf-costs-9RLT38gXc3OjV3fi6lhGQN/article.html.
Bell, Heather, The Rise of the Small Index Provider, INDXX (April 12, 2010), https://www.indxx.com/assets/media/news/PDF-11.pdf.
Ben-Tzur, Ran, New Index Rules Likely to Significantly Impact Tech Companies with Multi-Class Capital Structures, FENWICK & WEST LLP, https://www.fenwick.com/insights/publications/new-index-rules-likely-to-significantly-impact-tech-companies-with-multi-class-capital-structures (August 4, 2017).
Bloomberg Intelligence, Passive Likely Overtakes Active by 2026, Earlier If Bear Market, BLOOMBERG (March 11, 2021), https://www.bloomberg.com/professional/blog/passive-likely-overtakes-active-by-2026-earlier-if-bear-market/.
Bree Sterne, Japanese Equities: Progress Underway, but Challenges Remain, BESSEMER TRUST (September 3, 2019), https://www.bessemertrust.com/sites/default/files/2020-04/09_03_19_BT_InvInsights_JapaneseEquities_UA_ada.pdf.
Buffett, Warren E. Letter to the Shareholders of Berkshire Hathaway Inc., BERKSHIRE HATHAWAY INC.
CFR Staff, The Credit Rating Controversy, COUNCIL ON FOREIGN RELATIONS (February 19, 2015, 7:00 AM), https://www.cfr.org/backgrounder/credit-rating-controversy.
Cook, Jackie & Jasmin Sethi, The Stewardship Implications of Passive Investing: Mobilizing Large Asset Managers as Stewards of Capital Markets, HARVARD LAW SCHOOL FORUM ON CORPORATE GOVERNANCE (November 9, 2019), https://corpgov.law.harvard.edu/2019/11/09/the-stewardship-implications-of-passive-investing-mobilizing-large-asset-managers-as-stewards-of-capital-markets/.
Cowen, Tyler, Public Goods and Externalities, LIBRARY OF ECONOMICS & LIBERTY, http://www.econlib.org/library/Enc1/PublicGoodsandExternalities.html.
DELOITTE TOUCHE TOHMATSU LTD. (2016), INDEX BASED PRICING: MANAGING RISK AND PROFITABILITY DELOITTE, https://www2.deloitte.com/content/dam/Deloitte/us/Documents/process-and-operations/us-operations-index-based-pricing.pdf.
Descovich, Kaitlin, et al. (April 3, 2017), Voting Rights Gone in a Snap – Unequal Shareholder Voting Rights Back in the Spotlight, WEIL, GOTSHAL & MANGES LLP
Doyle, Timothy M., The Conflicted Role of Proxy Advisors, HARVARD LAW SCHOOL FORUM ON CORPORATE GOVERNANCE, (May 22, 2018), https://corpgov.law.harvard.edu/2018/05/22/the-conflicted-role-of-proxy-advisors/#:~:text=Proxy%20advisors%20have%20emerged%20as,without%20any%20actual%20statutory%20requirements.
Goto, Gen (2018), Recent Boardroom Reforms in Japan and the Roles of Outside/Independent Directors, https://ssrn.com/abstract=3272634.
Goto Gen (2019), ‘Growth-Oriented Corporate Governance’ and the Roles of Outside/Independent Directors in Japan, UNIVERSITY OF OXFORD, https://www.law.ox.ac.uk/business-law-blog/blog/2019/01/growth-oriented-corporate-governance-and-roles-outsideindependent#:~:text=the%202015%20japanese%20corporate%20governance,of%20interest%20with
GWARTNEY, JAMES et al. (2016), ECONOMIC FREEDOM OF THE WORLD: 2016 ANNUAL REPORT, FRASER INSTITUTE, https://www.fraserinstitute.org/sites/default/files/economic-freedom-of-the-world-2016.pdf.
Harty, Declan, Index Providers Race to Meet Booming Demand for ESG Data, S&P GLOBAL MARKET INTELLIGENCE (February 25, 2019), https://www.spglobal.com/marketintelligence/en/news-insights/trending/di5a_NO_q6j8iPKWBEEyqw2.
Hioe, Brian, Tatung Ownership Struggle Comes to an End, but Much Remains Opaque, NEW BLOOM (October 28, 2020), https://newbloommag.net/2020/10/28/tatung-controversy-part-two/.
Hirst, Scott & Kobi Kastiel, Indices, Delegated Management, and Corporate Governance, YALE JOURNAL ON REGULATION (July 3, 2019), https://www.yalejreg.com/nc/indices-delegated-management-and-corporate-governance-by-scott-hirst-and-kobi-kastiel/.
Holzinger, Katharina, The Problems of Collective Action: A New Approach (April 26, 2003), https://ssrn.com/abstract=399140.
Jahnke, Patrick, Holders of Last Resort: The Role of Index Funds and Index Providers in Divestment and Climate Change (March 9, 2019), https://ssrn.com/abstract=3314906.
Jahnke, Patrick, Ownership Concentration and Institutional Investors’ Governance Through Voice and Exit (May 8, 2019), 21 BUSINESS AND POLITICS 327.
Judge, Ben, 3 July 1884: Dow Jones Launches the World’s First Stock Index, MONEYWEEK (July 3, 2014), https://moneyweek.com/328264/on-this-day-in-1884-dow-jones-launches-the-worlds-first-stock-index/.
Kalb, Rob & Rob Yates, Snap, Inc. Reportedly to IPO with Unprecedented Non-Voting Shares for Public, HARVARD LAW SCHOOL FORUM ON CORPORATE GOVERNANCE (February 7, 2017), https://corpgov.law.harvard.edu/2017/02/07/snap-inc-reportedly-to-ipo-with-unprecedented-non-voting-shares-for-public/.
Li, Yun, ETF Assets to Surge Tenfold in 10 Years to $50 Trillion, Bank of America Predicts, CNBC (December 12, 2019, 12:09 PM), https://www.cnbc.com/2019/12/12/etf-assets-to-surge-tenfold-in-10-years-to-50-trillion-bank-of-america-predicts.html.
Lund, Dorothy, Delegating Portfolio Management to Index Creators: The Consequences for Corporate Governance, YALE JOURNAL ON REGULATION (July 2, 2019), https://www.yalejreg.com/nc/delegating-portfolio-management-to-index-creators-the-consequences-for-corporate-governance-by-dorothy-lund/.
Martin, Andy, The Rise of Passive and Indexed Investing, and Its Effect on Market and Liquidity Risk, ADVISOR PERSPECTIVES (February 27, 2017), https://www.advisorperspectives.com/articles/2017/02/27/the-rise-of-passive-and-indexed-investing-and-its-effect-on-market-and-liquidity-risk.
Matos, Pedro (2017), The Growth of Passive Investing Worldwide, UNIVERSITY OF VIRGINIA, https://www.darden.virginia.edu/sites/default/files/inline-files/Matos%20The%20Growth%20of%20Passive%20Investing%20Worldwide.pdf.
McBride, James, Understanding the Libor Scandal, COUNCIL ON FOREIGN RELATIONS (October 12, 2016, 8:00 AM), https://www.cfr.org/backgrounder/understanding-libor-scandal.
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