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Styles de gestion de portefeuille et gouvernance des entreprises

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  • Bertrand Jacquillat

Abstract

The powerful setup of passive investing in the management of savings by institutional investors has tremendously increased in the last ten years. It is the result of the progressive recognition of financial markets efficiency as well as of the focus on the costs and results of active portfolio management. This evolution triggered worries regarding the monitoring of governance in firms in which these funds invest. However, the worries seem today overestimated since the largest passive investors like Blackrock have realized their social duty and increase the number of their employees in charge of monitoring governance. Nevertheless new governance issues arise with the growth of dual ownership structures in high-tech listed companies, the introduction of artificial intelligence - based monitoring and the huge rise of the Chinese financial markets. Classification JEL : G11, G23, G32.

Suggested Citation

  • Bertrand Jacquillat, 2018. "Styles de gestion de portefeuille et gouvernance des entreprises," Revue d'économie financière, Association d'économie financière, vol. 0(2), pages 145-160.
    • Handle: RePEc:cai:refaef:ecofi_130_0145
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    JEL classification:

    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill

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