Professor Bebchuk, a reputable academic and LLM holder, was recognized by the IRRC Institute for pushing the envelope in researching index fund managers in his study “Index Funds and the Future of Corporate Governance: Theory, Evidence, and Policy”.
Professor Bebchuk co-authored the innovative study with Scott Hirts, LLM ‘01.
The Investor Responsibility Research Center Institute awards a $10,000 prize to one academic breakthrough every year, remaining focused on the research that dwells on the connection between economic theories and their real-life applications.
This year, the IRRC Institute decided to honor professor Bebchuk and his co-author Hirst for providing “the first comprehensive and detailed empirical account of the full range of stewardship activities that index fund managers do and do not undertake”, as well as “an analytical framework for understanding the incentives of index fund managers”.
Bebchuk and Hirst’s study was chosen by a four-member panel consisting of CFA Institute’s Head of Capital Markets Policy, Robert Dannhauser, professor emeritus of the Elfenworks Center for Fiduciary Capitalism at St. Mary’s College of California, James Hawley, Cornerstone Capital CEO, Erika Karp, and Governance Expert Nell Minow.
The prize-winning study is expected to make “a substantial contribution to understanding the big picture, weighty issues for investors and the global economy”, said IRRC Institute’s Executive Director Jon Lukomnik.