The tendency in the UK is thus for institutional
investors to hold shares for a relatively
longer period of time than their US counterparts,
to subject portfolio companies to more
rigorous scrutiny, and to have a closer and
more consultative relationship with top management
and the board. Higher stock turnover
rates in the US (Black and Coffee, 1994) discourage
the kind of longer-term engagement
with portfolio management seen in London,
and US Securities and Exchange Commission
regulations such as Regulation Full Disclosure
(Reg. F-D, 2005) discourage “quiet conversations”
by requiring companies to make public,