Abstract Fundamental change is happening in global finance – the shift from active management to index funds. This money mass-migration into index funds has far-reaching socio-economic consequences, as it has the potential to transform the nature of shareholder capitalism. We call BlackRock, Vanguard and State Street the ‘New Permanent Universal Owners’ that are invested indefinitely in thousands of firms. We provide novel findings on the combined ownership of the Big Three in European countries and Japan and investigate how this signals a shift away from the shareholder capitalism that has been dominant for the past three decades. We discuss the future role(s) of the New Permanent Universal Owners in corporate governance including whether they foster patient capital and introduce the distinction between feeble and forceful stewardship.

中文翻译：

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新的永久普遍所有者：指数基金、耐心资本以及软弱和有力管理之间的区别

摘要 全球金融正在发生根本性变化——从主动管理转向指数基金。大量资金流入指数基金具有深远的社会经济后果，因为它有可能改变股东资本主义的性质。我们将 BlackRock、Vanguard 和 State Street 称为无限期投资于数千家公司的“新的永久普遍所有者”。我们提供了关于欧洲国家和日本三巨头合并所有权的新发现，并调查这如何标志着从过去三十年占主导地位的股东资本主义转变。我们讨论了新的永久普遍所有者在公司治理中的未来角色，包括他们是否培养耐心资本以及引入软弱和有力管理之间的区别。