Look at Q13, this is how I understood it. I could be wrong as well :) feel free to explain if you know better
updated 1 week ago
I think the question is just formulated in an unfortunate way. Looking at the article "For which funds do the authors expect the benefits of active voting to outweigh the costs? " would make more sense. Then the four predictions (for example : larger funds and funds belonging to larger families will have lower unit costs of active voting and thus are more likely to be active voters.) would make up the answers to this question. I hope that makes sense.
Think A. Lipstick is correct
Exogenous noise is the level of precision with which the performance measure provides information about the manager’s actions. If there is more noise, it means that there is more uncertainty about how much influence the manager has on the performance measure with the actions the manager takes. (1p) The authors expect that the more exogenous noise there is in financial performance measures, the more weight is placed on non-financial performance measures. (1p) Source: Ittner, Larcker and Rajan (1997)
This is a summary of all the exam required literature, so in that sense it shoul be enough to pass, but I cannot promise you a save pass, that is up to you ;) however, I can tell you that to the extent of my abilities I think these are the key points they want you to know, and this is what i will be studying from ? Please do keep in mind, they will probably ask insight-questions for which this is only background info, and you need to do the magic yourself