Hu, Edwin; Malenko, Nadya; Zytnick, Jonathon - National Bureau of Economic Research - 2024
This paper studies institutional investors' decision-making using novel data from a major proxy advisor. We highlight … the significant role of customized proxy advice in shaping shareholders' voting decisions. About 80% of funds receive … information in voting outcomes. Our findings offer a new perspective on the role of proxy advisors and suggest a shift away from …