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The Idealized Electoral College Voting Mechanism and Shareholder Power
Van Wesep, Edward Dickersin - 2013
, but allowing shareholders to vote on more issues, such as executive compensation, may not affect the quality of governance … large shareholders and management. This is because majority rule offers little incentive for small shareholders to vote. I … majority of voters. Therefore, for issues on which management and small shareholders are likely to agree, majority rule is a …
Persistent link: https://www.econbiz.de/10013091344
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Why Do Institutional Investors Oppose Shareholder Activism? Evidence from Voting in Proxy Contests
Liu, Yanran - 2019
This paper examines why institutional shareholders frequently oppose activists when activism increases the value of …
Persistent link: https://www.econbiz.de/10012863053
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Walk the Talk : ESG Mutual Fund Voting on Shareholder Proposals
Dikolli, Shane S.; Frank, Mary Margaret; Guo, Michael Zhe; … - 2021
We document evidence that mutual funds designated as “Sustainable Investment Overall” by Morningstar (which we classify as ESG mutual funds) are no more likely than other mutual funds to support shareholder proposals. We find, however, that ESG mutual funds are more likely than non-ESG...
Persistent link: https://www.econbiz.de/10013226867
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Shareholder Voting and Corporate Governance Around the World
Iliev, Peter - 2015
Using a sample of non-U.S. firms from 43 countries, we investigate whether laws and regulations as well as votes cast by U.S. institutional investors are consistent with an effective shareholder voting process. We find that laws and regulations allow for meaningful votes to be cast as...
Persistent link: https://www.econbiz.de/10013038476
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Shareholder Voting and Corporate Governance Around the World
Iliev, Peter - 2015
Using a sample of non-U.S. firms from 43 countries, we investigate whether laws and regulations as well as votes cast by U.S. institutional investors are consistent with an effective shareholder voting process. We find that laws and regulations allow for meaningful votes to be cast as...
Persistent link: https://www.econbiz.de/10013011773
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Shareholder Voting and Disclosure in M&As
Do, Tan; Garcia Osma, Beatriz; Toldrà-Simats, Anna; … - 2023
We examine the effect of voting requirements in M&A transactions on managerial disclosure, information asymmetries, and voting outcomes. We find that voting requirements lead firms to provide more disclosure and in a timelier manner, including disclosure of the merger agreement, information on...
Persistent link: https://www.econbiz.de/10014257600
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Performance benefits of tight control
Gill, Andrej; Visnjic, Nikolai - 2013
This study investigates the transition from being a listed company with a dispersed ownership structure to being a privately held company with a concentrated ownership structure. We consider a sample of private equity backed portfolio companies to evaluate the consequences of the corporate...
Persistent link: https://www.econbiz.de/10010225758
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Dual Ownership, Returns, and Voting in Mergers
Bodnaruk, Andriy - 2014
We document that in M&As a significant proportion of targets' equity is owned by financial institutions that simultaneously own targets' bonds (“dual holders”). Targets with larger equity ownership by dual holders have lower M&A equity premia and larger abnormal bond returns, particularly...
Persistent link: https://www.econbiz.de/10013062358
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Shareholders at the Gate? Institutional Investors and Cross-Border Mergers and Acquisitions
Ferreira, Miguel A. - 2009
We study the role of institutional investors in cross-border mergers and acquisitions (M&As). We find that foreign institutional ownership is positively associated with the intensity of cross-border M&A activity worldwide. Foreign institutional ownership increases the probability that a merger...
Persistent link: https://www.econbiz.de/10013158587
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Shareholder Stewardship in the Netherlands : The Role of Institutional Investors in a Stakeholder Oriented Jurisdiction
Van der Elst, Christoph - 2020
We study institutional investors' voice in the Netherlands, focusing on shareholder voting in particular. The Dutch Stewardship Code, developed by institutional investor platform Eumedion, came into force in January 2019, emphasises engagement and responsibilities of institutional investors in...
Persistent link: https://www.econbiz.de/10012841365