This article examines the information content and consequences of third-party voting advice that arrives as news at an interim stage in corporate proxy contests. We first document significant stock returns around announcements of proxy vote recommendations. We then develop a multi-equation...

This paper studies the information content and consequences of third-party voting advice issued during proxy contests. We document significant abnormal stock returns around proxy vote recommendations and develop an estimation procedure for disentangling stock price effects due to changes in...

In this paper, we study an incentive problem that arises between a principal and two agents because they value a real option differently. The real option in our model is a timing option. The agents have limited capacity to undertake projects, and each agent's capacity can be filled now or later....