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The Costs of Entrenched Boards
Bebchuk, Lucian - 2004
staggered boards established in the corporate charter (which shareholders cannot amend) than for staggered boards established in … the company's bylaws (which can be amended by shareholders) …
Persistent link: https://www.econbiz.de/10012468106
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Paper millionaires : How valuable is stock to a stockholder who is restricted from selling it?
Kahl, Matthias - 2002
Many firms have stockholders who face severe restrictions on their ability to sell their shares and diversify the risk of their personal wealth. We study the costs of these liquidity restrictions on stockholders using a continuous-time portfolio choice framework. These restrictions have major...
Persistent link: https://www.econbiz.de/10012469745
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History of American Corporate Governance : Law, Institutions, and Politics
Hilt, Eric - 2014
This paper presents an overview of the history of corporate governance in the United States, emphasizing the period before the advent of federal securities laws and the Securities and Exchange Commission (SEC). Recent research has overturned many widely accepted beliefs about corporate...
Persistent link: https://www.econbiz.de/10012458311
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The Distribution of Investor Beliefs, Stock Ownership and Stock Returns
Hardouvelis, Gikas A.; Karalas, Georgios; Vayanos, Dimitri - National Bureau of Economic Research - 2021
We study theoretically and empirically the relationship between investor beliefs, ownership dispersion and stock returns. We find that high dispersion, measured by high breadth or low Herfindahl index, forecasts returns positively for large stocks, as in Chen, Hong and Stein (2002), but...
Persistent link: https://www.econbiz.de/10012510575
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Voting in Shareholders Meetings
Bouton, Laurent; Llorente-Saguer, Aniol; Macé, Antonin; … - National Bureau of Economic Research - 2021
This paper studies voting in shareholders meetings. We focus on the informational efficiency of different voting … mechanisms, taking into account that they affect both management's incentives before the meeting and shareholders' decisions at … effect of worse selection incentives on shareholders' welfare can be large enough to wash out the higher voting efficiency of …
Persistent link: https://www.econbiz.de/10012599295
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Creating Controversy in Proxy Voting Advice
Malenko, Andrey; Malenko, Nadya; Spatt, Chester S. - National Bureau of Economic Research - 2021
subscribers) by a proxy advisor, whose objective is to maximize its profits from selling information to shareholders. We show that … even if all shareholders' interests are aligned and aim at maximizing firm value, the proxy advisor benefits from biasing … results help reinterpret empirical patterns of shareholders' voting behavior …
Persistent link: https://www.econbiz.de/10012599326
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The New Corporate Governance
Hart, Oliver D.; Zingales, Luigi - National Bureau of Economic Research - 2022
. In some cases shareholders are pushing companies to take actions that may reduce market value. It is hard to understand …
Persistent link: https://www.econbiz.de/10013191070
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Capital Structure Change and Decreases in Stockholders' Wealth : A Cross-Sectional Study of Convertible Security Calls
Mikkelson, Wayne H. - 1983
This paper is a cross-sectional analysis of the relationship between common stock price reactions to announcements of convertible security calls and variables that represent possible determinants of changes in common stockholders' wealth. The variables are measures of the following effects of...
Persistent link: https://www.econbiz.de/10012477964
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Stockholder Tax Rates and Firm Attributes
Auerbach, Alan J. - 1981
This paper develops a rigorous theoretical model to assess when investor clienteles may be empirically identified using ex dividend day data and what firm attributes these clienteles should respond to. It then presents empirical results for the period 1963-1977 suggesting that (1) tax-based...
Persistent link: https://www.econbiz.de/10012478294
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Inequality and Market Concentration, When Shareholding is More Skewed than Consumption
Gans, Joshua - 2018
Economic theory suggests that monopoly prices hurt consumers but benefit shareholders. But in a world where individuals … or households can be both consumers and shareholders, the impact of market power on inequality depends in part on the …
Persistent link: https://www.econbiz.de/10012481042