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Shareholders want a firm's objective function to place some weight on consumer welfare, motivated by both self … shareholders' marginal rate of substitution between profits and consumer welfare. Calibrations from preference parameters show many … shareholders should place non-trivial weights on consumer welfare. A survey experiment on a representative sample elicits how …
Persistent link: https://www.econbiz.de/10014468264
Consistent with reduced expected corruption adding value overall, Chinese shares rise sharply on the December 4th 2012 launch of major anti-corruption reforms, which started by curtailing extravagant spending by or for Party cadres. SOEs gain broadly, consistent with the reform cutting their top...
Persistent link: https://www.econbiz.de/10012456672
We use the Business Roundtable's challenge to the SEC's 2010 proxy access rule as a natural experiment to measure the value of shareholder proxy access. We find that firms that would have been most vulnerable to proxy access, as measured by institutional ownership and activist institutional...
Persistent link: https://www.econbiz.de/10012460861
We compare the governance of foreign firms to the governance of similar U.S. firms. Using an index of firm governance attributes, we find that, on average, foreign firms have worse governance than matching U.S. firms. Roughly 8% of foreign firms have better governance than comparable U.S. firms....
Persistent link: https://www.econbiz.de/10012465838
The agents to whom shareholders delegate the management of corporate affairs may transfer value from shareholders to …
Persistent link: https://www.econbiz.de/10012471137
aggregation for corporate risk-taking and investment. Market imperfections cause controlling shareholders to invest too much in … shareholders' collective attempts to boost shareholder value of individual firms leads to a novel pecuniary externality that … excess leverage, agency conflicts between shareholders and managers, negative welfare effects of transparency, excess …
Persistent link: https://www.econbiz.de/10012455262
executives and boards, driven in large part by their perceptions of shareholder interest. We quantify the value that shareholders … place on ESG using a revealed preference approach, where shareholders pay higher fees for ESG-oriented index funds in …
Persistent link: https://www.econbiz.de/10013477200
We study the consequences of weakening shareholder primacy using Nevada Senate Bill 203 as a quasi-natural experiment. A difference-in-differences analysis shows that, instead of improving their governance in response to the Bill to reassure capital providers, affected firms experience a...
Persistent link: https://www.econbiz.de/10015409860
find goal announcements are associated with management's responses to the firm's (possibly changed) circumstances, with the … changing power and preferences of key constituencies, as well as from management's attempts to deflect scrutiny. While … announced opportunistically to deflect attention and alleviate pressure on management …
Persistent link: https://www.econbiz.de/10014247976
the significant role of customized proxy advice in shaping shareholders' voting decisions. About 80% of funds receive … plays two key roles. First, it helps shareholders express their ideologies through the vote. Second, it facilitates … shareholders' decision-making process by reducing the need to pay attention to every proposal individually and enabling focus on …
Persistent link: https://www.econbiz.de/10014576588