This study uses a novel dataset to analyze proxy exempt solicitations (ES) as a means of shareholder communication outside formal proxy rules. The results indicate that ES can effectively reveal widespread views and are accessed by investors and investment banks at high rates. The market reacts...

Using a hand-collected novel dataset, we provide the first in-depth study of solicitations exempt from proxy filing requirements. Our findings indicate that proxy exempt solicitations (ES) are an effective, lower-cost alternative to proxy contests. They provide a unique, more flexible way for...