We use events related to a proxy access rule passed by the SEC in 2010 (but never implemented) as natural experiments to study the valuation effects of exogenous changes in the degree of shareholder control. We find that increases (decreases) in perceived control have positive (negative)...

We study the tournament behavior of sell-side analysts under proper timing and show that a strong non-monotonic relationship exists between analysts' relative forecasting performance early in the tournament and their later deviations from consensus. Given that the highest performers earn...