Current attempts to reform financial markets presume that shareholder empowerment benefits shareholders. We investigate … the wealth effects associated with the SEC's rule to facilitate director nominations by shareholders. Our results are not … the probability of passage of the proposal, firms whose shareholders are more likely to use the rule to nominate directors …

Shareholders around the world are seeking greater dialogue with boards of directors of investee companies on an … investment firm, offers practical suggestions to boards on improving engagement with their shareholders.Suggestions made include …: 1) boards should strive to build long-term, trust-based relationships with their most significant shareholders and board …

model that shows that when shareholders have direct access to proxy the quality of the board improves. This is so, because …'s). When the board can signal its type at a relative small cost, giving shareholders direct access to proxy is better than …

We ask when and how a diverse board can benefit shareholders. Board diversity may be value-increasing even if some … directors have agendas that are not perfectly aligned with shareholders' interests. Diversity commits the board to a high …

. Shareholders vote by unilateral proxies, which prevent them from “mixing and matching” among nominees from either side. The … outcomes, which disenfranchise shareholders. By removing these distortions, universal proxies would improve corporate suffrage …

We develop a model to examine implications of empowering shareholders to replace directors. We find that shareholder … problem it is intended to address. Giving shareholders the power to set board compensation (have a “say on pay”) can mitigate … these problems. However, even when empowerment benefits (harms) the shareholders, firm value may decrease (increase …

We develop a model to examine implications of empowering shareholders to replace the board of directors. We find that … empowerment can benefit shareholders by providing incentive for boards to act in the best interests of the shareholders. Our … taking action to extend their tenure at the expense of shareholders. On the other hand, empowerment might also lead to the …

shareholders far removed from the firm's day-to-day operations; and delegated management, which opens up the possibility for … appointment rights, by which shareholders retain the right to appoint and remove directors. Next, it focuses on core decision …