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-- the right for shareholders to nominate a candidates to a public firm's board of directors -- lies at the heart of … shareholder control and has far-reaching consequences in the balance of power between shareholders and managements.We use the …
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The well-established negative correlation between staggered boards (SBs) and firm value could be due to SBs leading to lower value or a reflection of low-value firms' greater propensity to maintain SBs. We analyze the causal question using a natural experiment involving two Delaware court...
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We use a natural experiment to weigh conflicting theories on the causal impact of shareholder litigation threat on the readability of corporate financial disclosures. In response to a 1999 Ninth Circuit Court of Appeals ruling that caused an unexpected reduction in litigation risk, we find that...
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This study investigates whether shareholders are willing to pay for higher levels of corporate financial, social, and … environmental disclosure. We conduct a choice-based conjoint experiment wherein 65 shareholders are asked to make 12 choices … disclosure, environmental disclosure, and social disclosure. Results indicate that whereas shareholders are willing to pay for …
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