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We study investors’ preferences for corporate political connections in the U.S. using a novel measure; shareholder votes given to individual directors. We find that, after fully accounting for all firm-year specific information and a wide range of director characteristics, that politically...
Persistent link: https://www.econbiz.de/10014237954
This paper examines the origins of investor protection under the common law by analysing the development of shareholder … protection in Victorian Britain, the home of the common law. In this era, very little was codified, with corporate law simply … suggesting a default template of rules. Ultimately, the matter of protection was one for the corporation and its shareholders …
Persistent link: https://www.econbiz.de/10011523499
This paper examines the origins of investor protection under the common law by analysing the development of shareholder … protection in Victorian Britain, the home of the common law. In this era, very little was codified, with corporate law simply … suggesting a default template of rules. Ultimately, the matter of protection was one for the corporation and its shareholders …
Persistent link: https://www.econbiz.de/10011521411
markets. The transcendent question, and the focus of any analysis dealing with the protection of investors and the securities …
Persistent link: https://www.econbiz.de/10013133457
In recent years there have been two parallel discussions taking place in the US and in the UK about the role which institutional shareholders should play in governing the corporation. In the US this discussion is around the idea of shareholder empowerment, in the UK it is around shareholder...
Persistent link: https://www.econbiz.de/10013138199
"Say on pay" gives shareholders an advisory vote on a company's pay practices for its top executives. Beginning in 2011, Dodd-Frank mandated such votes at public companies. The first year of "say on pay" under the new legislation may have changed the dialogue and give-and-take in the...
Persistent link: https://www.econbiz.de/10013113183
The forthright brand of shareholder activism hedge funds deploy emerged by the mid-2000s as a major corporate governance phenomenon. This paper explains the rise of hedge fund activism and offers predictions about future developments. The paper begins by distinguishing the “offensive” form...
Persistent link: https://www.econbiz.de/10013120169
Modern perceptions of good corporate governance assume that the general meeting has a meaningful role in the governance of listed companies and that shareholders make responsible use of their voting rights. Assessments after the financial crisis, however, indicate that institutional investors by...
Persistent link: https://www.econbiz.de/10013123575
The European Shareholder Rights Directive provides shareholders the right to ask questions related to the items on the agenda. The company can refuse to answer the questions in a limited number of cases. After a brief historical and European view, the second part of the paper assesses the...
Persistent link: https://www.econbiz.de/10013104876
This paper formally investigates the optimal allocation of power for shareholders recognizing that they may be heterogeneous, and that agency problems exist with managers. In the model I treat shareholders as economic actors who choose decision rules (or the degree of shareholder power) under a...
Persistent link: https://www.econbiz.de/10013069467