Institutional investors are highly dissatisfied with the quality of information that they receive about corporate governance policies and practices in the annual proxy. Across the board, they want proxies to be shorter, more concise, more candid, and less legal. The largest complaint involves...

We examine the relation between shareholder activism and voluntary disclosure. An important consequence of voluntary disclosure is less adverse selection in the capital markets. One class of traders that finds less adverse selection unprofitable is activist investors who target mispriced firms...

Making detailed annual general meeting (AGM) minutes available online allows absentee investors to understand the discussion that took place during the AGM, and other interested parties to gauge the intensity of investor activism and stakeholder engagement from the questions posed. This paper...

This study examines the impact of information environment in capital markets on a firm’s stakeholder paradigm. We integrate research on time horizons with stakeholder theory to unravel both the choice between shareholder diagram and stakeholder diagram, and the choice between generic and...

This paper examines how a manager uses voluntary disclosure to influence corporate control by a short-term shareholder. Since a short-term shareholder intervenes excessively, the manager's disclosure strategy is determined by the trade-off between excessive and insufficient intervention. In...

We examine the impact of financial disclosures’ readability on future shareholder activism, as expressed by shareholder-initiated proxy proposals. Based on a sample of 1,560 proposals made by shareholders of 818 S& P 1500 firms between 2000 and 2014, we find that the semantic complexity of the...