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This study investigates the impact of the stewardship code, which is not mandatory with legally binding regulations, on the shareholder voting activity of institutional investors. Despite the introduction of the stewardship code in the UK and some European countries, its impact on shareholder...
Persistent link: https://www.econbiz.de/10012933300
We show that close votes on shareholder proposals are disproportionately more likely to be won by management than by shareholder activists. Using a sample of shareholder proposals from 2003 to 2016, we uncover a large and discontinuous drop in the density of voting results at the 50% threshold....
Persistent link: https://www.econbiz.de/10012935124
(election of directors and votes on fundamental changes), federal law grants shareholders additional voting rights. But these …'s shareholders. It finds firms alter the structure of their acquisitions to avoid shareholder voting. On its own, this finding could … shareholders' expense. Yet this Article finds no difference in returns to acquisitions that require a shareholder vote and those …
Persistent link: https://www.econbiz.de/10012935492
There are several measures of equity compensation that may provide shareholders with distinct and useful information … for evaluating CEO pay. We examine whether shareholders consider additional disclosures of equity compensation measures … outcomes remain significantly related to abnormal equity compensation expense. Consistent with shareholders considering the …
Persistent link: https://www.econbiz.de/10012903909
influence of individual shareholders' tax incentives on capital structure. We find that the largest shareholder's tax incentive … incrementally relevant for leverage. However, tax incentive heterogeneity between shareholders reduces the positive influence of the …
Persistent link: https://www.econbiz.de/10012908530
reform based on this critique of shareholders' rational ignorance. The challenges of rational ignorance, as well as related … corporate policy in voting on shareholder matters. However, most shareholders are typically passive investors with incomplete … shareholder voting can be about not only the quantum of power that shareholders ought to hold vis-à-vis the board, but also about …
Persistent link: https://www.econbiz.de/10012869462
. 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 …
Persistent link: https://www.econbiz.de/10012968867
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