This study uses a novel dataset to analyze proxy exempt solicitations (ES) as a means of shareholder communication outside formal proxy rules. The results indicate that ES can effectively reveal widespread views and are accessed by investors and investment banks at high rates. The market reacts...

This paper examines the determinants of board composition and firm valuation as a function of board composition in Taiwan - a country that features relatively weak protection for investors, firms with controlling shareholders, and pyramidal groups. The results suggest that there is poor...