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Using a sample of non-U.S. firms from 43 countries, we investigate whether laws and regulations as well as votes cast by U.S. institutional investors are consistent with an effective shareholder voting process. We find that laws and regulations allow for meaningful votes to be cast as...
Persistent link: https://www.econbiz.de/10013038476
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have low leverage. The sponsors also observe the identity of the voting shareholders, because proposal probability …
Persistent link: https://www.econbiz.de/10013152605
, and that attending shareholders vote for 1.7 times the shares they own. Turnout is higher when the largest shareholder is … shareholders consider the general meeting a more important monitoring device the more serious the potential conflicts of interest …
Persistent link: https://www.econbiz.de/10012839416
The Securities and Exchange Commission's (“SEC” or “Commission”) recent staff roundtable on the proxy process, and its resulting guidance, interpretation and proposed rules on limiting the use of shareholder proposals, regulating proxy advisors and their creation of shareholder voting...
Persistent link: https://www.econbiz.de/10012840058
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
We show that in countries with more societal trust shareholders cast fewer votes at shareholder meetings and are more …
Persistent link: https://www.econbiz.de/10012898732
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