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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
breaks out, shareholders wield immense influence. These contests tend to have significant benefits for the corporation … uncontested director elections, shareholders' decisions to vote for or withhold their vote reflect the company's performance. The … suggests that shareholders seriously scrutinize management proposals, instead of blindly following management. ISS and …
Persistent link: https://www.econbiz.de/10012944114
only the target firm's shareholders can exercise voting rights under corporate law. The lack of voting rights for … shareholders of the acquiring (or bidder) firm is potentially problematic given anecdotal and empirical evidence that a large … percentage of public company acquisitions involve negative returns for bidder shareholders. Recent research shows that compulsory …
Persistent link: https://www.econbiz.de/10012946073
We offer that, when regulators require firms to obtain stakeholder approval of a corporate decision through voting on a resolution, firms disclose additional information that is needed for stakeholders to understand the optimal nature of the proposal and to vote in favor of it. We suggest that...
Persistent link: https://www.econbiz.de/10012826813
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
records over the period 2015-2017. Contrary to public perception, wefind that retail shareholders are an influential voting … their portfolio. Retail shareholders with large stock portfoliosand low opportunity costs are most likely to turn out. In … recommendations thanthat of large mutual funds. Retail shareholders can be divided into two blocs. The first are highlyinfluential …
Persistent link: https://www.econbiz.de/10012870647