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Golden parachutes have attracted much debate and substantial attention from investors and public officials for more than two decades, and the Dodd-Frank Act mandated a shareholder vote on any future adoption of a golden parachute by public firms. We analyze the relationship that golden...
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Investments in publicly-listed U.S. stocks enhanced shareholder wealth by more than $55.1 trillion in aggregate during … rather than increased shareholder wealth. The degree to which wealth enhancement is concentrated in relatively few stocks has … increased over time: for example, the number of high-performing firms that explain half of the net wealth creation since 1926 …
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uncontested director elections and on management proposals. While much of current theory depicts shareholder votes as an … 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 …
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This paper shows that proxy contests have a significant adverse effect on careers of incumbent directors. Following a proxy contest, directors experience a significant decline in number of directorships not only in the targeted company, but also in other non-targeted companies. The results are...
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