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By exploiting the local randomness in close-call votes on governance-related shareholder proposals, this paper finds a negative effect of passing a governance proposal on firms’ ex-ante tail risk measured by the cost of option protection against downside tail risks, which suggests that...
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results found that operation cash flow and centration of shareholders have positive impact on equity control reduction and the …
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conditional model the results indicate that after controlling for the self-selection bias effect, shareholders of bidder firms …
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a greater likelihood of goodwill impairment. Overall, our findings indicate that controlling shareholders increasingly … expropriate minority shareholders through self-serving corporate takeovers after the stock pledge …
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