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A key objective of shareholder activists is to persuade a firm’s management to change its strategy. CFOs play an important role in negotiations, nonetheless activism research mainly focuses on CEOs. We examine the relationship between CFO overconfidence and the likelihood to get targeted by...
Persistent link: https://www.econbiz.de/10013295508
Information asymmetry between shareholders and corporate managers can subvert contemporary calls for increased … institutional investor oversight. In jurisdictions where controlling shareholders are common, information asymmetry can also arise … between minority shareholders and controlling shareholders, impeding the monitoring of the latter by the former. Shareholder …
Persistent link: https://www.econbiz.de/10013404893
shareholders. Great attention has been devoted to short-term trading on the one hand and diversified index funds on the other, but … 'quality shareholders'. GW’s Quality Shareholders Initiative ('QSI') is pleased to present highlights of the initial …
Persistent link: https://www.econbiz.de/10014361506
-held shareholding. Conversely, a primary purpose of stewardship in Korea is to keep controlling shareholders in check, particularly by …
Persistent link: https://www.econbiz.de/10014362064
We study 944 shareholder proposals submitted to 343 U.S. firms on climate change issues during 2009–2022. We use logistic and two-stage regression to estimate the propensity for a firm to be targeted or subjected to a vote at the annual general meeting and, for voted proposals, the...
Persistent link: https://www.econbiz.de/10014353105
for shareholders to communicate directly and publicly with the firm's management. Examining AGM transcripts of U ….S. companies between 2007 and 2021, we find that shareholders actively express their concerns about environmental, social and …. Shareholders' soft engagement at AGMs is hence an effective way to "walk the talk". …
Persistent link: https://www.econbiz.de/10013555431
We investigate environmental, social, and governance (ESG) and firm value effects of more than 7,000 shareholder proposals submitted between 2006–2020. Using propensity score matching and a difference-in-differences setting, the results indicate that firms that receive an ESG- or...
Persistent link: https://www.econbiz.de/10014257842
Imagine if we stopped deciding basketball games by baskets alone. Instead, victory would be determined by a combination of baskets, rebounds, steals, and fouls. Each of these is universally acknowledged as a critical component of the game. Why not reward them directly instead of indirectly, by...
Persistent link: https://www.econbiz.de/10014242711
but not with higher risk-adjusted fund returns. These findings suggest that mutual fund shareholders, on average, do not …
Persistent link: https://www.econbiz.de/10014244822
-collected fund securities lending data. Consistent with Shleifer and Vishny’s (1986) argument that a shareholder’s willingness to …
Persistent link: https://www.econbiz.de/10013244848