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Shareholder Voting and Corporate Governance Around the World
Iliev, Peter - 2015
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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Shareholder Voting and Corporate Governance Around the World
Iliev, Peter - 2015
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/10013011773
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Shareholder Voting and Disclosure in M&As
Do, Tan; Garcia Osma, Beatriz; Toldrà-Simats, Anna; … - 2023
We examine the effect of voting requirements in M&A transactions on managerial disclosure, information asymmetries, and voting outcomes. We find that voting requirements lead firms to provide more disclosure and in a timelier manner, including disclosure of the merger agreement, information on...
Persistent link: https://www.econbiz.de/10014257600
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ESG Mutual Fund Voting on Executive Compensation Shareholder Proposals
Dikolli, Shane S.; Frank, Mary Margaret; Guo, Zhe (Michael) - 2023
We investigate how mutual funds with environmental, social, and governance (ESG) objectives vote on shareholder proposals related to executive compensation. Using a sample of 94,695 votes by 2,354 mutual funds from 2012 to 2021, we find that ESG funds are 9.4% more likely than non-ESG funds to...
Persistent link: https://www.econbiz.de/10014348933
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The Role of Proxy Advisors and Large Passive Funds in Shareholder Voting : Lions or Lambs?
Boone, Audra L. - 2020
Proxy advisory firms and large passive mutual funds have faced criticism both for being too powerful and not exercising diligence in proxy voting. We document that the ``Big 3'' passive fund families, Blackrock, State Street, and Vanguard, are increasingly likely to vote with management, and...
Persistent link: https://www.econbiz.de/10012855196
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Ask the Smart Money : Shareholder Votes by a "Majority of the Quality Shareholders"
Cunningham, Lawrence A. - 2021
directors, shareholders, judges and scholars are on edge. Directors yearn for a certain kind of shareholder, especially one that … own fleetingly. Shareholders want a voice, and that patient-focused cohort has the softest one today, crowded out by … directors and shareholders, while easing the judicial burden and scholarly angst: on corporate matters where stakes run high …
Persistent link: https://www.econbiz.de/10013241029
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Retail Shareholder Participation in the Proxy Process : Monitoring, Engagement, and Voting
Brav, Alon - 2019
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
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Hidden Agendas in Shareholder Voting
Hirst, Scott; Robertson, Adriana - 2021
Nothing in either corporate or securities law requires companies to notify investors what they will be voting on before the record date for the meeting. We show that, overwhelmingly, they do not. The result is “hidden agendas:” in 88% of shareholder votes, investors cannot find out what they...
Persistent link: https://www.econbiz.de/10013216298
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Management influence on investors : evidence from shareholder votes on the frequency of say on pay
Ferri, Fabrizio; Oesch, David - 2013
The literature on shareholder voting has mostly focused on the influence of proxy advisors on shareholder votes. We exploit a unique empirical setting enabling us to provide a direct estimate of management's influence. Analyzing shareholder votes on the frequency of future say on pay votes, we...
Persistent link: https://www.econbiz.de/10010410452
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Proxy advisory firms and corporate shareholder engagement
Dey, Aiyesha; Starkweather, Austin; White, Joshua T. - 2021
We examine the influence of proxy advisors on firms’ shareholder engagement behavior. Our analyses exploit a quasi-natural experiment using Say-On-Pay voting outcomes near a threshold that triggers a review of engagement activities by Institutional Shareholder Services (ISS). Firms receiving...
Persistent link: https://www.econbiz.de/10012586749