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Board Composition After Mergers : Does It Matter to Target Shareholders?

Wang, Hongxia - 2018

This paper examines whether post-merger board composition affects the premiums paid to target shareholders. Using a …

Persistent link: https://www.econbiz.de/10012911226

Taking Shareholders' Social Preferences Seriously : Confronting a New Agency Problem

Libson, Adi - 2018

Essay highlights an important consequence of this approach: a new agency problem between managers and shareholders regarding …

Persistent link: https://www.econbiz.de/10012913400

Shareholder Activism and Voluntary Disclosure Initiation : The Case of Political Spending

Baloria, Vishal P. - 2018

Demand for disclosures on environmental, social and governance (ESG) issues has increased dramatically. Using corporate political spending disclosures as our setting, we conduct a detailed inquiry of 541 political spending-related shareholder proposals from 2004 to 2012 to highlight the role of...

Persistent link: https://www.econbiz.de/10012916137

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

Independent Directors and Controlling Shareholders

Bebchuk, Lucian A. - 2017

shareholders. As a result, these directors have incentives to go along with controllers' wishes, or, at least, inadequate … that allows policymakers to produce the precise balance of power between controlling shareholders and public investors that …

Persistent link: https://www.econbiz.de/10012969875

Shareholder Activism and Voluntary Disclosure

Bourveau, Thomas - 2017

We examine the relation between shareholder activism and voluntary disclosure. An important consequence of voluntary disclosure is less adverse selection in the capital markets. One class of traders that finds less adverse selection unprofitable is activist investors who target mispriced firms...

Persistent link: https://www.econbiz.de/10012970911

The Power of Shareholder Votes : Evidence from Uncontested Director Elections

Aggarwal, Reena - 2017

This paper asks the question whether dissent votes in uncontested director elections have consequences for directors. We show that, contrary to popular belief based on prior studies, shareholder votes have power and result in negative consequences for directors. Directors facing dissent are more...

Persistent link: https://www.econbiz.de/10012971711

Do Wealth Creating Mergers and Acquisitions Really Hurt Bidder Shareholders?

Humphery-Jenner, Mark - 2017

We examine the economic benefits of acquisitions of U.S. public firms. Estimating revelation biases concerning internal investment opportunities, we find that it produces a significant negative bidder announcement effect, often interpreted as shareholder wealth destruction. Examining exogenously...

Persistent link: https://www.econbiz.de/10012972557

Shareholder Wealth Effects of Corporate Governance Deficiencies on Nasdaq

Frost, Carol Ann - 2017

The Nasdaq Stock Market's enforcement activities offer a unique setting for investigating the consequences of changes in corporate governance as evidenced by deficiency notices. We document significant negative abnormal returns in response to Nasdaq deficiency notices for audit committee and...

Persistent link: https://www.econbiz.de/10012972580

Determinants of Intercorporate Shareholdings

Bøhren, Øyvind - 2017

This paper examines why firms choose to spend resources on acquiring ownership rights in other firms. Based on a unique data base of every individual intercorporate shareholding on the Oslo Stock Exchange during the period 1980-1994, we find that such investments serve at least three functions....

Persistent link: https://www.econbiz.de/10012974292