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one hand, the SEC's rejection appears to be a stunning blow to the shareholders' rights campaign because many shareholders … of majority voting and the adoption of the e-proxy rules. Because these developments provide shareholders with … shareholders …
Persistent link: https://www.econbiz.de/10013099005
Typically, shareholders are not sure whether boards act in their interest, or have been captured by management. They … simply enrich managers at the expense of shareholders. After observing the board's compensation and investment policies …, shareholders update the probability that the board is captured using Bayes rule. Shareholders are “outraged” if this updated …
Persistent link: https://www.econbiz.de/10012975628
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...
Persistent link: https://www.econbiz.de/10013035358
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This paper studies informal communications and exit as alternative ways through which investors can influence managers when obtaining control is not feasible or too costly. The first result shows that exit relaxes the tension between investors and managers, and thereby enhances the effectiveness...
Persistent link: https://www.econbiz.de/10013065985
We develop a game theoretic model in which shareholders maximize the value of their portfolio and can buy or sell … of shareholders tends to infinity each shareholder's vote becomes uncorrelated with her private information and in the …
Persistent link: https://www.econbiz.de/10012847967
Persistent link: https://www.econbiz.de/10014486384
Horizontal shareholding exists when significant shareholders have stock in horizontal competitors. (It is often … imprecisely called "common shareholding," but that term can also apply when shareholders own stock in two noncompeting …
Persistent link: https://www.econbiz.de/10011685455
This study investigates whether conference calls accompanying M&A announcements in Europe provide valuable information for capital market participants and hence induce an abnormal stock price revaluation on the bidder’s equity. Based on handpicked data for transactions between 2008 and 2012 we...
Persistent link: https://www.econbiz.de/10011848217
horizontal shareholders individually have minority stakes, horizontal shareholding in concentrated markets often has … were the core target of antitrust law were horizontal shareholders. I further show that anticompetitive horizontal …
Persistent link: https://www.econbiz.de/10011810808