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For three academic years (2011-2014), the Harvard Law School's Shareholder Rights Project (SRP) operated a clinical program assisting institutional investors on board declassification proposals. This paper analyzes the SRP as a quasi-natural experiment to examine the value implications of...
Persistent link: https://www.econbiz.de/10012957219
One of the measures foreseen in the Shareholder Rights Directive for enhancement of the rights of shareholders is the …
Persistent link: https://www.econbiz.de/10012910268
corporation should speak and what it should say? In several cases, the Supreme Court has provided a clear answer: shareholders …, acting through the procedures of corporate democracy. While this holding has attracted substantial academic and public …) of the possibility that the Supreme Court's appeal to the fraught concept of “corporate democracy,” though woefully under …
Persistent link: https://www.econbiz.de/10012936184
rights under UK regulations of 2013 on the voting patterns of shareholders. Based on a hand-collected dataset of the pay … information disclosed by FTSE 350 companies from 2013-2017, we establish that shareholders guide their vote by top line salary …
Persistent link: https://www.econbiz.de/10012936560
.S. But we argue that outside investors in European listed firms with controlling shareholders are poorly protected compared … shareholders rather than shielding passive investors, is not well suited for controlled, listed firms. This approach translates … into a lack of definition and development of specific fiduciary duties of the controlling shareholders towards market …
Persistent link: https://www.econbiz.de/10012940905
Shareholder activism by hedge funds has taken hold in Germany in spite of large ownership concentration. This essay uses the example of Stada Arzneimittel AG to highlight features of activism, German style. It goes on to discuss the legal issues raised by activist campaigns at the two stages of...
Persistent link: https://www.econbiz.de/10012865107
Activist hedge funds do not hold a sufficiently large number of shares to win proxy battles, and their success in driving corporate change relies on the willingness of institutional investors to support their cause. Against this background, this Article advances three claims about the...
Persistent link: https://www.econbiz.de/10012867125
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
We explore Time-Phased Voting (“TPV”), an arrangement in which long-term shareholders receive more votes per share than … short-term shareholders. TPV has gained prominence in recent years as a proposed remedy for perceived corporate myopia. We …-class stock. By decreasing the influence of short-term shareholders, TPV may encourage managers to act in the long-term interests …
Persistent link: https://www.econbiz.de/10012971472
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