Management

Working Paper

Why Are Firms with More Managerial Ownership Worth Less?

Using more than 50,000 firm-years from 1988 to 2015, we show that the empirical relation between a firm’s Tobin’s q and managerial ownership is systematically negative. When we restrict our sample to larger firms as in the prior literature, our...Read more

Kornelia Fabisik
Ruediger Fahlenbrach
René Stulz
Jérôme Taillard
20 December 2018

Managerial Response to Shareholder Empowerment: Evidence from Majority Voting Legislation Changes

This paper studies how managers react to shareholder empowerment vis-à-vis governance provisions. We show that a staggered legislative change that increases noncompliance costs in the implementation of shareholder-initiated majority voting...Read more

Vicente Cuñat
Yiqing Lü
Hong Wu
08 August 2019

Retail Shareholder Participation in the Proxy Process: Monitoring, Engagement, and Voting

We study retail shareholder voting using a detailed and nearly universal sample of anonymized retail shareholder voting records over the period 2015-2017. Contrary to public perception, we find that retail shareholders are an influential voting...Read more

Alon Brav
Matthew Cain
Jonathon Zytnick
12 November 2019

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