Shareholder Value

Working Paper

Shareholder Wealth Consequences of Insider Pledging of Company Stock as Collateral for Personal Loans

We study a wide-spread yet unexplored corporate governance phenomenon: the pledging of company stock by insiders as collateral for personal bank loans. Utilizing a regulatory change that exogenously decreases pledging, we document a negative...Read more

Ronald Masulis
Ying Dou
29 January 2019

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

Shareholderism versus Stakeholderism – A Misconceived Contradiction. A Comment on “The Illusory Promise of Stakeholder Governance” by Lucian Bebchuk and Roberto Tallarita

This paper critiques an assessment by Bebchuk and Tallarita (BT) of the relative merits of shareholder and stakeholder governance. BT’s paper argues that stakeholder governance is either nothing more than enlightened shareholder value, or it...Read more

Colin Mayer
05 June 2020

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