Shareholders

Working Paper

05 August 2019

Bolstering Family Control: Evidence from Loyalty Shares

We study the introduction of a new control-enhancing mechanism in Italy, a country characterized by family-controlled firms and growing shareholders’ protection by institutional investors. Since 2014, Italian firms have been...

Emanuele Bajo | Massimiliano Barbi | Marco Bigelli | Ettore Croci
20 December 2018

The Costs and Benefits of Shareholder Democracy: Gadflies and Low-Cost Activism

We show that there is cross-sectional variation in the quality of shareholder proposals. On average, the proposals submitted by the most active individual sponsors are less likely to be supported by a majority of votes, but they...

Nickolay Gantchev | Mariassunta Giannetti
08 August 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...

Vicente Cuñat | Yiqing Lü | Hong Wu
20 January 2020

Shifting Contours of Directors’ Fiduciary Duties and Norms in Comparative Corporate Governance

Corporate law and corporate governance are often called upon to address problems in international and transnational contexts. Financial markets are global and the problems in those markets are often similar, if not identical, even...

Jennifer Hill

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