Shareholders

Working Paper

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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