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The Role of Advisory Services in Proxy Voting

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Author Info
Cindy R. Alexander
Mark A. Chen
Duane J. Seppi
Chester S. Spatt
Abstract

This paper studies the information content and consequences of third-party voting advice issued during proxy contests. We document significant abnormal stock returns around proxy vote recommendations and develop an estimation procedure for disentangling stock price effects due to changes in outcome probabilities from those due to changes in outcome-contingent valuations. We find that voting advice is a good predictor of contest outcomes and that vote recommendations appear to certify the extent to which dissidents can add value. Thus, proxy advice seems to play a dual informational role in financial markets.

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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 15143.

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Date of creation: Jul 2009
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Handle: RePEc:nbr:nberwo:15143

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Find related papers by JEL classification:
G20 - Financial Economics - - Financial Institutions and Services - - - General
G24 - Financial Economics - - Financial Institutions and Services - - - Investment Banking; Venture Capital; Brokerage
G30 - Financial Economics - - Corporate Finance and Governance - - - General
G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance

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This page was last updated on 2009-11-25.

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