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Information and voting power in the proxy process

Author

Listed:
  • Sanjai Bhagat
  • Richard H. Jefferis

Abstract

We document shareholder support for wealth-decreasing changes in corporate governance in the form of antitakeover charter amendments. the enactment of these amendments is shown to be related to ownership structure. This gives rise to a sample selection bias that contaminates traditional event-study results and explains the discrepancy between our findings and those reported in previous studies. We also provide evidence that strategic behavior by managers plays a role in the adoption of these amendments.

Suggested Citation

  • Sanjai Bhagat & Richard H. Jefferis, 1990. "Information and voting power in the proxy process," Working Papers (Old Series) 9011, Federal Reserve Bank of Cleveland.
    • Handle: RePEc:fip:fedcwp:9011
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    Cited by:

    1. Maleva, Tatyana Mikhailovna (Малева, Татьяна Михайловна) & Avraamova, Elena (Авраамова, Елена) & Kirillova, M. K. (Кириллова, М. К.) & Burdyak, Alexandra (Бурдяк, Александра) & Tyndik, Alla (Тындик, А, 2014. "Sociological Monitoring Survey of Wages, Income, Poverty and Social Inequality [Социологическое Мониторинговое Обследование Заработных Плат, Доходов, Бедности И Социального Неравенства]," Published Papers om27, Russian Presidential Academy of National Economy and Public Administration.

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