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On Enhancing Shareholder Control: A (Dodd-) Frank Assessment of Proxy Access

We use events related to a proxy access rule passed by the Securities and Exchange Commission in 2010 as natural experiments to study the valuation effects of changes in shareholder control. We find that valuations increase (decrease) following increases (decreases) in perceived control, especially for firms that are poorly performing, have shareholders likely to exercise control, and where acquiring a stake is relatively inexpensive. These results suggest that an increase in shareholder control from its current level would generally benefit shareholders. However, we find that the benefits of increased control are muted for firms with shareholders whose interests may deviate from value maximization.

Ketersediaan

Call NumberLocationAvailable
The Journal of FinancePSB lt.dasar - Pascasarjana1
Penerbit .,
Edisi Vol. 71, Number 4, Aug. 2016
Subjek proxy access
Regulatory Reforms
shareholder control
dodd-frank act
management accountability
ISBN/ISSN 00221082
Klasifikasi NONE
Deskripsi Fisik p. 1623-1668
Info Detail Spesifik The Journal of Finance
Other Version/Related Tidak tersedia versi lain
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