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来源类型Working Paper
规范类型报告
DOI10.3386/w15143
来源IDWorking Paper 15143
The Role of Advisory Services in Proxy Voting
Cindy R. Alexander; Mark A. Chen; Duane J. Seppi; Chester S. Spatt
发表日期2009-07-09
出版年2009
语种英语
摘要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.
主题Financial Economics ; Financial Institutions ; Corporate Finance
URLhttps://www.nber.org/papers/w15143
来源智库National Bureau of Economic Research (United States)
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资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/572818
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GB/T 7714
Cindy R. Alexander,Mark A. Chen,Duane J. Seppi,et al. The Role of Advisory Services in Proxy Voting. 2009.
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