| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w17797 |
| 来源ID | Working Paper 17797 |
| Does Shareholder Proxy Access Improve Firm Value? Evidence from the Business Roundtable Challenge | |
| Bo Becker; Daniel Bergstresser; Guhan Subramanian | |
| 发表日期 | 2012-02-02 |
| 出版年 | 2012 |
| 语种 | 英语 |
| 摘要 | We use the Business Roundtable's challenge to the SEC's 2010 proxy access rule as a natural experiment to measure the value of shareholder proxy access. We find that firms that would have been most vulnerable to proxy access, as measured by institutional ownership and activist institutional ownership in particular, lost value on October 4, 2010, when the SEC unexpectedly announced that it would delay implementation of the Rule in response to the Business Roundtable challenge. We also examine intra-day returns and find that the value loss occurred just after the SEC's announcement on October 4. We find similar results on July 22, 2011, when the D.C. Circuit ruled in favor of the Business Roundtable. These findings are consistent with the view that financial markets placed a positive value on shareholder access, as implemented in the SEC's 2010 Rule. |
| 主题 | Financial Economics ; Financial Markets ; Corporate Finance |
| URL | https://www.nber.org/papers/w17797 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/575472 |
| 推荐引用方式 GB/T 7714 | Bo Becker,Daniel Bergstresser,Guhan Subramanian. Does Shareholder Proxy Access Improve Firm Value? Evidence from the Business Roundtable Challenge. 2012. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w17797.pdf（203KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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