Working Paper
The Evolution of Shareholder Voting Rights: Separation of Ownership and Consumption
The nineteenth century saw the standardization and rapid spread of the modern business corporation around the world. Yet those early corporations...
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Managerial Response to Shareholder Empowerment: Evidence from Majority Voting Legislation Changes
This paper studies how managers react to shareholder empowerment vis-à-vis governance provisions. We show that a staggered legislative change that...
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Codetermination and the Democratic State
Two prominent progressive senators, Bernie Sanders and Elizabeth Warren, have recently proposed that employees should be allowed to elect 40 to 45...
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Mutual Fund Stewardship and the Empty Voting Problem
When Roberta Karmel wrote the articles that are the subject of this symposium, she was skeptical of both the potential value of shareholder voting and the...
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Say-on-Dividend
Most listed firms have concentrated ownership structures. However this ownership type is problematic. A clinical analysis reveals that the corporate...
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Sticking around Too Long? Dynamics of the Benefits of Dual-Class Voting
Using a new dataset of corporate voting-rights from 1971 to 2015, we find that young dual-class firms trade at a premium and operate at least as...
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Do Index Funds Monitor?
Passively managed index funds now hold over 30% of U.S. equity fund assets; this shift raises fundamental questions about monitoring and governance. We...
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The Benefits of Access: Evidence from Private Meetings with Portfolio Firms
We analyze the monitoring efforts of a large active asset manager that involve high-level private meetings with portfolio firms that are unobservable...
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This study examines the effect of outside director tenure length on firms’ market valuation and the voting behavior of outside directors. We make use...
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