Review of Finance Vol. 13 No. 1 2009
Do Shareholders Vote Strategically? Voting Behavior, Proposal Screening, and Majority Rules
open access
Abstract
We study shareholder voting on management proposals. We build on a simple model of strategic voting, provide structural estimates of its parameters, and derive testable implications. The evidence suggests that voting is strategic in the sense that shareholders take into account the information of other shareholders when making their voting decisions. We conclude that strategic voting prevents incorrect rejections of management proposals.
- DOI
- 10.1093/rof/rfn026
- Volume
- 13
- Issue
- 1
- Pages
- 47-79
- Language
- en
- Sources
- bibtex:phds-export.bib openalex openalex crossref