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| Tekijä: | Brav, A. Mathews, R.D. |
| Otsikko: | Empty voting and the efficiency of corporate governance |
| Lehti: | Journal of Financial Economics
2011 : FEB, VOL. 99:2, p. 289-307 |
| Asiasana: | corporate governance voting models information trading hedging funds |
| Kieli: | eng |
| Tiivistelmä: | This study models corporate voting outcomes when an informed trader, e.g. a hedge fund, can set separate positions in a firm's shares and votes. It is found that the trader's presence can enhance efficiency overall in spite of the fact that it sometimes ends up selling to a net short position and then voting in order to decrease firm value. An efficiency improvement is likely if other shareholders' votes are not highly correlated with the correct decision etc. |
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