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dc.contributor.authorBecker, Bo
dc.contributor.authorSubramanian, Guhan
dc.contributor.authorBergstresser, Daniel
dc.date.accessioned2012-11-21T16:25:40Z
dc.date.issued2012-11-21
dc.identifier.citationBecker, Bo, Guhan Subramanian, and Daniel B. Bergstresser. "Does Shareholder Proxy Access Improve Firm Value? Evidence from the Business Roundtable Challenge." Journal of Law & Economics (forthcoming).en_US
dc.identifier.issn0022-2186en_US
dc.identifier.urihttp://nrs.harvard.edu/urn-3:HUL.InstRepos:9932210
dc.description.abstractWe 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.en_US
dc.language.isoen_USen_US
dc.relation.hasversionhttp://ideas.repec.org/s/ucp/jlawec.htmlen_US
dash.licenseOAP
dc.titleDoes Shareholder Proxy Access Improve Firm Value? Evidence from the Business Roundtable Challengeen_US
dc.typeJournal Articleen_US
dc.description.versionAuthor's Originalen_US
dc.relation.journalJournal of Law & Economicsen_US
dash.depositing.authorBecker, Bo
dc.date.available2012-11-21T16:25:40Z
dash.contributor.affiliatedBecker, Bo
dash.contributor.affiliatedSubramanian, Guhan


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