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Corporate Governance

: The Harvard Law School Corporate Governance Blog

Does Shareholder Proxy Access Improve Firm Value?

By Harvard Law School Program on Corporate Governance

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Editor?s Note: The following post comes to us from Bo Becker of the Finance Unit at Harvard Business School; Daniel Bergstresser of the Finance Unit at Harvard Business School; and Guhan Subramanian, Professor of Law and Business at Harvard Law School and Professor of Business Law at Harvard Business School.

In our paper, Does Shareholder Proxy Access Improve Firm Value? Evidence from the Business Roundtable Challenge, which was recently made publicly available on SSRN, we use a natural experiment to assess the shareholder wealth implications of shareholder proxy access. We study stock returns on October 4, 2010, when the SEC unexpectedly delayed proxy access for U.S. public companies. The October 4 announcement makes a particularly useful event for empirical work because it was both material and unexpected. We identify firms most likely to be affected by proxy access as those with significant ownership by institutions with a history of attempts to change corporate policy (?activist institutions?).

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Full post as published by The Harvard Law School Corporate Governance Blog on January 10, 2011 (boomark / email).