财务金融系系列讲座之223期

时间：2017年11月28日（周二）13:30

地点：史带楼603室

主持人：Prof. Qi ZHU　 Department of Finance, School of Management, Fudan University

主题：Managerial Response Under Shareholder Empowerment: Evidence from Majority Voting Legislation Changes

演讲者：Phd. Yiqing Lü   New York University Shanghai

摘要：This paper studies how managers react to the empowerment of shareholders with respect to governance provisions. A legislative change that makes the outcome of shareholder-initiated majority-voting proposals binding is followed by an increase in the submission of management-initiated majority voting proposals by 40%. Management pre-empts shareholder initiated changes to corporate governance arrangements, by adopting provisions that crowd out shareholder proposals and give management discretion and control over future amendments of voting rules. Finally, the implementation probability of majority-voting standard leads to higher implementation jumps and more negative market return reactions in close-call elections after the enactment of new laws. Our results seem to indicate that managers resist the implementation of majority-voting standard precisely in those firms where it would be most value-destroying.

简介：Yiqing Lü is an Assistant Professor of Finance at New York University Shanghai and Global Network Assistant professor of Finance at New York University. Her research interests are Theoretical and Empirical Corporate Finance, Corporate Governance, Contract Theory and Organizational Economics. She has presented her research in several conferences and seminars, including Trans-Atlantic Doctoral Conference, LSE Work in Progress seminar and EFA Doctoral Tutorial.

会计学系

2017-11-22