Als Vortragende dürfen wir Markus Parlasca (WU Vienna) begrüßen.

Er wird sein Paper "Voting and Trading on Proxy Advice" (joint with Paul Voss) vorstellen.

Abstract: This paper studies how proxy advice affects corporate decision-making when shareholders can vote and trade. Because proxy advice correlates shareholders’ votes, it is informative about the vote outcome. We show that the predictability of the vote outcome induces shareholders with conflicting information vis-à-vis the proxy advice to sell their shares – precisely when their vote would be most valuable for information aggregation. We find that proxy advice can thus reduce firm value and more precise proxy advice may not improve corporate decision making. Our results give rise to new empirical predictions and have implications for regulation.

Das Brown Bag Seminar findet am 16. Mai 2024 von 13:00-14:00 Uhr im Raum TC.5.15 statt.