TY  - BOOK
AU  - Becker,Bo
AU  - Bergstresser,Daniel
AU  - Subramanian,Guhan
TI  - Does shareholder proxy access improve firm value?: evidence from the business roundtable challenge
SN  - 00222186
AV  - HB73 JOU 
PY  - 2013///
CY  - Chicago
PB  - University of Chicago Press
KW  - Financing Policy
KW  - Financial Risk and Risk Management
KW  - Capital and Ownership Structure
KW  - Government Policy and Regulation
KW  - Information and Market Efficiency
KW  - Insider Trading
KW  - Mergers Acquisitions
KW  - Restructuring
KW  - Corporate Governance
N2  - We 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
UR  - https://doi.org/10.1086/667411
ER  -