Tuesday, July 21, 2009

An academic paper

I'm just going to slide by today with a link and a question.

The link is to an academic paper written it appears nine years ago by a student at the Wharton School, University of Pennsylvania, "Strategic Voting and Proxy Contests."

click here

If you don't wish to click, here's the gist of it: How do non-contending shareholders act during a proxy fight? How is it rational for them to act, in terms of their own interest?

Is it rational for them to vote for the slate of directors they believe best for the company? Often, Bilge Yilmaz writes, it is not.

The question: has there been further work on this point? Something more recent?

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