• Publications
  • Influence
Say on Pay Votes and CEO Compensation: Evidence from the UK
We examine the effect of say on pay regulation in the UK. Consistent with the view that shareholders regard say on pay as a value-creating mechanism, the regulation's announcement triggered aExpand
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Shareholder Activism and CEO Pay
We study 134 vote-no campaigns and 1,198 shareholder proposals related to executive pay between 1997 and 2007. Union pension funds sponsor most of these initiatives, yet their targeting criteria doExpand
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Shareholder Votes and Proxy Advisors: Evidence from Say on Pay
We investigate the economic role of proxy advisors (PAs) in the context of mandatory “say on pay” votes, a novel and complex item requiring significant firm-specific analysis. PAs are more likely toExpand
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Board of Directors' Responsiveness to Shareholders: Evidence from Shareholder Proposals
In recent years boards have become significantly more likely to implement non-binding, majority-vote (MV) shareholder proposals. Using a sample of 620 MV proposals between 1997 and 2004, we find thatExpand
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The Impact of Shareholder Activism on Financial Reporting and Compensation: The Case of Employee Stock Options Expensing
ABSTRACT: We examine the economic consequences of more than 150 shareholder proposals to expense employee stock options (ESO) submitted during the proxy seasons of 2003 and 2004, the first case inExpand
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Shareholder Votes and Proxy Advisors: Evidence from Say on Pay: SHAREHOLDER VOTES AND PROXY ADVISORS
We study the role of proxy advisors (ISS and Glass Lewis & Co.) in the context of mandatory “say on pay” votes, a novel and complex item requiring significant firm-specific analysis. After describingExpand
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Opisthorchis felineus, an emerging infection in Italy and its implication for the European Union.
The liver fluke Opisthorchis felineus is one of the few zoonotic trematodes that circulates in the European Union (EU). It is transmitted from freshwater snails to fish and then to fish-eatingExpand
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Reputation Penalties for Poor Monitoring of Executive Pay: Evidence from Option Backdating
We study whether outside directors are held accountable for poor monitoring of executive compensation by examining the reputation penalties to directors of firms involved in the option backdatingExpand
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Does the director election system matter? Evidence from majority voting
We examine the effect of a change in the director election system—the switch from a plurality voting standard to a more stringent standard known as majority voting (MV). Using a regressionExpand
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'Low Cost' Shareholder Activism: A Review of the Evidence
In this study, I review the evidence on 'low-cost' tools of shareholder activism, such as shareholder proposals and shareholder votes in uncontested director elections, and make suggestions forExpand
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