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Cambridge Finance Workshop - Nadya Malenko

Cambridge Finance Workshop Series are usually held on Thursdays during term time. The workshops are an opportunity for those working in finance to present their latest results or papers.
When Apr 30, 2020
from 01:00 PM to 02:00 PM
Where Online
Contact Name Kat Tali
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 "Trading and shareholder democracy" 

Abstract: We study shareholder voting in a model in which trading affects the composition of the shareholder base. Trading and voting are complementary, which gives rise to self-fulfilling expectations about proposal acceptance and multiple equilibria. Increasing liquidity may reduce prices and welfare, because it allows extreme shareholders to gain more weight in voting. Prices and welfare can move in opposite directions, so the former are an invalid proxy for the latter. Delegating decision-making to the board can improve shareholder value. However, the optimal board is biased, does not represent current shareholders, and may not garner support from the majority of shareholders. 

 

 

Nadya Malenko is an Associate Professor of Finance and Giuriceo Family Faculty Fellow at the Carroll School of Management at Boston College. Her research examines shareholder voting, the design of board decision-making rules, the allocation of authority in organizations, and the role of reputation in the private equity industry and the market for directors. 

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