Working Paper
Information and voting power in the proxy process
Jefferis, Richard H.; Bhagat, Sanjai (1990)
We document shareholder support for wealth-decreasing changes in corporate governance in the form of antitakeover charter amendments. the enactment of these amendments is shown to be related to ownership structure. This gives rise to a sample selection bias that contaminates traditional event-study results and explains the discrepancy between our findings and those reported in previous studies. We also provide evidence that strategic behavior by managers plays a role in the adoption of these amendments.
Working Papers (Old Series) , Paper 9011