Thy Neighbor's Vote: Peer Effects in Proxy Voting
| Autor: | Jiekun Huang |
|---|---|
| Rok vydání: | 2019 |
| Předmět: |
History
Polymers and Plastics business.industry media_common.quotation_subject Corporate governance Institutional investor ComputingMilieux_LEGALASPECTSOFCOMPUTING Accounting Industrial and Manufacturing Engineering Institution Peer influence Peer effects Business and International Management business Proxy voting media_common |
| Zdroj: | SSRN Electronic Journal. |
| ISSN: | 1556-5068 |
| DOI: | 10.2139/ssrn.3481315 |
| Popis: | Institutional investors' proxy voting decisions are influenced by their neighbors. I identify peer effects in proxy voting using close-call votes on shareholder-sponsored governance proposals at publicly traded financial institutions (focal institutions). I first show that the passage of a close vote at a focal institution increases the likelihood that the institution votes against management. Using a triple-difference approach, I find that the passage increases the likelihood that the neighboring institutions vote against management in stocks that are heavily held by the focal institution. These results suggest that peer influence is an important determinant of proxy voting behavior. |
| Databáze: | OpenAIRE |
| Externí odkaz: |
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