Management Research Seminar Series in partnership with the Accounting and Finance Brown-bag Seminar Series present: Disempowering Shareholders

Wednesday, October 4, 2017, 10:00 a.m. to 12:00 p.m.

Ali Akyol, PhD
Senior Lecturer
Department of Finance
Faculty of Business and Economics
The University of Melbourne

In this presentation, the speaker will examine the decision made by a corporate vote tabulating firm to withhold interim vote results from proposal sponsors that limit shareholders ability to pass the important 50% support level as a case to examine the value implications of shareholder empowerment. He will find that the overall market reaction to the vote tabulating firm’s decision was positive, suggesting that the market viewed the limiting of shareholder power favorably. He will also report that the type of a proposal as well as its sponsor matters. The market’s reaction was negative for firms that were targets of proxy fights and for firms that had proposals sponsored by hedge funds. On the other hand, the market’s reaction for firms with social responsibility proposals and with proposals submitted by individual investors was positive. His results suggest that it is important to understand how shareholders get involved in corporate affairs to correctly gauge the benefits and costs of shareholder empowerment.

Wednesday, October 4, 2017
10:00 a.m. to 12:00 p.m.
Telfer School of Management
Desmarais Building
DMS 7170
55 Laurier Avenue East
Ottawa, Ontario K1N 6N5
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About the Speaker

Ali Akyolis a Senior Lecturer in Finance at the University of Melbourne. His research focuses on corporate governance. He mainly studieshow recent governance regulations and related changes affect the board and shareholder value. His work has appeared or is forthcoming inleading finance journals including the Journal of Financial Economics and the Journal of Financial and Quantitative Analysis. Ali holds a PhD from theUniversity of Alabama.

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