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The vote is cast : the effect of corporate governance on shareholder value

Author: Vicente Cuñat; Mireia Gine; Maria Guadalupe; National Bureau of Economic Research.
Publisher: Cambridge, Mass. : National Bureau of Economic Research, ©2010.
Series: Working paper series (National Bureau of Economic Research), no. 16574.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
This paper estimates the effect of corporate governance provisions on shareholder value and long-term outcomes in S & P1500 firms. We apply a regression discontinuity design to shareholder votes on governance proposals in annual meetings. A close-call vote around the majority threshold is akin to a random outcome, allowing us to deal with prior expectations and the endogeneity of internal governance rules. Passing a  Read more...
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Additional Physical Format: Print version:
Cuñat, Vicente, 1972-
Vote is cast.
Cambridge, Mass. : National Bureau of Economic Research, ©2010
(DLC) 2011655809
Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Vicente Cuñat; Mireia Gine; Maria Guadalupe; National Bureau of Economic Research.
OCLC Number: 690106585
Description: 1 online resource (46 pages) : illustrations.
Series Title: Working paper series (National Bureau of Economic Research), no. 16574.
Responsibility: Vicente Cuñat, Mireia Gine, Maria Guadalupe.

Abstract:

This paper estimates the effect of corporate governance provisions on shareholder value and long-term outcomes in S & P1500 firms. We apply a regression discontinuity design to shareholder votes on governance proposals in annual meetings. A close-call vote around the majority threshold is akin to a random outcome, allowing us to deal with prior expectations and the endogeneity of internal governance rules. Passing a corporate governance provision generates a 1.3% abnormal return on the day of the vote with an implied market value per provision of 2.8%. We also find evidence of changes in investment behavior and long-term performance improvements.

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