Abstract

http://ssrn.com/abstract=1538630
 
 

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Measurement Issues in the Proxy Access Debate


Joseph Grundfest


Stanford University Law School

January 18, 2010

Rock Center for Corporate Governance at Stanford University Working Paper No. 71
Stanford Law and Economics Olin Working Paper No. 392

Abstract:     
Recent empirical data indicate that the Commission’s proxy access proposals reduce shareholder wealth and are inimical to the best interests of the shareholder community at large. Cross-sectional variation in stock price response data further suggest that the Commission should reject a ‘one-size-fits-all’ approach, and that an opt-in rule is less likely to destroy shareholder wealth than an opt-out rule. None of the studies cited by the Commission in its request for further comment support a competing conclusion. The studies cited by the Commission instead suggest a rational basis for the market’s concern that the proxy access process can be captured by a small number of institutions with idiosyncratic objectives that conflict with the best interests of the larger shareholder community.

Number of Pages in PDF File: 10

Keywords: Proxy access, Securities and Exchange Commission, corporate governance, directors, boards, shareholder rights, shareholder voting, event study, stock price

JEL Classification: D72, D73, D78, G3, G38, K22, K23

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Date posted: January 18, 2010  

Suggested Citation

Grundfest, Joseph, Measurement Issues in the Proxy Access Debate (January 18, 2010). Rock Center for Corporate Governance at Stanford University Working Paper No. 71; Stanford Law and Economics Olin Working Paper No. 392. Available at SSRN: http://ssrn.com/abstract=1538630 or http://dx.doi.org/10.2139/ssrn.1538630

Contact Information

Joseph A. Grundfest (Contact Author)
Stanford University Law School ( email )
559 Nathan Abbott Way
Stanford, CA 94305-8610
United States
650-723-0458 (Phone)
650-723-8229 (Fax)
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