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Akyol, AliC., Raff, K. and Verwijmeren, P. (2017). The elimination of broker voting in director elections Finance Research Letters, 21(May):34--39.

  • Journal
    Finance Research Letters
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In 2009, the Securities and Exchange Commission (SEC) reformed shareholder voting by eliminating uninstructed broker voting in director elections. We use this reform as a quasi-natural experiment to assess the value of shareholder empowerment. Using different control groups and various cross-sectional tests, we find that the reform did not increase average equity values.