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SUMMARY:Trading and shareholder democracy - Speaker to be confirmed
DTSTART:20200430T120000Z
DTEND:20200430T130000Z
UID:TALK141406@talks.cam.ac.uk
CONTACT:CERF/CF Admin
DESCRIPTION:We study shareholder voting in a model in which trading affect
 s the composition of the shareholder base. Trading and voting are compleme
 ntary\, which gives rise to self-fulfilling expectations about proposal ac
 ceptance and multiple equilibria. Increasing liquidity may reduce prices a
 nd welfare\, because it allows extreme shareholders to gain more weight in
  voting. Prices and welfare can move in opposite directions\, so the forme
 r are an invalid proxy for the latter. Delegating decision-making to the b
 oard can improve shareholder value. However\, the optimal board is biased\
 , does not represent current shareholders\, and may not garner support fro
 m the majority of shareholders.
LOCATION: Webinar  (via Zoom online)- link to follow
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