Communications in proxy contests

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This paper studies the communication of “voice” in shareholder activism. Using hand-collected data, I investigate how the use of investor presentations, among other communication strategies, affects the outcomes of proxy contests. Being the first to make presentations to investors increases the dissident's chance of winning by 60%. To understand this first-mover advantage, I examine the allocation of investor attention and variation in investor sophistication. The evidence is consistent with an explanation of limited investor attention. The findings highlight the role of communication in corporate governance.
Original languageEnglish
Article number102013
JournalJournal of Corporate Finance
Early online date17 Jun 2021
Publication statusPublished - 1 Aug 2021


  • Attention
  • Investor presentation
  • Proxy contest


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