Shareholder Meetings Uncertainty: Evidence from the Options Market

Holland, Kateryna V.; Lim, Chan; Yi, Irene

doi:10.2139/ssrn.3765575

Cited by 2 publications

(2 citation statements)

References 37 publications

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“…Shareholder participation in general meetings (SPGM) is an important part of corporate governance in publicly-traded companies (e.g., Apostolides, 2010;Bebchuk, 2005;Krishnan & Ye, 2005). Theoretically, higher SPGM is desirable, as it serves the interests of shareholders by giving them a stronger voice regarding important governance issues (Holland et al, 2021;Institutional Shareholder Services (ISS), 2016;SEC, 2018a;SEC, 2018b) and leads to a broader reflection of shareholders' interests in the corporate governance processes (e.g., ISS, 2016;Stratling, 2003). Furthermore, higher SPGM provides shareholders with a better opportunity to hold management accountable and may prevent managers from engaging in opportunistic behaviors (e.g., Mayhew & Pike, 2004).…”

Section: Introductionmentioning

confidence: 99%

The beneficial effect of shareholder participation in general meetings: Evidence in the context of audit quality

Bazrafshan

Banaiy

Bazrafshan

2021

RBGN

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Purpose -This paper aims to investigate how shareholder participation in general meetings (SPGM) affects audit quality.Design/methodology/approach -We measure SPGM as the percentage of the ownership represented by the shareholders who attend the general meeting. We measure audit quality by auditor industry specialization, audit firm size, and auditor fees. In order to investigate the relationship between SPGM and audit quality, we use a sample of 576 firm-years from Iran's capital market between 2012 and 2018 and employ multivariate regression analysis.Findings -The findings show that, in general, there is an insignificant relationship between SPGM and audit quality. However, we reveal that there is a positive and significant association between the presence of institutional shareholders in general meetings and audit quality. Furthermore, for the companies with a high presence of institutional shareholders in their general meetings, there is a significant and positive relationship between the participation of other shareholders in the general meetings and audit quality. Our findings are robust in regards to a variety of additional tests.Originality/value -Collectively, the findings reveal that the impact of SPGM on audit quality is conditional to the presence of institutional shareholders in general meetings. The findings provide further insights among the mixed evidence on the beneficial effects of SPGM.

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Section: Introductionmentioning

confidence: 99%

The beneficial effect of shareholder participation in general meetings: Evidence in the context of audit quality

Bazrafshan

Banaiy

Bazrafshan

2021

RBGN

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“…In contrast, Holland et al (2021) argues that previous literature fails to find significant market reactions around shareholder meetings because investors constantly update their beliefs on meeting outcomes over a long horizon, in a way that short window stock return event studies cannot fully capture market reactions. Using option implied volatility to assess the information content of annual shareholder meetings, Holland et al (2021) document that implied volatility gradually declines from record date for an annual meeting until the meeting date, suggesting that shareholders anticipate meeting outcomes.…”

Section: Evasive Shareholder Meetingsmentioning

confidence: 81%

Essays on stock price crash risk

Schwarz

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Foram quatro anos intensos. Leituras, rascunhos, R&Rs, apresentações, conferências, leituras, mais rascunhos. Construir e reconstruir. Carl Sagan, entre seus bilhões e bilhões, afirmava que a ciência não é perfeita. Não é perfeita, mas evolui, autocorrige-se. Aprendi que o processo científico e o doutorado, além de tudo, é um enorme teste de resiliência. Por vezes (para ser honesto, muitas vezes) acreditei que não chegaria lá. E, se aqui estou, não foi apenas por mero esforço individual, mas pela ajuda, direta ou indireta, recebida ao longo dessa jornada. À Deus. Sem Ele, nada disso teria sido possível.À minha coorientadora, Prof. a Nayana Reiter, por ter me acolhido na Universidade de Toronto não apenas como aluno de doutorado-sanduíche, mas também como assistente de pesquisa. Prof. a Nayana, obrigado pela assistência e por ter me ensinado a ser um pesquisador melhor. Inquestionavelmente, a sua orientação fez essa jornada ser recompensadora! À minha orientadora, Prof. a Flávia Dalmacio, por ter me acolhido em Ribeirão Preto e pela assistência tanto no mestrado quanto no doutorado. Agradeço pela confiança depositada em mim.

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Shareholder Meetings Uncertainty: Evidence from the Options Market

Cited by 2 publications

References 37 publications

The beneficial effect of shareholder participation in general meetings: Evidence in the context of audit quality

The beneficial effect of shareholder participation in general meetings: Evidence in the context of audit quality

Essays on stock price crash risk

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