Calendrier du 25 mars 2022
PSE Internal Seminar
Du 25/03/2022 de 12:30 à 13:30
R1-09
ANDREESCU Marie(PSE)
MACé Antonin(PSE)
Voting in Shareholders Meetings
This paper studies the informational efficiency of voting mechanisms in shareholder
meetings. When the management does not affect the proposal being voted on, we
show that voting mechanisms are more efficient when their ballot space is richer.
Moreover, efficiency requires full divisibility of the votes. When the management has
agenda power, we uncover a novel trade-off?: more efficient mechanisms provide worse
incentives to select good proposals. This negative effect can be large enough to wash
out the higher voting efficiency of even the most efficient mechanisms.