Overview
This theme analyses the economics of shareholder voting and corporate control. The projects investigate how the value of voting rights is determined in capital markets, and how voting structures influence governance outcomes. A series of studies examines earnings announcements, staggered boards, proxy contests and de‑facto voting power, using option‑implied measures of the “voting premium” to quantify how much investors are willing to pay for control rights.
Additional work on ETF shorting and shareholder voting explores how modern trading practices create “phantom” shares that affect voting outcomes without corresponding cash‑flow rights.
Collectively, these projects show how information, board design and market frictions shape the effectiveness of shareholder oversight. The findings are highly relevant for policymakers, companies and investors interested in corporate governance, highlighting when voting rights matter most, how they are priced, and how institutional arrangements can strengthen or weaken shareholder influence.
