报告：The Empire Strikes Back: Supplemental Proxy Disclosure in Response to ISS Unfavourable Recommendations
摘要：When Institutional Shareholder Services (ISS) issues recommendations unfavorable to the management, some listed firms choose to fight back by sending supplemental proxy disclosure to shareholders in an attempt to sway shareholders’ opinions. I show that firms with a larger size, higher institutional ownership, lower insider ownership, and better corporate governance are more likely to do so. The supplemental proxy disclosure is effective in tilting the voting outcome in favor of the management. The stock market reacts positively when firms provide the supplemental proxy disclosure. Further investigation shows that the supplemental proxy disclosure is more effective in winning shareholder voting support when it is easier to read, has a lower positive tone, discusses factual errors in ISS analysis, and quotes management-favorable recommendations from other proxy advisors. Overall, the paper shows supplemental proxy disclosure is effective in changing investors’ opinions in the battle for votes.
报告：Local Newspaper Closures and Bank Loan Contracts
摘要：We examine changes in bank loan contracts after borrowers experience a nearby local newspaper closure. Compared to a sample of control firms, we find that the closure of a local newspaper leads to higher interest spreads for borrowers. The effect is stronger when the local newspaper is more important for information generation, when the borrower’s information environment is poor, when accounting quality is low, or when external monitoring is weak. We show that this effect is robust to different research design specifications, matching samples, and that it is not related to a deteriorating local economic condition. Our findings suggest that local media still plays a significant role in the debt markets, even in the internet era.
张玥，北京大学光华管理学院会计学博士研究生，曾获国家留学基金委资助赴加拿大多伦多大学罗特曼商学院会计系访学1年。研究方向为贷款合约、企业创新。研究成果被国际会议The Annual Accounting Symposium in SMU，CAAA Annual Conference，EAA Annual Congress以及《中国会计评论》等期刊录用。