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DESCRIPTION:Shareholder Activism and Political Spending \nChristine Wiedman
 University of Waterloo\nDate: November 22\, 2013Time: 10:30 am - 12:00 pmL
 ocation: Room 046\nAbstract:\nWe examine the determinants and consequences
  of shareholder activism around political spending. Using a comprehensive 
 sample of political spending-related shareholder proposals submitted betwe
 en 2004 and 2012\, we examine determinants of the targeting decision\, fac
 tors affecting voting outcomes\, and implementation rates for and market r
 eaction to initiation of new political spending policies. Proposals callin
 g for enhanced disclosure of spending information are most prevalent and g
 arner the most votes relative to proposals for information on spending phi
 losophy or those that aim to give shareholders a say on political spending
 . We find that 20% of the proposals are subsequently adopted\, a rate that
  is very high relative to previous studies on shareholder proposals. Furth
 er\, we find that while some activists\, namely unions and pension funds\,
  appear to target firms for private interests\, voting patterns and market
  reaction to implementation decisions reflect a more sophisticated underst
 anding of corporate political spending and an ability to filter out opport
 unism on the part of activist and/or management. Our findings contribute t
 o the ongoing debate about the role of disclosure and shareholder voice in
  an era where firms face fewer restrictions in directing corporate funds t
 owards political spending. 
DTSTART:20131115T170000Z
DTEND:20131115T190000Z
LOCATION:Bronfman Building\, CA\, QC\, Montreal\, H3A 1G5\, 1001 rue Sherbr
 ooke Ouest
SUMMARY:Seminar: Christine Wiedman\, University of Waterloo
URL:/desautels/channels/event/seminar-christine-wiedma
 n-university-waterloo-231578
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