本社から離れた場所で開催する株主総会は,つまり…

M&A Law Profが面白い論文として,Temple大学のLi教授とNYUのYermack教授Evasive Shareholder Meetingsを挙げていました。

OK, I’ll just say it. I think David Yermack is the most talented selector of paper topics out there. His series of tailspotter papers was great.

この論文は,株主総会がどれくらい本社から離れているかと,企業の業績等についての相関関係を調べた実証研究です。

We study the location and timing of annual shareholder meetings. When companies move their annual meetings a great distance from headquarters, they tend to announce disappointing earnings results and experience pronounced stock market underperformance in the months after the meeting. Companies appear to schedule meetings in remote locations when the managers have private, adverse information about future performance and wish to discourage scrutiny by shareholders, activists, and the media. However, shareholders do not appear to decode this signal, since the disclosure of meeting locations leads to little immediate stock price reaction. We find that voter participation drops when meetings are held at unusual hours, even though most voting is done electronically during a period of weeks before the meeting convenes.

M&A Law Profは目の付け所が面白いと仰っています。確かに,なかなか思いつかないアプローチだと思います。実証研究が可能な程度のサンプルがあるテーマ(一万弱となっています)というのは思いの他多いのかもしれません。最近,実証研究のテーマを考えていたのですが,創造的になれば,幾らでもテーマというのはあるのだと思い知らされました。

via M&A Law Prof Blog, SSRN