March 20, 2023
Two Stories About Shareholders
New publication in Osgoode Hall Law Journal
Professor Bryce Tingle has published "Two Stories About Shareholders" in the Osgoode Hall Law Journal.
This paper reviews the body of empirical research on the outcomes of the various forms of shareholder activism. Proposals, proxy campaigns and takeovers represent the most impactful forms of shareholder engagement with corporations. As it happens, the empirical evidence does tend to strongly support one of the two stories about the role of shareholders, but it is not the one currently dominating law reform efforts.