公司信息披露与年度股东大会

年度股东大会为股东提供了一个表达他们对公司经营绩效关心的机会,这使得经理们设法表现出良好的经营业绩。为了回应股东的压力,经理们往往会在年度股东大会之前披露积极消息公告。具体来说,在年度会议日期前40天的平均累积异常报酬显着为正。尤其当股东对公司经营绩效越不满,会议前回报越是显著较高。如果股东对管理层的压力过大,如机构持股高或者高管薪酬较高时,过去的业绩不佳的公司就会表现出更高的股东年会前回报。

Company Information Disclosure and the Annual Shareholder Meetings

Annual shareholder meetings provide an opportunity for shareholders to express their concerns with corporate performance,pressuring managers to demonstrate good performance.We show that managers respond to the shareholder pressure by reporting positive corporate news before the annual shareholder meetings.Specifically,significantly positive average cumulative abnormal returns during the 40 days before the annual meeting date.The pre-meeting returns are significantly higher when shareholder discontent with managerial performance is likely to be stronger.Companies with poor past performance exhibit even higher pre-meeting returns,when shareholder pressure on management is greater,such as when institutional ownership is high,when managers’ compensation is high.