Say-on-Pay Votes: The Role of the Media

Abstract

We investigate the association between the media coverage of firms’ CEO pay packages and subsequent shareholder voting on say-on-pay resolutions, and find that negative media coverage is able to predict shareholder discontent over say on pay. When we divide media coverage into coverage in the financial and business press versus coverage in the general press, we find that shareholder voting on say-on-pay resolutions is mainly associated with the articles from the financial and business press. This suggests that the media cannot be considered a homogeneous information source that is equally able to predict shareholders’ voting behaviors. As such, our findings have important implications for studies on the role of the media in corporate governance.     

“神秘顾客” 轻松赚快钱

＂神秘顾客＂和商业间谍的共同之处在于工作中都必须将自己的真实身份隐藏起来,因而都具有神秘色彩。在中国,＂神秘顾客＂作为商业调查的一个基础手段,还是一个人们十分陌生的行当。或许因此,从事这项业务的公司也显得更加神秘     

a students'guide to the CAP

Linda Whetstone, farmer and economist, gives a brief account of the ill-effects of the Common Agricultural Policy. Is there nothing good to say about the CAP - only that it has increased the availability of supplies but at enormous cost?     

Agricultural incomes and the CAP

Concern with the living standards of farmers is central to the CAP yet it demonstrates the muddled objectives, inappropriate indicators and misdirected interventions that are the stuff of analysts' worst nightmares. As a consequence, the performance of the CAP in terms of this fundamental aim has, in all likelihood, been very poor. Attempts to reorientate the CAP to be more in line with its declared objectives face enormous vested interests in the agricultural industry and among policy-makers.     

The Costs of the CAP

What are the effects of the CAP? Professor Thompson of Aberdeen University analyses the costs of the Common Agricultural Policy.     

Liberating Farming from the CAP

Global food producers face severe challenges in feeding the world's population at affordable prices. It is therefore essential that EU agricultural policy now focuses on maximising the Community's food production. This is only likely to be achieved if direct income payments are rapidly phased out allowing the industry to restructure, which will involve the concentration of production on larger‐scale farms.     

The CAP is Destroying the EEC

The Common Agricultural Policy of the European Economic Community threatens to pull Europe apart. Seven eminent German economists, the Kronberger Kreis, demonstrate the political and economic tailings of the CAP. They argue in this short version prepared by Dr klaus Peter Krause of a book to be published in German that without radical reform the CAP will continue to generate massive wastage, subvent the efforts of farmers throughout the Community, provoke widespread political tension both inside and outside the Community, and force unnecessarily high prices on consumers. Two British commentators examine the importance of the Kronberger Kreis Supplement for the agricultural markets in Europe and the Third World.     

The CAP and the Economics of Regulation

Are the effects of regulation always bad? Catherine Blight of the University of Edinburgh argues that in certain circumstances regulation can offer a ‘second-best’ solution.     

Trade liberalisation and CAP reform in the EU

Europe has underperformed relative to its peers and to its own previous performance over the last two decades. That underperformance reflects a range of factors, from structural rigidities in labour and capital markets, to inappropriate macroeconomic policy. But one set of policy measures that could contribute to improved economic performance in the future is trade liberalisation and reform of the Common Agricultural Policy (CAP). This article examines the benefits that could accrue to the UK, EU and global economies from the liberalisation of trade in goods and from the replacement of the current CAP with other, more productive forms of spending. It finds that the current barriers to trade in the EU, and the resources dedicated to the maintenance of the CAP, are set to cost the EU some 2% of GDP by 2015 if they remain in place. Moreover, this cost falls disproportionately on the poorer members of society.     

The CAP: History and attempts at reform

This article outlines the economic consequences of the CAP, including the high level of protection, the burdens on consumers, taxpayers and the EU budget, environmental damage, the harm to international trading relations, and the failure to raise farmers' incomes. The numerous unsuccessful attempts at reform from 1968 to 1999 are described. Finally, some of the lessons of the reform attempts are drawn, including the apparent political impossibility of reducing farm support and bureaucratic intervention once it is in place.     

奇招赚钱财富就在脚下

1．发放纪念品,人潮带钱潮 在北京举办的一个全国性服装展销会上,安徽一家服装厂的展销柜台被安排在五楼18号一个不显眼的角落里,几天下来,柜台前冷冷清清,产品无人问津。为了打开局面,该厂果断地采取了滞中生动的办法,     

对机械加工中切削加工及切削颤振的探讨

本文主要论述了切削加工与刀具的重要作用、切削颤振的危害及产生原因、切削加工的重要作用及控制切削加工过程中切削颤振的方法及措施。     

氧乙炔焰切割输油管线的操作技术

采油厂的输油管线在长期的使用过程中,由于腐蚀、老化等原因,易出现穿孔、管壁变薄等各种情况,针对输油管线内部残留油气等可燃物、残余压力,在施工条件复杂时容易发生事故的特点,利用改进氧乙炔焰切割工艺,提高输油管线维修和更换工作的安全性和工作效率。     

纵轴式掘进机截割头运动参数对截割载荷的影响分析

对影响纵轴式掘进机截割载荷的运动参数进行了分析,在ANSYS中建立了纵轴式掘进机截割头截割煤岩的有限元模型,并基于LS-DYNA对其截割过程进行了仿真分析,获得了截割载荷随时间的动态变化曲线。针对截割过程中对截割载荷影响较大的运动参数,包括截割头钻进速度、摆动速度和转速等对截割载荷的影响进行了比较分析。仿真结果表明,截割载荷随截割头钻进和摆动速度的增大而增加,随截割头转速的增大有所降低。分析结果为合理选取截割头运动参数及提高截割头的截割性能提供了理论依据。     

Cutting foreign managers from the domestic herd

Screening managers for foreign operations requires something more selective than the procedures used for local staffing.     

The failure of CAP reform: a public choice analysis1

This paper uses public choice theories to explain why agricultural subsidies were centralised and why this hinders reform. It shows that the Commission is not responsible for the expansion of the CAP by arguing that budget‐maximising behaviour is irrational in the circumstances and that bureau shaping explains its stance on reform. The input process and the success of agricultural groups vis‐à‐vis consumer and taxpayer groups is explained using both the pluralist and Olsonian account of interest group politics. The conclusion analyses the latest difficulties in achieving reform at Berlin and the prospects for reform.     

The CAP: whence it came, where it should go

By the end of the 1970s the Common Agricultural Policy (CAP) had achieved its aim of satisfying the Community's needs for basic foodstuffs. Farmers have since sought to justify continued high levels of support by arguing that only a large population of farmers can deliver the countryside society wants and provide the backbone of the rural economy. Neither justification stands up to analysis. Only by phasing-out production-related support and accepting the accompanying restructuring can the industry's efficiency and effectiveness be improved to the point where it can compete on its own merits in world markets.