Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/253479 
Authors: 
Year of Publication: 
2021
Citation: 
[Journal:] Theoretical Economics [ISSN:] 1555-7561 [Volume:] 16 [Issue:] 1 [Publisher:] The Econometric Society [Place:] New Haven, CT [Year:] 2021 [Pages:] 101-128
Publisher: 
The Econometric Society, New Haven, CT
Abstract: 
I introduce a model of shareholder voting. I describe and provide characterizations of three families of shareholder voting rules: ratio rules, difference rules, and share majority rules. The characterizations rely on two key axioms: merger consistency, which requires consistency in voting outcomes following stock-for-stock mergers, and reallocation invariance, which requires the shareholder voting rule to be immune to certain manipulative techniques used by shareholders to hide their ownership. The paper also extends May's theorem.
Subjects: 
Shareholder voting
axioms
share majority rule
merger consistency
reallocation invariance
one share-one vote
difference rules
ratio rules
JEL: 
D71
G34
K22
Persistent Identifier of the first edition: 
Creative Commons License: 
cc-by-nc Logo
Document Type: 
Article

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