Communication Costs, Information Acquisition, and Voting Decisions in Proxy Contests
融合公司控制与政治游说理论，将代理权争夺建模为政治竞选，分析沟通成本下降如何影响代理权争夺数量、公告日回报及异议方胜率。
This article synthesizes some recent progress in the theories of corporate control and political lobbying to model the proxy campaign as a political campaign. The model yields a number of testable implications, only some of which have been examined in the literature. For example, if the loss from voting for a "bad" dissident exceeds the gain from voting for a "good" dissident, the model predicts that as communication costs fall, the number of proxy fights increases, announcement day returns decrease, and the fraction of dissident wins first increases and then decreases.