Informed Voting
提出基于股票收益的投票阿尔法指标，衡量股东投票方向是否与市场认为的价值提升一致，发现高投票阿尔法基金的投票模式能预测争议投票后的长期异常收益。
Abstract Information production by shareholders is essential for proxy voting to produce efficient outcomes. We propose a stock return-based measure to capture informed voting. Our measure, the vote alpha, quantifies the extent to which a shareholder votes in the direction that the market perceives as value increasing. Using data on mutual funds’ proxy voting records, we find that the vote alpha exhibits persistence. Our main result shows that the voting pattern of high vote alpha funds positively predicts long-run abnormal stock returns following contentious votes, suggesting that these funds possess information about the shareholder value implication of contentious governance proposals.