70 60 50 40 30 20 10 0 1996 1998 2000 2002 2004 2006 - - PowerPoint PPT Presentation

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70 60 50 40 30 20 10 0 1996 1998 2000 2002 2004 2006 - - PowerPoint PPT Presentation

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70 60 50 40 30 20 10 0 1996 1998 2000 2002 2004 2006 2008 2010 2012 Number of takeover defenses removed following a shareholder proposal (S&P 1500) 70 60 50 40 30 20 10 0 1996 1998 2000 2002 2004 2006 2008 2010

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10 20 30 40 50 60 70 1996 1998 2000 2002 2004 2006 2008 2010 2012 Number of takeover defenses removed following a shareholder proposal (S&P 1500)

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10 20 30 40 50 60 70 1996 1998 2000 2002 2004 2006 2008 2010 2012 Number of takeover defenses removed following a shareholder proposal (S&P 1500)

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0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 1992 1997 2002 2007 2012 Share of majority-approved proposals Proportion of which implemented ssssssssssssssssssssssssssss

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0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 1992 1997 2002 2007 2012 Share of majority-approved proposals Proportion of which implemented ssssssssssssssssssssssssssss

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0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 1992 1997 2002 2007 2012 Share of majority-approved proposals Proportion of which implemented

  • Prob. of merger in next 5 years
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.2 .4 .6 .8 1 20 40 60 80 100

  • Prob. of implementation and proposal vote share (1997-2002)
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.2 .4 .6 .8 20 40 60 80 100

  • Prob. of implementation and proposal vote share (2003-2011)
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