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Conference Proceedings (2010), Proceedings of the 59th Annual AFSE Conference, Association Française de Science Economique (AFSE)

Quorum Rules and Shareholder Voting

CHARLETY-LEPERS Patricia , FAGART M.-C., SOUAM S.

In this paper, we completely characterize the equilibria of a costly voting game where shareholders of a firm vote for or against a proposed resolution. We do consider two types of shareholders: unconditional who always vote for or against the resolution and partisans who vote strategically. We show that the existence and nature of the equilibria crucially depends on the quorum rule and on the shareholding structure.

CHARLETY-LEPERS, P., FAGART, M.C. and SOUAM, S. (2010). Quorum Rules and Shareholder Voting. In: Proceedings of the 59th Annual AFSE Conference. Association Française de Science Economique (AFSE).

Keywords : #Assemblée-générale, #Règle-de-quorum, #Structure-actionnariale, #Vote-stratégique