caa a22 4500 388047704 CHVBK 20180307125042.0 cr unu---uuuuu 161130e199812 xx s 000 0 eng 10.2307/2331129 doi S0022109000001046 pii (NATIONALLICENCE)cambridge-10.2307/2331129 Are Shareholder Proposals All Bark and No Bite? Evidence from Shareholder Resolutions to Rescind Poison Pills [Elektronische Daten] We provide a comprehensive examination of shareholder resolutions to rescind poison pills. We find that pill rescission proposals are more frequent the more negative the market reaction to the initial pill adoption and the lower the insider and unaffiliated block ownership. Votes for such a proposal increase when performance is poor and for more onerous poison pills. While we document a stock price decline associated with the proposal announcements, we find poison pills are more likely to be restructured or rescinded when there is a shareholder resolution. Moreover, pill revisions are associated with stockholder wealth increases. Collectively, our results suggest that pill rescission proposals are more frequent when the pill is more likely to harm shareholders and that managers respond to shareholder proposals. Copyright © School of Business Administration, University of Washington 1998 Bizjak John M. Portland State University, School of Business Administration, PO Box 751 Portland, OR 97207 Marquette Christopher J. Texas A&M University, Department of Finance, College Station, TX 77843 Journal of Financial and Quantitative Analysis Cambridge University Press 33/4(1998-12), 499-521 0022-1090 33:4<499 1998 33 JFQ https://doi.org/10.2307/2331129 text/html Onlinezugriff via DOI 1 research-article jats NATIONALLICENCE 856 40 https://doi.org/10.2307/2331129 text/html Onlinezugriff via DOI NATIONALLICENCE 700 1- Bizjak John M. Portland State University, School of Business Administration, PO Box 751 Portland, OR 97207 NATIONALLICENCE 700 1- Marquette Christopher J. Texas A&M University, Department of Finance, College Station, TX 77843 NATIONALLICENCE 773 0- Journal of Financial and Quantitative Analysis Cambridge University Press 33/4(1998-12), 499-521 0022-1090 33:4<499 1998 33 JFQ CC0 http://creativecommons.org/publicdomain/zero/1.0 nationallicence BK010053 XK010053 XK010000 NATIONALLICENCE NATIONALLICENCE NL-cambridge