If a companionship has bad tidings that it wishes to hide, where volition it concur its shareholder meeting? As far away equally possible! That’s the hypothesis of an ingenious newspaper entitled “Evasive Shareholder Meetings”, past times Yuanzhi Li (Temple) together with David Yermack (NYU Stern) that I saw at the Rotterdam Workshop on Executive Compensation together with Corporate Governance yesterday.
Companies are forced to concur shareholder meetings ane time a year. But, such meetings tin live on notoriously inconvenient for management. For example, at McDonald’s 2013 shareholder meeting, a 9-year onetime daughter was famously planted to tell CEO Don Thompson "it would live on overnice if y'all stopped trying to fox kids into wanting to swallow your nutrient all the time". Thompson's spontaneous response, "we don't sell junk food", went viral together with was post on a newspaper showing that companies who avoid questions from pessimistic analysts (during earnings calls) after underperform. Both papers are real clever ways to position shifty managers amongst something to hide, together with purpose this to cast a profitable trading strategy.
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