Miller, Alan D. - In: Theoretical economics : TE ; an open access journal in … 16 (2021) 1, pp. 101-128
I introduce a model of shareholder voting. I describe and provide characterizations of three families of shareholder … voting rules: ratio rules, difference rules, and share majority rules. The characterizations rely on two key axioms: merger … consistency, which requires consistency in voting outcomes following stock-for-stock mergers, and reallocation invariance, which …