This paper studies short-selling prior to the release of analyst downgrades in a sample of 670 downgrades of NASDAQ stocks between 2000 and 2001. We document abnormal levels of short-selling in the three days before downgrades are publicly announced. Further, we show that this pre-announcement...

Congress and activists recently proposed to give shareholders an advisory vote on executive compensation, i.e. say-on-pay. Proponents argue that say-on-pay further aligns owner-manager interests. Opponents worry that shareholder vote will restrict the board and management and inhibit their...