We investigate how boards use discretion in contracting to incorporate private information about managerial performance. Building from the literature documenting that loss firms' publicly available valuation allowance (VA) disclosures contain value-relevant private information, we show the VA...

We examine the influence of proxy advisors on firms’ shareholder engagement behavior. Our analyses exploit a quasi-natural experiment using Say-On-Pay voting outcomes near a threshold that triggers a review of engagement activities by Institutional Shareholder Services (ISS). Firms receiving...