Research Interests: Capital markets research, including the economic effects of financial reporting and disclosures, the role of standard setters and regulators, and corporate governance.

SSRN Author Page

 

Working Papers:

SEC Rule 14a-8 Shareholder Proposals: No-Action Requests, Determinants, and the Role of SEC Staff (Working Paper as of 11/28/2020)

Under SEC Rule 14a-8, shareholders have the right to petition management to include a topic for vote on the annual proxy statement. In response, management may request no-action relief from the Securities and Exchange Commission (SEC) staff to exclude unwelcome proposals. Using a sample of 2,972 no-action letter responses from the SEC between 2008 and 2019, I examine the determinants of the SEC staff’s decision to grant no-action relief. I find the legal characteristics, pressures on the SEC staff, and proposal attributes have a statistically significant association with the SEC’s decision. Beyond these factors, I find evidence individual SEC staff members differ in the likelihood they grant no-action relief, suggesting heterogeneity among SEC staff characteristics is important for understanding no-action relief decisions.

Media Mention:

     

Materials from a previous draft presented at the 2020 AAA Annual Meeting:

Infographic (previous draft)

 

Employee Board Representation and Firm Investment

Enhanced Salience of Annual Financial Reporting Timeliness in the Municipal Bond Market w/ Mayew & Zhang

Work in Progress:

A long-run view of the SEC’s regulation of shareholder proposals w/ Cox & Kubic

Firm Risk Disclosure and Executive Naming w/ Harris & Mayew

Teaching Publication:

Pearson, N. C., A. Byun McKay with J. Ballanco, H. Hoyd, G. Burke and S. Lamauro. 2010. Emergent Properties: Interdisciplinary Team Teaching in Literature and Biology. Currents in Teaching and Learning 2: (2), 79-88.