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Some Evidence on Ross' Resolution Irrelevancy Hypothesis

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  • Zdanowicz, John S
  • Sanders, Ralph W, Jr

Abstract

This research attempts to discriminate empirically between the predictable events and resolution irrelevancy hypotheses as both pertain to abnormal stock price performance around regular and special proxy statement mailing dates and the related shareholder meeting dates. We find no evidence that these events result in the positive wealth effects suggested by the predictable events hypothesis. We do find evidence of increased idiosyncratic stock price volatility or information flow around special meeting proxy statement mailing dates and special meeting dates. Thus, our evidence supports the resolution irrelevancy hypothesis. Copyright 1995 by Kluwer Academic Publishers

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  • Zdanowicz, John S & Sanders, Ralph W, Jr, 1995. "Some Evidence on Ross' Resolution Irrelevancy Hypothesis," Review of Quantitative Finance and Accounting, Springer, vol. 5(3), pages 291-308, September.
    • Handle: RePEc:kap:rqfnac:v:5:y:1995:i:3:p:291-308
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    Cited by:

    1. Chii-Shyan Kuo & Chandra Subramaniam & Xu Wang & Shih-Ti Yu, 2020. "Adoption of performance-vested equity incentives under investor pressure: window dressing or taking the window of opportunity?," Review of Quantitative Finance and Accounting, Springer, vol. 54(2), pages 565-587, February.

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