Voting Rights on Loan: Institutional Securities Lending, Proxy Voting, and Market Implications
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SeriesResearch Master Defense
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Speaker
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LocationErasmus University E2-20
Rotterdam -
Date and time
June 29, 2026
11:00 - 13:00
We exploit the 2022 amendment to the Form N-PX disclosure regime to study institutional record-date ownership use. The amendment requires institutional managers to disclose shares voted and on loan at the proxy voting record date. Matching these disclosures to institutional holdings, we construct issuer-level measures of voting gaps and record-date lending intensity. We use these measures to examine whether institutional ownership use reveals variation in voting-related recall risk, short-sale constraints, and market efficiency.