An Empirical Analysis of Canadian Shareholder Proposals
Bibliographic record
Abstract
In recent years Canadian shareholders have become more active in submitting proposals that cover a variety of issues. As a first attempt to comprehensively examine the nature of shareholder proposals in Canada, we first give a brief history of Canadian shareholder proposal activities and summarize their features. Then we conduct statistical analyses of the shareholder proposals’ filer identity and issue type and investigate their impacts on voting outcomes, and detect how the stock market responds to shareholder proposals in the period 2001-2005. The voting analysis shows that filer type and proposal subject are important influences on voting outcomes. Proposals submitted by institutions or coordinated shareholder groups gain more support than those submitted by individuals. The voting behavior of one large pension fund has strong impacts on voting outcomes. Overall, the financial market does not respond to news about shareholder proposals. Differences between Canadian and U.S. shareholder proposals are also highlighted and discussed.
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How this classification was reachedexpand
Full frame machine prediction
Teacher imitationNot calibrated prevalence, not ground truth. Human validation pending. The Gemma side is a direct model label for every work in the frame, read from the title-only record. The Codex side is a classifier learned from the 10,348 direct Codex labels and calibrated to design-weighted sample rates; fields without enough sample support carry no Codex call. Candidate is the union of the two sides; consensus is their intersection. These outputs are machine_predicted_unvalidated and are not human labels.
Distilled classifier scores by category (both heads)
| Category | Codex | Gemma |
|---|---|---|
| Metaresearch | 0.005 | 0.034 |
| Meta-epidemiology (narrow) | 0.000 | 0.000 |
| Meta-epidemiology (broad) | 0.000 | 0.000 |
| Bibliometrics | 0.005 | 0.013 |
| Science and technology studies | 0.006 | 0.001 |
| Scholarly communication | 0.003 | 0.001 |
| Open science | 0.001 | 0.001 |
| Research integrity | 0.001 | 0.001 |
| Insufficient payload (model declined to judge) | 0.008 | 0.001 |
Machine scores (provisional)
The two teacher heads of the student model, read on this work. A score orders the frame for review; it never asserts a category, and the validation status ships verbatim with every row.
Baseline scores from an immature model (maturity gate not passed, 7 training rounds). Scores rank; they never assert a category.
score_only:v0-immature-baseline · verbatim from the scoring run: score_only means the number may rank works, and no category label ships from itClassification
machine, unvalidatedMachine predicted; a candidate call from one source (direct Gemma or distilled Codex), not a consensus.
How this classification was reached, model by model and score by score, is at the end of the page under "How this classification was reached".