题　目：From Trading to Voting: Small Shareholders on Digital Platforms

嘉　宾：Yike Wang（王亦可），Ph.D. Candidate，HEC Paris

主持人：李烁，助理教授，上海交通大学安泰经济与管理学院

时　间：2025年12月5日（周五）13:30-15:00

地　点：上海交通大学 徐汇校区安泰楼B207室

内容简介:

The rapid rise of digital fintech platforms has transformed retail investor participation in financial markets, yet little is known about their participation in proxy voting and corporate governance. This paper examines the voting behavior of platform-based retail investors and how digital platforms influence their voting along two dimensions: (1) the introduction of a digital voting platform that lowers access barriers and (2) firms’ use of information platforms that enhance communication with investors. Exploiting Robinhood’s 2021 acquisition of the Say voting platform as an exogenous shock to access, I find that retail shareholders increase their participation in proxy voting. They are more likely to support management-related proposals and show no evidence of punishing poorly performing firms. Their votes appear less informed, as indicated by lower subsequent stock returns and higher stock volatility. Moreover, retail shareholders are more likely to vote in favor of proposals and align with management recommendations when firms engage with them through information platforms. Overall, digital platforms may serve as effective tools for mobilizing emerging retail investors in proxy voting.

演讲人简介：

Yike Wang is a fifth-year PhD student in Accounting at HEC Paris. Her research focuses on financial accounting, particularly digital fintech platforms, retail investors, short sellers, and M&A transactions. She studies how information is generated, disseminated, and used in capital markets, with an emphasis on the role of digital platforms and the behavior of different market participants.  

欢迎广大师生参加！