Appendix : a Model of Informed Voting
نویسندگان
چکیده
We develop a simple model to understand the ways in which active voters tend to behave, compared to passive voters. We present the model in terms of a director vote, but it generalizes to compensation and governance votes. The model is one of sequential learning, in the spirit of Bikhchandani, Hirshleifer, and Welch (1992). In addition, it is also related to Kacperczyk and Seru (2007), who solve the Bayesian model with public and private signals for managers making portfolio decisions.
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