Online Appendix for “Proxy Advisory Firms: The Economics of Selling Information to Voters”

1. Supplementary analysis for the proof of Proposition 1: Proof that for any q, the equilibrium ws (0) = 0, ws (1) = 1, and w0 = 12 exists. Consider the decision of shareholder i with signal si when other informed shareholders (i.e., shareholders that acquired private signals) vote according to strategy ws (sj), and uninformed shareholders (i.e., shareholders that did not acquire private signals) vote according to strategy w0 = 1 2 . Given q, the probability that each shareholder votes “for”in state θ ∈ {0, 1} equals