Shareholder Value Implication of Blockchain Recordkeeping of Stock Ownership

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dc.contributor.advisorAli, Ashiq
dc.contributor.advisorLi, Ningzhong
dc.creatorFan, Zhongwen
dc.date.accessioned2019-09-30T21:30:34Z
dc.date.available2019-09-30T21:30:34Z
dc.date.created2019-05
dc.date.issued2019-05
dc.date.submittedMay 2019
dc.date.updated2019-09-30T21:32:44Z
dc.description.abstractBlockchain technology offers a novel way of recordkeeping. The paper examines whether blockchain recordkeeping of stock ownership can be beneficial for shareholders. I explore an event associated with a legislative change that allows Delaware-incorporated firms to maintain shareholder records using blockchain. Consistent with blockchain recordkeeping of stock ownership having the potential to curtail errors in proxy voting, I find a more favorable stock price reaction for firms whose proposal approval or rejection is more sensitive to proxy voting errors. This relation does not hold for non-Delaware-incorporated firms. Furthermore, the result is more pronounced for firms with a higher likelihood of proxy voting errors and firms with relatively poor performance. The study is among the first to provide empirical evidence on shareholder value implication of blockchain recordkeeping.
dc.format.mimetypeapplication/pdf
dc.identifier.urihttps://hdl.handle.net/10735.1/6935
dc.language.isoen
dc.rights©2019 Zhongwen Fan
dc.subjectBlockchains (Databases)
dc.subjectBusiness records
dc.subjectProxy
dc.subjectStockholder wealth
dc.subjectIncorporation—Delaware
dc.titleShareholder Value Implication of Blockchain Recordkeeping of Stock Ownership
dc.typeDissertation
dc.type.materialtext
thesis.degree.departmentManagement Science
thesis.degree.grantorThe University of Texas at Dallas
thesis.degree.levelDoctoral
thesis.degree.namePHD

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