Text & Filings#392tier 2experimental liveNew

`item 5 07 shareholder vote drift`

cadence: Eventdata: lowlong only

2015

Iliev, P., Lins, K. V., Miller, D. P., Roth, L. (2015). "Shareholder Voting and Corporate Governance Around the World." Review of Financial Studies 28(8), 2167-2202.

Read the paper →

What it checks

After an annual or special shareholder meeting (Item 5.07), the firm tends to drift higher when dissent against management was material, as governance pressure leaks into subsequent earnings cycles. Long for 2-6 months.

Mechanism

8-K Item 5.07 (Submission of Matters to a Vote of Security Holders) is filed within 4 business days of annual or special meetings, reporting director-election outcomes, say-on-pay results, and shareholder proposal tallies. Iliev-Lins-Miller-Roth 2015 document positive 6-month drift on years with HIGH dissent (governance pressure leaks into subsequent earnings cycles). Without parsing tallies the family treats any Item 5.07 as the event and lets the harness sort high-dissent years from routine ratifications.

No production champion data for this family yet. Stats appear once the discovery pipeline promotes at least one strategy with this family tag, or once a multi-family blend that includes it earns a champion slot.

Signal rule

Any 8-K Item 5.07 filing on T+1 fires LONG, hold 60/90/180d.

Data dependencies

daily_prices
Adjusted-close OHLCV for every US-listed ticker; primary price feed.
sec_8k_events
Item-coded 8-K events (1.01 material agreements, 4.02 non-reliance, etc.).

Expected edge

Paper alpha: +2 to +5% over 6mo
Paper window: T+1 to T+180d

Iliev-Lins-Miller-Roth 2015; +2 to +5% over 6mo on high-dissent governance shock.

Related families

item 5 02 management change driftText & Filings

8-K Item 5.02 (Departure/Appointment of Directors or Officers) flags a management change. Forced CEO/CFO turnover (post-underperformance) is followed by positive multi-quarter drift as the market re-rates the firm under new leadership. Routine retirements are noise; the harness sorts the two with MC permutation + cost stress.

item 5 03 governance change shortText & Filings

8-K Item 5.03 (Amendments to Articles or Bylaws; Change in Fiscal Year) often coincides with entrenchment moves: anti-takeover provisions, board-size changes, supermajority-vote requirements. Structural governance changes (distinct from Item 5.02 officer departures) correlate with subsequent underperformance.

def14a comp shiftText & Filings

Year-over-year shift in DEF 14A executive-compensation language; expansion predicts earnings management.

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item 5 07 shareholder vote drift