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Item 5 07 Shareholder Vote Drift

Updated eventData needs: 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.

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In plain terms

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.

How it works

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.

Live results

0 times picked on its own · 7 times inside a blend (3 beat the stock) · updated 2026-06-06

This strategy is a frequent ingredient in blends that combine a few strategies on one stock. It has contributed to 7 such blended picks (3 of which beat simply holding the stock). Picking it on its own is only one of the ways it shows up.

How its picks scored vs. buy & hold

Each pick is graded on a recent year it was never tuned on, against simply owning the same stock

Where its edge concentrates

Share of picks in each company-size group that beat buy & hold

How often it trades

Active vs. patient. Bars on the left mean it waits for rare setups; bars on the right mean it trades often

Return vs. buy & hold

How much each pick beat or trailed simply owning the stock over the test year (extreme microcap moves trimmed)

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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

Reported return: +2 to +5% over 6mo
Tested over: 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 DriftFilings, Insiders & Ownership

When an 8-K announces a director or officer change (Item 5.02), the market typically rerates the firm over the next 1-6 months. Long for 30 to 180 days.

Item 5 03 Governance Change ShortFilings, Insiders & Ownership

When a company quietly amends its charter or bylaws, it's often putting up takeover defenses or entrenching management — historically these moves predict ~3 months of underperformance.

Def14a Comp ShiftFilings, Insiders & Ownership

Big jumps in DEF 14A comp-disclosure text often presage earnings management — short signal.

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