Admati, Anat R. (contributor); Pfleiderer, Paul (contributor) - 2005
event in which he exits inflicts a larger punishment on
the manager for not acting in shareholders’ interests. If exit is so … acquisition by the large shareholder is endogenous. This is discussed in the
concluding remarks.
Empirical studies of the role and …(
˜
δ),wherea(
˜
δ)=1denotes the event in which M takes the action and
a(
˜
δ)=0denotes the event in which he does not take …