viewed as detrimental to shareholders. We also find that there is commonly a big difference between a state's ability to …

constraints that act on these processes, leave managers with considerable power to shape their own pay arrangements. Examining the …

instrument for addressing the agency problem between managers and shareholders but also as part of the agency problem itself … managers. As a result, managers wield substantial influence over their own pay arrangements, and they have an interest in … reducing the saliency of the amount of their pay and the extent to which that pay is de-coupled from managers’ performance. We …

of various methods of protecting noncontrolling stakeholders: covenants, exit options, flat claims, enlarged fiduciary …

the shareholders of existing companies would not be served by adopting those default arrangements that public officials … between two or more default arrangements and face significant uncertainty as to which one would best serve shareholders, they … should err in favour of the arrangement that is less favourable to managers. Such an approach, we show, would make it most …

aversion generates endogenous disagreement between a firm's insider and outside shareholders, creating a new rationale for …

This paper presents a rational expectations model of optimal executive compensation in a setting where managers are in … a position to manipulate short-term stock prices, and managers' propensity to manipulate is uncertain. Stock …

that these cross holdings facilitate an effective internal capital market. We find little evidence that managers have an …

and business groups are prevalent. When companies have controlling shareholders, institutional investors, as minority … shareholders, can play only a limited role in corporate governance. Moreover, the presence of powerful families who control many … governance, what matters most is not the legal power granted to minority shareholders but rather the absence of conflicts of …