) takeover bids (buying shares only); and (3) a combination of proxy fights and takeover bids in which shareholders vote on … to proxy fights alone but also to takeover bids alone. Finally, we show that, when acquisition offers are in the form of …

hostile bidders to win a vote of shareholder support – boards should not have veto power over takeover bids. The Paper … decisions, directors’ superior information, bargaining by management, pressures on managers to focus on the short …

, and takeover law. …

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 …

survey evidence is used both to establish this point and to find an answer to the question why managers instigated such …

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 …