In the wake of the financial crisis, shareholders are increasingly relied upon to monitor directors. But while much has … been written about directors' flawed judgments, remarkably little is known about shareholders' ability to make accurate … judgments. What determines whether shareholders make the right decision when asked to vote on, say, a merger? This paper takes a …

announcement of the bid, whereas in the bidder’s board only the percentage of non-executive directors is important for bidder-shareholders …

overly protective of shareholders; transplanted laws have not worked as ex-pected; and, more generally, the exogenous legal …

, institutional shareholders are redirecting their investment strategies away from a focus on short-term returns, in such a way as to …

.e. dividends can substitute for direct monitoring of firms by large external shareholders. . …