the acquiring firm increases, the interests of managers are more closely aligned with those of shareholders, reducing the …

Both managerial ownership and performance are endogenously determined by exogenous (and only partly observed) changes … effects, we cannot conclude (econometrically) that changes in managerial ownership affect firm performance …

corporate decisions, though not necessarily in the interest of shareholders. First, when commercial bankers join boards … regulatory proposals, may not benefit shareholders if conflicting interests are neglected …

Managers' incentives may conflict with those of shareholders or creditors, particularly at leveraged, opaque banks … sufficiently resolve agency problems so that they can attract funding from outside shareholders and depositors. We examine banks …

positive industry-wide shocks, (v) lower likelihood of CEO turnover controlling for performance, and (vi) lower firm …

misvaluation, we provide consistent evidence that firm performance is impacted by governance when firms become overvalued … - overvaluation causes weaker performance in poorly governed firms. Our findings imply that firm oversight is important during market …

interest appear to be less constrained than managers of diffusely held firms, yet their power to harm minority shareholders … a majority shareholders -- capital market activity -- also appears to be no different from firms with diffuse ownership … that the law constrains managerial majority shareholders, both in their day-to-day management and when they redeem the …

performance in the largest companies in Germany in the 1980s. The management board turns over slowly -- at a rate of 10% per year … management board increases significantly with stock performance and particularly poor (i.e. negative) earnings, but is unrelated … performance …

shareholders and managers in which managers have private benefits or private costs of investment. Managers overinvest when they … compensation, investment, and firm performance for both cases. The relationship between firm performance and managerial incentives … firm performance and between incentives and investment. Our empirical results show that both firm performance and …