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

an information ea between management and outside shareholders. In the presence of such a gap, maximizing short-run and … actions that will reduce long-run value. In such a case, management faces the dilemma of which shareholders to please: those …

wealth maximization derived from shareholders' status as residual claimants are vulnerable on several fronts. Share … quasirents, expected earnings beyond expected costs of capital from investors, to which shareholders have no obvious claim. Other … made firm-specific investments, may exert stronger claims than atomistic public shareholders have to shares of their firms …

GIM Index or the proportion of activist shareholders. Following these special meetings, we find that the next quarter …

shareholders from the complex, pyramidal, and often obscure corporate structures. First, we show that there are large differences …

with theory of the firm based on conflicts of interests between shareholders and stakeholders, we find that establishments … of firms that experience an increase in ownership by larger and more concentrated institutional shareholders have lower … local labor markets, and for dedicated and activist institutional shareholders. The labor losses are accompanied by higher …

consistent with the views that expropriation of minority shareholders is important internationally, that laws can restrain this … expropriation, and concentrated cash flow rights represent an important mechanism for governing banks. Finally, the evidence does …