We derive a measure that captures the extent to which overlapping ownership structures shift managers' incentives to …

This paper examines the effect of the benefits of corporate control to managers on the relationship between managerial …, agency costs of equity (such as perquisite consumption) reduce the returns earned by acquirers. As the managerial stake in … the acquiring firm increases, the interests of managers are more closely aligned with those of shareholders, reducing the …

costs exceed the benefits of brokers' knowledge and expertise. Thus, quantification of the net value of brokerage services … indicates that agency costs exceed the advantages of brokers' knowledge and expertise by a wide margin …

managers improves the efficiency of the transmission of knowledge across countries. The model further delivers the prediction …

costs and therefore have a strong incentive to minimize conflicts of interest with outside investors. We show that if equity … is overvalued, however, mispricing offsets agency costs and can induce a controlling shareholder to list equity. Higher … valuations support listings associated with greater agency costs. We test the predictions that follow from this idea on a sample …