Stock-based compensation is the standard solution to agency problems between shareholders and managers. In a dynamic …-valued while managers hide the bad news to shareholders. We find that a firm-specific compensation package based on both stock and … managers to work harder, it also induces them to hide any worsening of the firm's investment opportunities by following largely …

1990s by a sample of over 2000 middle-level managers from a large, established firm outside of manufacturing. Exercise …

interest appear to be less constrained than managers of diffusely held firms, yet their power to harm minority shareholders …Corporate managers who own a majority of the common stock in their company or who represent another firm owning such an … a majority shareholders -- capital market activity -- also appears to be no different from firms with diffuse ownership …

acquirer and for private benefits rather than for a higher premium to be paid to the shareholders. We investigate the …

We identify important conflicts of interests among shareholders and examine their effects on corporate decisions. When … a firm is considering an action that affects other firms in its shareholders' portfolios, shareholders with … corporate acquisitions, where bidder shareholders with holdings in the target want management to maximize a weighted average of …

We examine a sample of 12,023 acquisitions by public firms from 1980 to 2001. Shareholders of these firms lost a total … of $218 billion when acquisitions were announced. Though shareholders lose throughout our sample period, losses … associated with acquisition announcements after 1997 are dramatic. Small firms gain from acquisitions, so that shareholders of …

poison pills and control share statutes are reliably associated with higher takeover premiums for selling shareholders, both … unconditionally and conditional on a successful takeover, and we provide updated event-study evidence for the three-quarters of all …

the significant role of customized proxy advice in shaping shareholders' voting decisions. About 80% of funds receive … plays two key roles. First, it helps shareholders express their ideologies through the vote. Second, it facilitates … shareholders' decision-making process by reducing the need to pay attention to every proposal individually and enabling focus on …