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 … long-run stock prices are not the same thing. Management may be able to raise current stock prices by undertaking certain …

find goal announcements are associated with management's responses to the firm's (possibly changed) circumstances, with the … changing power and preferences of key constituencies, as well as from management's attempts to deflect scrutiny. While … announced opportunistically to deflect attention and alleviate pressure on management …

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 …

Shareholders want a firm's objective function to place some weight on consumer welfare, motivated by both self … shareholders' marginal rate of substitution between profits and consumer welfare. Calibrations from preference parameters show many … shareholders should place non-trivial weights on consumer welfare. A survey experiment on a representative sample elicits how …

work on shareholders and shareholder activism, directors, executives and their compensation, controlling shareholders …

aggregation for corporate risk-taking and investment. Market imperfections cause controlling shareholders to invest too much in … shareholders' collective attempts to boost shareholder value of individual firms leads to a novel pecuniary externality that … excess leverage, agency conflicts between shareholders and managers, negative welfare effects of transparency, excess …

executives and boards, driven in large part by their perceptions of shareholder interest. We quantify the value that shareholders … place on ESG using a revealed preference approach, where shareholders pay higher fees for ESG-oriented index funds in …

firms where the routine use of pyramid ownership structures provides an acute separation of management cash flow rights and … of debt that positively impacts shareholder value is the type that closely monitors management. This combination of a …