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 …

Although corporate finance theory suggests how adverse shocks influence shareholder preferences toward corporate risk … resurrection" strategy. Moreover, the strength of corporate governance influences shareholders' capacity to align executive …

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 …

, shareholder proposals, and companies where fixed-income managers are more likely to be attentive and share an interest with equity …

Textbook theory assumes that firm managers maximize the net present value of future cash flows. But when you ask them …, real-world firm managers consistently say that they are maximizing something else entirely: earnings per share (EPS …). Perhaps this is a mistake. No matter. We take firm managers at their word and show that EPS maximization provides a single …

the acquiring firm increases, the interests of managers are more closely aligned with those of shareholders, reducing the …This paper examines the effect of the benefits of corporate control to managers on the relationship between managerial … acquisition premium. At sufficiently high levels of managerial ownership, managers value a reduction in the risk of their …