by the vast majority of Dutch listed firms.Once accounting for these, we find no evidence that strong shareholders would … allow firms to relax their dividend policy, as has been proposed in the existing literature.As shareholders, institutional … investors and managers actually force higher payouts.Thus, it seems that dividends often complement rather than substitute …

redistributes wealth from shareholders to bondholders.Finally, we document that bondholder wealth changes are subject to changes in …

price effects, and both the market and the voting shareholders respond as much to the target firm’s governance quality as to …

have low leverage. The sponsors also observe the identity of the voting shareholders, because proposal probability …