responds more to increases in shareholders' return performance than to decreases. Further, this asymmetry is stronger when …

. In some cases shareholders are pushing companies to take actions that may reduce market value. It is hard to understand …

important in curbing these private benefits. A high degree of statutory protection of minority shareholders and high degree of …

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 …

result of powerful managers setting their own pay. Others interpret high pay as the result of optimal contracting in a …