they acquire. To explain these findings we build a model with two key elements. First, management is a combination of firm …-level management ability (e.g. CEO quality), which can be transferred to all plants, and plant-level management practices, which can be … changed through intangible investment (e.g. consulting or training). Second, management both raises productivity and also …

corporate acquisitions, where bidder shareholders with holdings in the target want management to maximize a weighted average of …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 …

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 …

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