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

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 …

same agency problem. We show that, in general, the shareholders' and the manager's capital structure choices differ not …