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

In this paper we examine the causal impact of competition on management quality. We analyze the hospital sector where … management quality - measured using a new survey tool - is strongly correlated with financial and clinical outcomes such as … a greater number of neighboring hospitals) is positively correlated with increased management quality, and this …

that assign officers and directors a duty to act for their business group, not their firm or its shareholders. Even where a … duty to individual firms' shareholders exists, business groups often have pyramidal structures of intercorporate … blockholdings that entrench controlling shareholders, usually wealthy families, who run their groups to maximize their utility. This …

agency and entrenchment problem simultaneously. In addition, controlling shareholders can divert corporate resources for …