the announcement day return of bidding firms. The returns to bidding shareholders are lower when their firm diversifies …, when it buys a rapidly growing target , and when the performance of its managers has been poor before the acquisition …. These results are consistent with the proposition that managerial rather than shareholders' objectives drive bad …

and creditors, are protected by law from expropriation by the managers and controlling shareholders of firms. We describe … suggest that there is a common element to the explanations of these differences, namely how well investors, both shareholders …

This paper examines legal rules covering protection of corporate shareholders and creditors, the origin of these rules … related to investor protections, consistent with the hypothesis that small, diversified shareholders are unlikely to be …

shareholders by the controlling shareholders, rather than that of restricting empire building by professional managers … ultimate controlling shareholders of these firms. We find that, except in economies with very good shareholder protection … widely-held corporations is less common. The controlling shareholders typically have the power over firms significantly in …

We present a model of the effects of legal protection of minority shareholders and of cash flow ownership by a … minority shareholders, and weaker evidence of the benefits of higher cash flow ownership by controlling shareholders for …

We examine performance and management characteristics of Fortune 500 firms experiencing one of three types of control … change: internally precipitated management turnover, hostile takeover, and friendly takeover. We find that firms experiencing … internally precipitated management turnover perform poorly relative to other firms in their industries, but are not concentrated …

We investigate the relation between management ownership and corporate performance, as measured by Tobin's Q. In a …