unusually low CEO turnover and rely on internal management promotions. Their managers exercise stock options faster than … managers of other firms. Cartel firms are large donors to political candidates. While our results are based only upon firms … engaged in price fixing, we expect that they should apply generally to all companies in which managers seek to conceal poor …

managers, institutional investors, small shareholders, auditors, and other parties involved in corporate governance. The lower …

: reducing the opportunity for managers to transfer value to equityholders from creditors via strategic default, and reducing the …

underperformance in the months after the meeting. Companies appear to schedule meetings in remote locations when the managers have … private, adverse information about future performance and wish to discourage scrutiny by shareholders, activists, and the … media. However, shareholders do not appear to decode this signal, since the disclosure of meeting locations leads to little …