an information ea between management and outside shareholders. In the presence of such a gap, maximizing short-run and … actions that will reduce long-run value. In such a case, management faces the dilemma of which shareholders to please: those … long-run stock prices are not the same thing. Management may be able to raise current stock prices by undertaking certain …

aggregation for corporate risk-taking and investment. Market imperfections cause controlling shareholders to invest too much in … shareholders' collective attempts to boost shareholder value of individual firms leads to a novel pecuniary externality that … excess leverage, agency conflicts between shareholders and managers, negative welfare effects of transparency, excess …

wealth maximization derived from shareholders' status as residual claimants are vulnerable on several fronts. Share … quasirents, expected earnings beyond expected costs of capital from investors, to which shareholders have no obvious claim. Other … made firm-specific investments, may exert stronger claims than atomistic public shareholders have to shares of their firms …

work on shareholders and shareholder activism, directors, executives and their compensation, controlling shareholders …