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 …

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 …

We derive conditions for when having a “busy” director on the board is harmful to shareholders and when it is … positive or negative monitoring synergies across firms. Whether busyness benefits or harms shareholders depends on whether …

behalf of shareholders) or harmful (e.g., the behavior is myopic, boosting short-term performance at the expense of long …