institutional ownership and activist institutional ownership in particular, lost value on October 4, 2010, when the SEC unexpectedly …

ownership and the stock returns of acquiring firms in corporate control transactions. At low levels of managerial ownership … acquisition premium. At sufficiently high levels of managerial ownership, managers value a reduction in the risk of their … nondiversified financial portfolio. However, managers enjoy nonassignable private benefits of control at high levels of ownership …

excessive protection for incumbent managers from hostile takeovers. Although the shortcomings of state takeover law have been … that such a federal role in takeover law cannot harm and would likely improve the regulation of takeovers. Moreover, by …The development of U.S. state takeover law in the past three decades has produced considerable and quite possibly …

respect to takeovers, states have incentives to produce rules that excessively protect incumbent managers. The development of … state takeover law, we argue, is consistent with our theory. States have adopted antitakeover statutes that have little … competition cannot reconcile their views with the evolution of state takeover law---and should therefore reconsider their …

, and takeover law …

representatives on corporate boards. If a banking relationship is a substitute for the stock market, then interaction with a bank … performance of German firms taking account of banks' equity holdings, the extent of banks' proxy voting rights, and the ownership …

ownership structure of the United States arose: (1) Until the mid-20th century, US corporate ownership was unexceptional: large …