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 …

's debtholders to bail out the firm as bankruptcy looms. Because of this implicit guarantee, firm shareholders have an incentive to …

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 …

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 …

The agents to whom shareholders delegate the management of corporate affairs may transfer value from shareholders to …

poison pills and control share statutes are reliably associated with higher takeover premiums for selling shareholders, both …

This paper provides a theory of foreign equity investment restrictions. In a setting where the demand function for … discriminating between domestic and foreign investors. The empirical implications of this theory are supported by evidence from …