the announcement day return of bidding firms. The returns to bidding shareholders are lower when their firm diversifies …, when it buys a rapidly growing target , and when the performance of its managers has been poor before the acquisition …. These results are consistent with the proposition that managerial rather than shareholders' objectives drive bad …

in top income inequality is driven by the rise of "superstar" entrepreneurs or managers …

and creditors, are protected by law from expropriation by the managers and controlling shareholders of firms. We describe … suggest that there is a common element to the explanations of these differences, namely how well investors, both shareholders …

We present a model of the effects of legal protection of minority shareholders and of cash flow ownership by a … minority shareholders, and weaker evidence of the benefits of higher cash flow ownership by controlling shareholders for …

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 …