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 …

responds more to increases in shareholders' return performance than to decreases. Further, this asymmetry is stronger when …

In this paper we examine the causal impact of competition on management quality. We analyze the hospital sector where … management quality - measured using a new survey tool - is strongly correlated with financial and clinical outcomes such as … a greater number of neighboring hospitals) is positively correlated with increased management quality, and this …

cash flow retention, more CEO accountability, and less earnings management. We posit that more powerful independent … errant top managers, or both …

that assign officers and directors a duty to act for their business group, not their firm or its shareholders. Even where a … duty to individual firms' shareholders exists, business groups often have pyramidal structures of intercorporate … blockholdings that entrench controlling shareholders, usually wealthy families, who run their groups to maximize their utility. This …