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 …

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 …

We examine performance and management characteristics of Fortune 500 firms experiencing one of three types of control … change: internally precipitated management turnover, hostile takeover, and friendly takeover. We find that firms experiencing … internally precipitated management turnover perform poorly relative to other firms in their industries, but are not concentrated …

We link a new UK management survey covering 8,000 firms to panel data on productivity in manufacturing and services …. There is a large variation in management practices, which are highly correlated with productivity, profitability and size …

We investigate the relation between management ownership and corporate performance, as measured by Tobin's Q. In a …