minority shareholders. We provide evidence and a model that explains propping. In particular, we suggest that issuing debt can …

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 …

position to benefit themselves at the expense of minority shareholders -- were endemic to corporations in the late …, however, was to give controlling shareholders the power to extract more than their fair share of their enterprise's profits …

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 …

executives and boards, driven in large part by their perceptions of shareholder interest. We quantify the value that shareholders … place on ESG using a revealed preference approach, where shareholders pay higher fees for ESG-oriented index funds in …