A model of parties' litigation and settlement decisions under imperfect information is studied. The model shows how informational asymmetry influences parties' decisions, and how it might lead to parties' failure to settle. The model is used to identify how the likelihood of settlement and the...

We identify factors that lead to changes among corporate directors. We hypothesize that the CEO succession process and firm performance will affect board composition. Our findings are consistent with both hypotheses. When their CEO nears retirement, firms tend to add inside directors (who may be...

This article evaluates pension asset reversions as a source of takeover gains. In our sample of 413 takeovers, pension funds were reverted by 15.1% of acquirers in the two years following hostile takeovers compared to 8.4% in the two years following friendly takeovers. Reversions following...