Bebchuk, Lucian Arye - C.E.P.R. Discussion Papers - 2002
decisions, directors’ superior information, bargaining by management, pressures on managers to focus on the short …-run, inferences from IPO charters, interests of long-term share-holders, aggregate shareholder wealth, and protection of stakeholders …. Examining these arguments both at the level of theory and in light of all available empirical evidence, the Paper concludes that …