In the wake of the financial crisis, shareholders are increasingly relied upon to monitor directors. But while much has … been written about directors' flawed judgments, remarkably little is known about shareholders' ability to make accurate … judgments. What determines whether shareholders make the right decision when asked to vote on, say, a merger? This paper takes a …

viewed as detrimental to shareholders. We also find that there is commonly a big difference between a state's ability to …

instrument for addressing the agency problem between managers and shareholders but also as part of the agency problem itself …