insufficient to secure the adoption of value-increasing governance arrangements that management disfavors. I put forward an … governance arrangements, largely by inducing management to initiate value-increasing changes and without shareholders' having to … decisions. Power to intervene in game-ending decisions (to merge, sell all assets, or dissolve) could address management's bias …

management from removal. Staggered boards, which a majority of U.S. public companies have, substantially insulate boards from …

This paper evaluates the primary mechanisms for changing management or obtaining control in publicly traded …