types of shareholders. This allows one to test a set of hypotheses derived from agency and pecking order theories. Design …

firm’s future value to other outside shareholders and reduce the informational asymmetry between the managers and the …As institutional investors are the largest shareholders in most listed UK firms, one expects them to monitor the firms … directors’ trades. If institutional shareholders act as monitors, their monitoring activities convey new information about a …

weakens the relationship between corporate earnings and payout dynamics.While the impact of the voting power of shareholders … block holders (i.e. industrial firms, outside individuals, directors, financial institutions).The controlling shareholders …

propensity to monitor management.When industrial companies control large shareholdings, there is evidence of increased …

redistributes wealth from shareholders to bondholders.Finally, we document that bondholder wealth changes are subject to changes in …

been revised to prevent minority shareholders from stalling corporate restructuring via legal actions.The Takeover Act now …

price effects, and both the market and the voting shareholders respond as much to the target firm’s governance quality as to …

influence that may come at the detriment of the firm and its shareholders. We confirm that there are marked conflicts of …

have low leverage. The sponsors also observe the identity of the voting shareholders, because proposal probability …