for target shareholders because of the potential conflict of interest of the CEO, it is also possible that target … shareholders could benefit from CEO retention because it can increase the performance of the acquired firm and, consequently … harms shareholders in acquisitions involving private equity firms. In fact, we show that better performing target CEOs are …

In most countries, many of the largest corporations are controlled by large shareholders. We show that, under … equilibrium. We construct an estimate of the world portfolio of shares available to investors who are not controlling shareholders …