We study the effect of shareholder litigation rights on CEO turnover policies using U.S. states’ staggered adoption of Universal Demand laws, which restrict shareholder lawsuits that allege a breach of fiduciary duty by directors or managers. We document that reduced shareholder litigation...

This paper examines whether analysts’ decisions to follow or visit a firm are affected by a specific governance structure—multiple large shareholders (MLS). Using a sample of 3,369 Chinese firms listed on the Shanghai and Shenzhen stock markets, we compare analyst activities for MLS firms...

We investigate hedge fund activism in the corporate bond market. The empirical setting we use is the active enforcement of bondholders' rights during 2003-07 triggered by issuers' violation of a standard bond covenant requiring timely financial reporting. Specifically, we examine differences in...