We study the decisions and performance of managers who are also chair of the board (duality managers). We hypothesize … that duality managers take more risky decisions and deliver worse performance than non-duality managers due to reduced … hypotheses: Duality managers take risk that they could easily avoid, deviate from their benchmarks, make extreme decisions, and …

, in the last few years, managers of an increasing number of firms have voluntarily destaggered their boards, exposing … themselves to the risk of being removed from office. This paper investigates why managers decide to destagger their boards. I …

The effect of severance pay on management behavior during a takeover battle is generally ambiguous. Yet, the severance … still benefits from the increase in the merged firm's total value. Moreover, given that the managers are compensated … according to an identical linear incentive scheme, the optimal shareholder policy always entails a corner solution. Managers …

principal (target firm shareholders) and agent (target firm managers) are often in conflict. Moreover, the actions and stated … rationale of target managers in resisting or not resisting tender offers are readily observable, and the size of the possible … takeover bid resistance. Tests on a sample of cash tender offers provide support for the managerial welfare hypothesis. The …

.e. managers' educational attainment and their forecast precision with respect to the firm's future performance. Most important, we … results indicate that the effectiveness of managerial practices depends on managers' ability to implement them …

This paper examines the new development of hostile takeovers and shareholder activism in Japan. The hostile bidders … claim that the threat of takeover which they pose on the management of a poorly managed company is not only to their benefit … value. Nearly a decade having passed since the first-ever hostile TOB attempt in Japan by M&A Consulting (MAC), an …