We argue that the extent to which a firm faces takeover threats affects its knowledge structure. In particular, takeover threats may lead to managers' reluctance to adopt a strategy toward firm-specific knowledge accumulation, because implementing this strategy requires them to acquire...

We analyze the role of institutional cross-ownership in internalizing corporate governance externalities using granular mutual fund proxy voting data. Exploiting within-proposal and within-institution variation, we show that an institution's holdings in peer firms are positively associated with...

Motivated by some real world phenomena, we extend the standard model of decision making with a possibly biased decision maker under career concerns by adding: 1) a consultation stage in which the advice from an advisor is available; 2) the possibility that the decision maker can control the...