Do stakeholder suits against managers reduce agency costs? I examine this question using a large panel of private … foundation tax returns, together with hand-collected data on state-law variations in the right of donors to sue wayward nonprofit … managers. In both difference-in-differences and triple-difference estimations, I find on average that standing to sue …

Abstract: In this paper, we investigate the effects of insiders’ share pledging on stock liquidity. Using a sample of … Chinese listed firms from 2007 to 2021, we find a positive association between share pledging and stock liquidity. The … findings are robust to a series of robustness tests. Further analysis shows that stock repurchases and share increases may be …