Conservative financial policies are often criticized as serving the interests of managers rather than the interests of stockholders. We test this argument by examining the operating performance and other characteristics of firms that for a five-year period held more than one-fourth of their...

This paper examines evidence related to voting rules and the market for voting rights. Several important findings emerge from recent studies. One set of evidence implies that it is desirable to have an active market in voting rights of a firm while another set of evidence indicates that...