I analyze the allocation of the power to decide on hostile takeovers between directors and shareholders. My …, shareholders nevertheless may have the power to reverse the outcome via a vote. I argue that even though shareholders sometimes … removability, shareholders’ inability to call special meetings or to act by written consent, supermajority rules, proxy and …

development.Our analysis indicates that, contrary to the predictions of the influential “Law and finance” theory, formal investor … conceptual shortcomings, “Legal Origins” theory is not able to account consistently for the differences in levels of shareholder …

As articulated by Adam Smith, one of the central issues facing companies is that managers will not run the business in …. Second, over time, the way in which owners ensure that managers act in their interests has gradually changed from a system in … which shareholders monitored and exercised voice to one where there was more reliance on external forces and exiting …

There are several measures of equity compensation that may provide shareholders with distinct and useful information … for evaluating CEO pay. We examine whether shareholders consider additional disclosures of equity compensation measures … outcomes remain significantly related to abnormal equity compensation expense. Consistent with shareholders considering the …

This paper reviews the theoretical and empirical literature on the role of blockholders (large shareholders) in …

of listed companies and that shareholders make responsible use of their voting rights. Assessments after the financial … investment practices based on modern portfolio theory, diversification, prudency and solvency rules, intermediation through asset … managers, fiduciary duties and portfolio manager remuneration. The paper distinguishes three types of engagement: Compliance …