We show how the change to differential voting rights allows dominant shareholders to retain control even after selling … fosters corporate control activity and creates higher takeover premiums that are paid equally to all shareholders …

This paper analyzes the relationship between ownership structure (shareholders' stake and identity) and corporate risk … also find a trend to the alignment of interests between the largest shareholder and the other large shareholders, so that …

resurrection" strategy. Moreover, the strength of corporate governance influences shareholders' capacity to align executive …

(CEO) relative inside leverage to proxy for the incentives of risk-averse managers, we find that CEOs with higher inside … leverage are more likely to engage in vertical mergers, and those mergers generate lower announcement returns for shareholders …. This effect of CEO relative inside leverage on returns for shareholders in vertical acquisitions is more pronounced when …

for target shareholders because of the potential conflict of interest of the CEO, it is also possible that target … shareholders could benefit from CEO retention because it can increase the performance of the acquired firm and, consequently … harms shareholders in acquisitions involving private equity firms. In fact, we show that better performing target CEOs are …

Current attempts to reform financial markets presume that shareholder empowerment benefits shareholders. We investigate … the wealth effects associated with the SEC's rule to facilitate director nominations by shareholders. Our results are not … the probability of passage of the proposal, firms whose shareholders are more likely to use the rule to nominate directors …

academics and market participants, is that entrenchment reduces accountability to shareholders and amplifies agency costs, thus …, these findings are consistent with the theory that there are significant costs, not just benefits, to exposing managers to …

strengthening shareholder power to alleviate the conflict between shareholders and management can also have the unintended … consequence of intensifying the conflict between current and future shareholders …