bonds lead to strong wealth gains for shareholders in the issuing firm. More importantly, we report large variations in the … distribution of wealth effects in response to the issue announcement. We show that the wealth effects for shareholders in firms …

the information that shareholders would like to see in the “ideal” proxy statement. We ask:• What changes can companies …

which shareholders monitored and exercised voice to one where there was more reliance on external forces and exiting …

Horizontal shareholding exists when significant shareholders have stock in horizontal competitors. (It is often … imprecisely called "common shareholding," but that term can also apply when shareholders own stock in two noncompeting …

What is the appropriate objective function for a firm? We analyze this question for the case where shareholders are … consistent with the preferences of their investors. Voting by shareholders on corporate policy is one way to achieve this …

Large shareholders are a potentially very important element of firms’ corporate governance system. Whereas analytical … research is typically vague on who these large shareholders are, in practice there are important variations in the types of … shareholders in private (i.e., unlisted) firms, where ownership tends to be more concentrated than in publicly traded firms …