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 …

horizontal shareholders individually have minority stakes, horizontal shareholding in concentrated markets often has … were the core target of antitrust law were horizontal shareholders. I further show that anticompetitive horizontal …

behalf of the target shareholders. Our empirical evidence is not consistent with this belief. We find that, when a private … equity acquirer retains the target CEO, target shareholders receive an acquisition premium that is larger by as much as 18 … than other potential CEOs, we expect target shareholders to receive a larger premium because the post-acquisition value of …

in Europe and Latin America, where several governments are large shareholders in a variety of public firms. In a sense …, the subprime crisis induced these governments to behave as active large shareholders. This paper uses a sample of public … firms in Brazil to show that government activism lowers the value of minority shareholders' voting rights. While the …