This paper addresses an ethical question: when there is little to lose, do corporate managers misrepresent the facts? The situation that we examine where truth-telling has minimal consequences is a firm's reason for eliminating employees. The consequence for misrepresenting the true reason is...

Acting in shareholders' best interests, the board of directors should remove top management when a firm performs poorly. However, empirical evidence indicates that sometimes boards replace top management and sometimes they do not. When top management is not replaced following poor performance,...

Previous research shows that on average acquirers who buy shares in the pre-bid market gain because the average price of the acquisition is reduced. This study addresses a different question, one that relies on the withdrawal of the bidder rather than the successful completion of the...

We ask if a quot;white-knightquot; manager's decision to overbid for a target firm is part of a pattern of quot;badquot; investment decisions. We find, on average, that it is part of a pattern, and that white-knight managers make less efficient decisions than do hostile bidders. We also ask if a...