, we find that the industry distribution is significantly different for failure and acquisitions. This calls for some kind …

contrast to corporate shareholders, private shareholders tend to sell control blocks when financial pressure increases. …

suggests that managers act in the best interest of shareholders. They hedge to reduce real costs like taxes, costs of financial … environment in which firms operate. Corporate managers, however, rank risk management as one of their most important objectives … distress and costs of external finance or to replace home-made hedging by shareholders. The second category considers that …

innovation, i.e. weakly controlled managers show a higher innovation propensity. However, the higher the leverage the more … disciplined the managers are. …

which managers could become entrenched, they already bear a large proportion of the costs and have therefore an incentive to …

been improved by a better protection of minority shareholder rights, the efficiency of the takeover market has been reduced …