Consistent with theory, this study of shareholder litigation found a broad transformation in company characteristics and risk exposures and generally negative short- and long-term performance effects that differed substantially between two types of allegations. The findings have important...

We examine European corporate governance with respect to the relationship between shareholder value and capital investment. Based upon Europe's largest listed companies, it is shown that Anglo-American conceptions of shareholder value are increasingly important for European firms whatever their...

We analyze the three components of active management (asset allocation, market timing and security selection) in the net performance of U.S. pension funds and relate these to fund size and the liquidity of the investments. On average, the funds in our sample have an annual net alpha of 89 basis...