In this paper we analyze how the stock-market reaction to the adoption of poison pills and the subsequent outcome of takeover attempts vary with the composition of the firm's shares among competing bidders and by other firms to entrench managers at the shareholders' expense. Our results also...

Shareholders activists and regulators are pressuring U.S. firms to separate the titles of CEO and Chairman of the Board. They argue that separating the titles will reduce agency costs in corporations as well as potentials benefits. Our empirical evidence provides preliminary support for the...

This paper provides evidence on a previously unidentified source of managerial incentives: concerns about post-retirement board service. Both the likelihood that a retired CEO serves on his own board two years after departure, as well as the likelihood of serving as an outside director on other...