Ramesh P. Rao

TL;DR: In this paper, the authors examined the interrelation between board composition and variables that capture various agency and financial dimensions of the firm and found that an inverse relationship exists between the proportion of external members on the board and managerial stock ownership, dividend payout, and debt leverage.

TL;DR: In this article, the authors investigated the effects of institutional ownership on the debt policy and managerial ownership of the firm and found that the use of debt and managerial stock ownership are inversely related to institutional ownership in the firm.

TL;DR: In this paper, the authors explore the efficacy of monitoring by the board of directors, and especially independent outside directors, in New Zealand and find that the effects of the Companies Act and related legislation are relatively benign in so far as influencing the relationship between firm performance and outside board representation is concerned.

TL;DR: In this article, the authors find evidence consistent with wealth expropriation for stockholder gains on the announcement of a spin-off and show that losses to bondholders tend to be more severe, the larger the gains to shareholders.

TL;DR: In this paper, the authors address the empirical question, "Of what value are shareholder proposals sponsored by public pension funds?" and find that the primary function of a proposal is to act as a signaling mechanism in alerting the market that management is unwilling or unable to negotiate a settlement with the public fund in order to prevent the submission of the proposal.