Busy Directors: Strategic Interaction and Monitoring Synergies
---- Acknowledgements ----
We are grateful to Renée Adams, Andres Almazan, Mike Burkart, Sudipto Dasgupta, Meng Gao, Ernst Maug, Ron Masulis, Martin Schmalz, and seminar participants at UT Austin for helpful comments and to Alon Brav for sharing his data on hedge fund activism. Ljungqvist gratefully acknowledges the generous hospitality of the Norwegian School of Economics and the Swedish House of Finance while working on this project. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.