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In order to find an inefficiently managed firm, a potential dissident group will need to investigate many firms. Under Rosenfeld, it may be compensated for

In order to find an inefficiently managed firm, a potential dissident group will need to investigate many firms. Under Rosenfeld, it may be compensated for the cost of a proxy fight if it wins. Yet it will not be compensated either for the cost of investigating firms that it discovers are properly managed, or for the cost of proxy fights it loses. How does this affect the incentive to renovate inefficiently managed firms

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