Elena Vladimirovna Chirkova «Do managers act in the interest of shareholders?» (Moscow:«Olymp-Business», 1999.

The book by Elena Chirkova deals with the issues of potential conflict of interest between the managing bodies of the company and shareholders.

The book «Do managers act in the interest of shareholders?» Corporate finance under uncertain circumstances’ touches upon traditional subjects of the corporate finance based on assumption that the relations between managers and shareholders involve inherent conflict of interest and on assumption that there exist information distortions at the capital market. The study of the decision-taking process on dividends, on issue of shares both initial and subsequent, on selection of the eligible structure of capital of the company is carried out with regard to the aforesaid assumptions.

Special attention is paid to the analysis of the M&A market including specific transactions such as leveraged buyout of shares from minority shareholders of public company. A special chapter includes a Russia oversight of these issues. The book includes extensive references in each subsequent chapter.

The book is recommended for professionals and shareholders of all public companies.