Working Paper

Who’s Paying Attention? Measuring Common Ownership and Its Impact on Managerial Incentives

We discuss the challenges in quantifying common ownership and derive a measure that captures the extent to which overlapping ownership structures shift managers’ incentives to internalize externalities. A key feature of the measure is that it...Read more

Erik P. Gilje
Todd Gormley
Doron Levit
19 July 2018

Optimally Restrained Tunneling: The Puzzle of Controlling Shareholders’ “Generous” Exploitation in Bad-Law Jurisdictions

Although controlling shareholder agency problems have been well studied so far, many questions still remain unanswered. In particular, an important puzzle in “bad-law” jurisdictions is: why some controlling shareholders (“roving controllers”)...Read more

Sang Yop Kang
19 July 2018