The separation of ownership and control allows controlling shareholders to pursue private benefits. We develop an analytically tractable dynamic stochastic general equilibrium model to study asset pricing and welfare implications of imperfect...Read more
Prof. Robert M. Daines (Stanford Law School) presents his paper on "Can Staggered Boards Improve Value? Evidence from the Massachusetts Natural Experiment" at the 2016 GCGC Conference in Stockholm. Discussion of the paper is then presented by Prof. Renee Adams (UNSW Business School, University of New South Wales).
We present first evidence about individual and institutional factors that guide board members of public companies around the world in addressing the fundamental strategic problem of dealing with shareholders and stakeholders. In a sample comprising nearly nine hundred board members from some fifty countries of origin, we confirm that these corporate leaders hold a principled, quasi-ideological stance towards shareholders and stakeholders, dubbed shareholderism.