Working Paper

03 July 2017

Common Ownership, Competition, and Top Management Incentives

We present a mechanism based on managerial incentives through which common ownership affects product market outcomes. Firm-level variation in common ownership causes variation in managerial incentives and thus productivity...

Miguel Anton | Florian Ederer | Mireia Giné | Martin Schmalz
01 March 2015

The Disappearing Taboo of Multiple Voting Shares: Regulatory Responses to the Migration of Chrysler-Fiat

In 2014, the Italian Government broke an old taboo of Italian corporate law, joining the ranks of many different legal systems that allow the issuance of multiple voting shares (MVSs), including the United States. The importance of the...

Marco Ventoruzzo
22 January 2018

Underwriter Competition and Bargaining Power in the Corporate Bond Market

We study the impact of underwriter competition on corporate bond contracts. We develop a new measure of underwriter power and a novel empirical approach, based on the underwriter’s comparative ability to place bonds. When an issuer...

Alberto Manconi | Ekaterina Neretina | Luc Renneboog