We document a novel strategic motive for family business groups to utilize their internal capital markets (ICMs) during financial crises. We find that...
We explore differences in the levels of dispersed ownership that lead to a second returns-based free float hedging factor, which augments the capital...
The paper surveys the corporate opportunities doctrine in four jurisdictions: the US, the UK, Germany, and France. Our analysis enables us to trace the...
We derive a measure that captures the extent to which common ownership shifts managers’ incentives to internalize externalities. A key feature of the...