We document a novel strategic motive for family business groups to utilize their internal capital markets (ICMs) during financial crises. We find that...
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 explore differences in the levels of dispersed ownership that lead to a second returns-based free float hedging factor, which augments the capital...
We derive a measure that captures the extent to which common ownership shifts managers’ incentives to internalize externalities. A key feature of the...