Working Paper


Most listed firms have concentrated ownership structures. However this ownership type is problematic. A clinical analysis reveals that the corporate governance in these firms in terms of liability, voice and exit faces important design problems....Read more

María Gutiérrez Urtiaga
01 February 2015

The Stability of Dividends and Wages: Effects of Competitor Inflexibility

We analyze how industry-wide risks are shared between firms' employees and their owners. Focusing on the electricity industry, we study firms which are subject to similar risks but use different production technologies. We document that firms are...Read more

Daniel A. Rettl
Alex Stomper
Josef Zechner
14 June 2018

Shareholder Illiquidity and Firm Behavior: Financial and Real Effects of the Personal Wealth Tax in Private Firms

We examine how negative liquidity shocks to households propagate to firms. We show that higher taxes on the home of private firms’ controlling shareholders are associated with higher dividend and salary payments from firms to shareholders and...Read more

Janis Berzins
Øyvind Bøhren
Bogdan Stacescu
02 January 2020