We derive a measure that captures the extent to which common ownership shifts managers’ incentives to internalize externalities. A key feature of the...
With the emergence of sovereign wealth funds (SWFs) around the world managing equity of over $8 trillion, their impact on the corporate landscape and...
Using a novel data set, we show that up to one-fifth of America's largest firms had an activist, non-financial blockholder, or insider as their largest...
Boards are crucial to shareholder wealth. Yet, little is known about how shareholder oversight affects director incentives. Using exogenous industry...
This paper describes different forms of ownership across countries and how these forms influence the way companies are governed. In most stock markets...