Working Paper

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

Capital-Market Effects of Securities Regulation: Prior Conditions, Implementation, and Enforcement

This paper examines the economic effects of changes in securities regulation. We analyze two key directives in the European Union (EU) that tightened market abuse and transparency regulation. All EU member states were required to adopt these two...Read more

Luzi Hail
Christian Leuz
01 February 2014

Dispersed Ownership: The Theories, the Evidence, and the Enduring Tension Between 'Lumpers' and 'Splitters'

From a global perspective, the single most noticeable fact about corporate governance is the radical dichotomy between dispersed ownership and concentrated ownerships systems, with the latter being much in the majority. Several prominent...Read more

John Coffee
01 February 2010