Working Paper

The Systemic Governance Influence of Universal Owners

Universal owners can systemically difuse their investment preferences to a large share of the market. We use a sudden change in aggregate governance preferences of Norway’s sovereign wealth fund as a natural experiment to understand how the...Read more

Ruth V. Aguilera
Vicente J. Bermejo
Javier Capapé
Vicente Cuñat
28 August 2019

Why Do Boards Exist? Governance Design in the Absence of Corporate Law

We study how owners trade off costs and benefits of establishing a board in a historical setting, where boards are optional and authority over corporate decisions can freely be allocated across the general meeting, the board, and management. We...Read more

Mike Burkart
Salvatore Miglietta
Charlotte Ostergaard
25 April 2017