Norway

Working Paper

The Firms’ Reaction to Changes in the Governance Preferences of Active Institutional Owners

In November 2012, Norway’s sovereign wealth fund (NBIM) unexpectedly announced that it would foster better corporate governance practices in its portfolio firms by articulating specific governance expectations. We use this sudden change in...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

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