Working Paper

28 August 2019

The Systemic Governance Influence of Universal Owners: Evidence From an Expectation Document

Universal owners can systemically diffuse their investment preferences to a large share of the market. We use the unexpected release of a corporate governance expectation document by Norway’s sovereign wealth fund as a natural...

Ruth V. Aguilera | Vicente J. Bermejo | Javier Capapé | Vicente Cuñat
25 April 2017

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

We study when firms choose to install boards and their roles in a historical setting where neither boards nor their duties are mandated by law. Boards arise in firms with large, heterogenous shareholder bases. We propose that an...

Mike Burkart | Salvatore Miglietta | Charlotte Ostergaard