Ownership

Working Paper

Loyalty Shares with Tenure Voting - a Coasian bargain? Evidence from the Loi Florange Experiment

French listed companies can issue shares that confer two votes per share after a holding period of at least two years (loyalty shares with tenure voting rights). In 2014 the default rule changed from one-share-one-vote to loyalty shares. The...Read more

Marco Becht
Yuliya Kamisarenka
Anete Pajuste
16 April 2018

Who’s Paying Attention? Measuring Common Ownership and Its Impact on Managerial Incentives

We derive a measure that captures the extent to which common ownership shifts managers’ incentives to internalize externalities. A key feature of the measure is that it allows for the possibility that not all investors are attentive to whether a...Read more

Erik P. Gilje
Todd Gormley
Doron Levit
11 September 2018

Shareholder Wealth Consequences of Insider Pledging of Company Stock as Collateral for Personal Loans

We study a wide-spread yet unexplored corporate governance phenomenon: the pledging of company stock by insiders as collateral for personal bank loans. Utilizing a regulatory change that exogenously decreases pledging, we document a negative...Read more

Ronald Masulis
Ying Dou
29 January 2019

Why Are Firms with More Managerial Ownership Worth Less?

Using more than 50,000 firm-years from 1988 to 2015, we show that the empirical relation between a firm’s Tobin’s q and managerial ownership is systematically negative. When we restrict our sample to larger firms as in the prior literature, our...Read more

Kornelia Fabisik
Ruediger Fahlenbrach
René Stulz
Jérôme Taillard
20 December 2018

The Modern Corporation and Private Property Revisited: Gardiner Means and the Administered Price

This essay views The Modern Corporation and Private Property from the perspective of its junior coauthor, Gardiner Means. Means generated the book’s statistical showings of deepening corporate concentration and widening separation of ownership...Read more

William Bratton
05 April 2019

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