Ownership

Working Paper

The Great Pyramids of America: A Revised History of US Business Groups, Corporate Ownership and Regulation, 1930-1950

Most listed firms are freestanding in the U.S, while listed firms in other countries often belong to business groups: lasting structures in which listed firms control other listed firms. Hand-collected historical data illuminate how the present...Read more

Eugene Kandel
Randall Morck
Yishay Yafeh
01 April 2015

The Basic Governance Structure: The Interests of Shareholders as a Class

This paper is the third chapter of the third edition of The Anatomy of Corporate Law: A Comparative and Functional Approach, by Reinier Kraakman, John Armour, Paul Davies, Luca Enriques, Henry Hansmann, Gerard Hertig, Klaus Hopt, Hideki Kanda...Read more

John Armour
Luca Enriques
Henry Hansmann
Reinier Kraakman
01 January 2017

Governance Challenges of Listed State-Owned Enterprises around the World: National Experiences and a Framework for Reform

Despite predictions of their demise in the aftermath of the collapse of socialist economies in Eastern Europe, state-owned enterprises (SOEs) are very much alive in the global economy. The relevance of listed SOEs — firms still subject to...Read more

Curtis J. Milhaupt
Mariana Pargendler
01 April 2017

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

The Principle of Proportional Ownership, Investor Protection and Firm Value in Western Europe

Previous research initiated by Claessens et al. (2002) has established a value discount of disproportional ownership structures. Due to omitted variables problems it is difficult to provide a causal interpretation of these findings. We provide a...Read more

Morten Bennedsen
01 October 2006

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