Working Paper

01 February 2005

Private Benefits of Control, Ownership, and the Cross-Listing Decision

This paper investigates how a foreign firm's decision to cross-list on a U.S. stock exchange is related to the consumption of private benefits of control by its controlling shareholders. Theory has proposed that when private benefits...

Craig Doidge | Andrew Karolyi | Karl Lins | Darius P. Miller | René Stulz
01 May 2006

Dividends as a Substitute for Corporate Law: The Separation of Ownership and Control in the United Kingdom

The "law matters" thesis implies countries will not develop a robust stock market or diffuse corporate ownership structures unless laws are in place that curtail the extraction of private benefits of control by large shareholders and...

Brian Cheffins
01 October 2006

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...

Morten Bennedsen | Kasper Nielsen
01 June 2007

Pension Reform, Ownership Structure, and Corporate Governance: Evidence from a Natural Experiment

Sweden offers a unique natural experiment to analyze the microeconomic effects of institutionalized saving on ownership structure, corporate governance and performance of listed companies. First, the Swedish pension reform...

Mariassunta Giannetti | Luc Laeven