Ownership

Working Paper

05 August 2019

Bolstering Family Control: Evidence from Loyalty Shares

We study the introduction of a new control-enhancing mechanism in Italy, a country characterized by family-controlled firms and growing shareholders’ protection by institutional investors. Since 2014, Italian firms have been...

Emanuele Bajo | Massimiliano Barbi | Marco Bigelli | Ettore Croci
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 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

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