Ownership

Working Paper

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

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 address...Read more

Brian Cheffins
01 May 2006

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