This paper investigates the market's reaction to UK insider transactions and analyzes whether the reaction depends on the firm's ownership. There are three major findings. First, differences in regulation between the UK and US, in...
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...
Large investors often have market power in private equity markets, such as in venture capital, growth capital, or private placements. The...Read more
Many investors and governance experts believe that “skin in the game” of managers, i.e. substantial stock and option ownership of top management,...Read more
This chapter documents the evolution of ownership and control of firms around the world over a hundred year period from the beginning of the 20th...Read more
The 2018 ECGI Annual Member meeting featured a Focus Panel on "...Read more
There is a growing sense among academics and practitioners that common ownership—where two firms are at least partially owned by the same investor...Read more
Concerns about short-termism have been mounting in recent years and have influenced the EU shareholder directive, the US presidential debate, and...Read more
