Connected Firms and Investor Myopia
Connected Firms and Investor Myopia
Conglomerates, multinational corporations and business groups are non-exclusive forms of complex firms. Often organized as corporate networks,...Read more
Ownership
News
Why Are Firms with More Managerial Ownership Worth Less?
Why Are Firms with More Managerial Ownership Worth Less?
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
The Specter of the Giant Three
The Specter of the Giant Three
The world’s largest three investment managers—BlackRock, Vanguard, and State Street Global Advisors—control a large, and steadily growing,...Read more
Governance Challenges of Listed StateOwned Enterprises around the World: National Experiences and a Framework for Reform
Governance Challenges of Listed StateOwned 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...Read more
Video
We show theoretically and empirically that executives are paid less for their own firm’s performance and more for their rivals’ performance if an i
18 August 2017
Most listed firms are freestanding in the U.S, while listed firms in other countries often belong to business groups: lasting structures in which l
16 July 2019
This panel discussion focused on corporate governance indices.
16 July 2019
In this paper we show that dual-class shares can be an answer to agency conflicts rather than a result of agency conflicts.
16 July 2019
Presentation
In a special report in 2010, the Economist magazine called the resurging state-owned mega-enterprises worldwide, especially those from emerging economies, as “Leviathan Inc.”, and warned about the danger of such state capitalism model. While traditionally state-owned firms are criticized for weaker governance and less efficiency, they are also believed to be better positioned for dealing with market externalities.
July 16 2019