If management has high private benefits and a small equity stake, managers and workers are natural allies against takeover threats. Two forces are at...
We test the 'law matters' and 'legal origin' claims using a newly created panel dataset measuring legal change over time in a sample of developed and...
This paper is the first study of long-run evolution of investor protection and corporate ownership in the U.K. over the 20th century. Formal investor...
This paper provides the first comprehensive study of mutual fund voting in proxy contests. Funds tend to vote against incumbent management at firms with...
In large U.S. corporations, founding families are the only blockholders whose control rights on average exceed their cash flow rights. We analyze how...
We examine evidence for a systematic underperformance of Germany's state-owned banks in the current financial crisis and study if the bank losses can be...
This paper presents an industry equilibrium model where firms have a choice to engage in corporate social responsibility (CSR) activities. We model CSR...