Blockholders

Does good corporate governance lead to stronger productivity growth? Evidence from market-oriented and blockholder-based governance regimes

Shareholder Wealth Consequences of Insider Pledging of Company Stock as Collateral for Personal Loans

We study a wide-spread yet unexplored corporate governance phenomenon: the pledging of company stock by insiders as collateral for personal bank...

The Wall Street Walk when Blockholders Compete for Flows

Effective monitoring by equity blockholders is important for good corporate governance. A prominent theoretical literature argues that the threat of...

The Voting Premium

This paper develops a unified theory of blockholder governance and the voting premium. It explains how and why a voting premium emerges in the absence of...

Minority Blocks and Takeover Premia

This paper analyses takeovers of companies owned by atomistic shareholders and by one minority blockholder, all of whom can only decide to tender or...

Corporate Governance in the Presence of Active and Passive Delegated Investment

We examine the governance role of delegated portfolio managers. In our model, investors allocate their wealth between passive funds, active funds, and...

Wolf Pack Activism

Blockholder monitoring is central to corporate governance, but blockholders large enough to exercise significant unilateral influence are rare....

Blockholders and Corporate Governance

This paper reviews the theoretical and empirical literature on the channels through which blockholders (large shareholders) engage in corporate...

Opt-In Stewardship: Toward an Optimal Delegation of Mutual Fund Voting Authority

This Article offers a theory of mutual fund voting to answer when mutual funds should vote on behalf of their investors and when they should not. It argues...

Corporate Governance and Control

Corporate governance is concerned with the resolution of collective action problems among dispersed investors and the reconciliation of conflicts of...

Delegated Blocks

Will asset managers with large amounts of capital and high risk-bearing capacity hold large blocks and monitor aggressively? Both block size and...

Complex Ownership Structures and Corporate Valuations