Working Paper
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...
Read moreThe 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...
Read moreThe 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...
Read moreMinority 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...
Read moreCorporate 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...
Read moreWolf Pack Activism
Blockholder monitoring is central to corporate governance, but blockholders large enough to exercise significant unilateral influence are rare....
Read moreBlockholders and Corporate Governance
This paper reviews the theoretical and empirical literature on the channels through which blockholders (large shareholders) engage in corporate...
Read moreOpt-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...
Read moreCorporate Governance and Control
Corporate governance is concerned with the resolution of collective action problems among dispersed investors and the reconciliation of conflicts of...
Read moreDelegated Blocks
Will asset managers with large amounts of capital and high risk-bearing capacity hold large blocks and monitor aggressively? Both block size and...
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