Blockholders

Corporate Governance and Control

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

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...

Blockholders and Corporate Governance

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

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...

Governance Through Trading and Intervention: A Theory of Multiple Blockholders

Traditional theories argue that governance is strongest under a single large blockholder, as she has large incentives to undertake value-enhancing...

Corporate Governance in the Presence of Active and Passive Delegated Investment

We examine the governance implications of passive fund growth. In our model, investors allocate capital 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....

Complex Ownership Structures and Corporate Valuations

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...

Governance Under Common Ownership

Conventional wisdom is that diversification weakens governance by spreading an investor too thinly. We show that, when an investor owns multiple firms...

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...

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