Control

Why are the levels of control (so) different in German and UK companies? Evidence from initial public offerings

Unbundling Ownership and Control

Director Liability Protection and the Quality of Outside Directors

We investigate how state Universal Demand statutes (UD) that lower the risk of shareholder derivative lawsuits affect recruiting and retention of...

The Rise of Dual-Class Stock IPOs

We create a novel dataset to examine the recent rise in dual-class IPOs. We document that dual-class firms have different types of controlling...

Constraints on Private Benefits of Control: Ex Ante Control Mechanisms Versus Ex Post Transaction Review

How are U.S. Family Firms Controlled?

In large U.S. corporations, founding families are the only blockholders whose control rights on average exceed their cash flow rights. We analyze how...

Bolstering Family Control: Evidence from Loyalty Shares

We study the introduction of a new control-enhancing mechanism in Italy, a country characterized by family-controlled firms and growing...

Corporate Groups: Corporate Law, Private Contracting and Equal Ownership

In this paper we provide a simple and general framework that explains the nature of groups, their corporate governance problems and their ownership...

One Share, One Vote: The Empirical Evidence

We survey the empirical literature on disproportional ownership, i.e. the use of mechanisms that separate voting rights from cash flow rights in...

The End of “Corporate” Governance (Hello “Platform” Governance)

In a technology-driven, digital world, many of the largest and most successful businesses now operate as “platforms.” Such firms leverage...

Disclosure Regulation and Corporate Acquisitions

This paper examines the effect of disclosure regulation on the takeover market. We study the implementation of a recent European regulation that...

The Dark Side of Stakeholder Influence: The Surprising Effect of Customer Fraud on Suppliers

We show that influential stakeholders distort corporate policies when they cannot commit to a long-term relationship. Following the revelation of...