Control

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

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

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...

Identifying the Effect of Managerial Control on Firm Performance

Using a unique sample, we attempt to identify the consequence of the separation between inside ownership and control for firm performance. We exploit...

Dividend Policy with Controlling Shareholders

This Article investigates the determinants of dividend policy in firms with concentrated ownership structure. A review of the empirical literature...

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...

Quantifying private benefits of control from a structural model of block trades

We study the determinants of private benefits of control in negotiated block transactions. We estimate the block pricing model in Burkart, Gromb, and...

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...