Corporate Groups

Been There, Done That. The History of Corporate Ownership in Japan

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...

The Politics of CEOs

This article studies the political preferences of chief executive officers (CEOs) of public companies. We use Federal Election Commission records to...

Which Related Party Transactions Should Be Subject to Ex Ante Review? Evidence from Germany

The amended EU shareholder rights directive introduces a comprehensive regime of ex ante review for potentially conflicted transactions between...

The State as Owner - China's Experience

This essay explores China’s experience with state ownership of business enterprise. After a short historical survey of the rise, fall, and...

The Great Pyramids of America: A Revised History of US Business Groups, Corporate Ownership and Regulation, 1930-1950

Most listed firms are freestanding in the U.S, while listed firms in other countries often belong to business groups: lasting structures in which listed...

Justifications for Minority-Co-Owned Groups and Their Corporate Law Implications

Corporate groups with listed subsidiaries are common around the world, despite the risks they pose to minority shareholders. Shaping a firm as a web of...

Equity Issuance Methods and Dilution

We analyze rights and public offerings when informed shareholders strategically choose to subscribe. Absent wealth constraints, rights offerings...

Related Party Transactions: Policy Options and Real-World Challenges (With a Critique of the European Commission Proposal)

This paper provides a legal and policy analysis of transactions between a corporation and one of its ?related parties.? It first highlights the reasons...

Long-Term Bias

An emerging consensus in certain legal, business, and scholarly communities maintains that corporate managers are pressured unduly into chasing...

On Inference When Using State Corporate Laws for Identification

A popular research design identifies the effects of corporate governance by (changes in) state laws, clustering standard errors by state of...

Bringing the AGM to the 21st Century: Blockchain and Smart Contracting Tech for Shareholder Involvement

The AGM is often considered to play an important role in direct shareholder monitoring of directors and corporate blockholders. However, its practical...