In this paper we show that dual-class shares can be an answer to agency conflicts rather than a result of agency conflicts. When a firm issues voting shares...
We provide a new explanation to the limited stock market participation puzzle. In deciding whether to buy stocks, investors factor in the risk of being...
We use the enactment of limited liability legislation across Canadian provinces to examine the effect of the change in liability status on firm outcomes...
Family firms are a widespread control structure in most countries, especially among smaller firms. A vast literature addresses the question of whether...
We find that corporate giving represents a private benefit of control that distorts corporate investment and financing activity, consistent with free...
Climate change poses new challenges for portfolio management. Investors face a trade-off between minimizing climate risk exposure and maximizing the...
How do wealth managers understand and comply with the social norms embedded in banks’ codes of conduct (CoC) and how do they cope with ethical dilemmas?...