Working Paper
Agency Theory in Practice: A Qualitative Study of Hedge Fund Activism in Japan
We look at the reaction to hedge fund activism of managers and shareholders in Japanese firms and explore the implications of our findings for agency...
Read moreOutsourcing Active Ownership in Japan
This paper examines active ownership in Japan by an equity ownership service, Governance for Owners Japan (GOJ). GOJ engages with...
Read moreRegulatory Measures to Dismantle Pyramidal Business Groups: Evidence from the United States, Japan, Korea and Israel
Large business enterprises, from the railroad barons of nineteenth century America to Amazon and Google today, are often perceived as important for...
Read moreDiversity of Shareholder Stewardship in Asia: Faux Convergence
Since the UK adopted the world’s first stewardship code in 2010, stewardship codes have proliferated across Asia. Given the UK Code’s prominence,...
Read moreDispersed ownership and asset pricing: An unpriced premium associated with free float
We explore differences in the levels of dispersed ownership that lead to a second returns-based free float hedging factor, which augments the capital...
Read moreThe Ownership of Japanese Corporations in the 20th Century
Twentieth century Japan provides a remarkable laboratory for examining how an externally imposed institutional and regulatory intervention affects...
Read moreDynastic Control Without Ownership: Evidence from Post-War Japan
Dynastic-controlled firms are led by founding family CEOs while the family owns an insignificant share of equity (defined as less than five percent)....
Read moreOn the Real Effects of Bank Bailouts: Micro-Evidence from Japan
Exploiting the Japanese banking crisis of the 1990s as a laboratory, we investigate the effects of bank bailouts on the supply of credit and on the...
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