Managers, Workers, and Corporate Control
If management has high private benefits and a small equity stake, managers and workers are natural allies against takeover threats. Two forces are at...
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Private Equity Takeovers and Employment in the UK: some Empirical Evidence
This study investigates the employment consequences of private equity acquisitions, in particular institutional buy-outs (IBOs), in the UK. It...
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Board Ancestral Diversity and Firm Performance Volatility
We proxy for board members’ differences in opinions and values using directors’ ancestral origins and show that diversity has costs and benefits,...
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Shareholder Protection and Stock Market Development: An Empirical Test of the Legal Origins Hypothesis
We test the 'law matters' and 'legal origin' claims using a newly created panel dataset measuring legal change over time in a sample of developed and...
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Revisiting the Anticompetitive Effects of Common Ownership
We use data from the U.S. airline industry to test the hypothesis, consistent with the general equilibrium oligopoly model of Azar and Vives...
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The Pension System and the Rise of Shareholder Primacy
This article explores the influence of the pension system on corporate governance, which has so far received little attention in the corporate law...
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Ownership: Evolution and Regulation
This paper is the first study of long-run evolution of investor protection and corporate ownership in the U.K. over the 20th century. Formal investor...
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Picking Friends Before Picking (Proxy) Fights: How Mutual Fund Voting Shapes Proxy Contests
This paper provides the first comprehensive study of mutual fund voting in proxy contests. Funds tend to vote against incumbent management at firms with...
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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...
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Subprime Crisis and Board (In-)Competence: Private vs. Public Banks in Germany
We examine evidence for a systematic underperformance of Germany's state-owned banks in the current financial crisis and study if the bank losses can be...
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Corporate Social Responsibility and Firm Risk: Theory and Empirical Evidence
This paper presents an industry equilibrium model where firms have a choice to engage in corporate social responsibility (CSR) activities. We model CSR...
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Hedge Funds in Corporate Governance and Corporate Control
Hedge funds have become critical players in both corporate governance and corporate control. In this article, we document and examine the nature of...
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