Voucher privatization programmes have been criticized for leading to excessively dispersed ownership and hence failure …

determinants of block premia. A sample of transactions from Poland is used to measure benefits and costs of ownership concentration …

This Paper analyses the interaction between legal shareholder protection, managerial incentives, and ownership …'s incentives to monitor. Because of this latter effect and its repercussion on managerial incentives, outside ownership … concentration and legal shareholder protection can be both substitutes and complements. When legal protection and outside ownership …

of ownership structure and consequently its effect on a firm's performance Ownership concentration had been quite high in … been the most stable shareholder and recorded the largest ownership gains. Ownership concentration alone does not explain a …

responsibility (CSR) activities, affects firm performance during the 2008-2009 financial crisis. We find that high-CSR firms have … crisis-period stock returns that are four to five percentage points higher than low-CSR firms, all else equal. In contrast …, we find no difference in returns between high- and low-CSR firms either before or after the crisis. During the crisis …

(CSR) activities. We model CSR activities as an investment in customer loyalty and show that CSR decreases systematic risk …' expenditure share on CSR goods is small. We find supporting evidence for our predictions. In our empirical tests, we address a … potential endogeneity problem by instrumenting CSR using data on the political affiliation of the firm's home state, and data on …