implement a control strategy, which consists of low effort discretion and little or no rent-sharing, or they implement a trust … control strategy prevails, while the possibility of screening renders the trust strategy profitable. The introduction of …

the subsequent 100 years, and comparing the pattern of ownership and control with a sample incorporated around 1960. We …

principals who control. The reason is that most agents lower their performance as a response to the signal of distrust created by …

restructuring, investors focus control on poorly performing companies. These results stand in contrast to the US, where there is …

pyramid structures can be used for control purposes. The static relation of ownership to control in Germany is therefore … is an active market in share blocks giving rise to changes in control, but the gains are limited and accrue solely to the … holders of large blocks, not to minority investors. We provide evidence of low overall benefits from control changes and the …