corporate governance systems. In our paper, optimal corporate governance depends on both firm characteristics and the … composition of the outsiders' overall portfolio. A strong governance system is desirable when the value of the firm's assets in … place, relative to the growth opportunity, is sufficiently small or is sufficiently large, suggesting a corporate governance …

prices. The paper derives a range of new cross-sectional comparative static results and sheds light on corporate governance …

We shed new light on the corporate governance role of institutional investors in markets where concentrated ownership … shareholders, can play only a limited role in corporate governance. Moreover, the presence of powerful families who control many … governance, what matters most is not the legal power granted to minority shareholders but rather the absence of conflicts of …

exploit exogenous variation due to the staggered adoption of corporate governance laws in formerly Communist countries coupled … that they are incompetent and when board power has increased following corporate governance reforms. In contrast, CEOs are …

We develop a model of internal governance where the self-serving actions of top management are limited by the potential … reaction of subordinates. We find that internal governance can mitigate agency problems and ensure firms have substantial value …, even without any external governance. Internal governance seems to work best when both top management and subordinates are …