We show how temporary ownership by private equity firms affects industry structure, competition and welfare. Temporary … ownership leads to strong investment incentives because equilibrium resale prices are determined by buyers incentives to block …

We analyze the optimal ownership, delegation and compensation structures when a manager is hired to run a firm and to … choice. Optimality would require a large ownership stake for monitoring but a small stake for not interfering with managerial …. The large shareholder retains full ownership of the firm but monitoring, and the resulting firing policy, are distorted …

ultimate control rights measures are adequate on their own, suggesting that further work on ownership structure and pyramids is …The paper argues that the weakest link principle, which has been widely used as a measure of ultimate owners’ control … rights, has a number of serious problems. A theoretically more satisfactory method of measuring control rights, based on …

ownership and control to be an advantage of the Anglo-American economies. They have also attributed the failure of other …

severe if firms have a more dispersed ownership structure. Empirically, using a large panel of European firm-level data, we …