This paper shows how separation of ownership and control may arise as a response to overload costs, despite agency …

control (and possibly residual income rights) without reference to the issue to be decided. We focus attention on two polar … constitutions: non-profit cooperatives and outside ownership. In the former, ownership is shared among a group of consumers on a one … member, one vote basis. In the latter, all control rights and rights to residual income are allocated to an outsider. Ex post …

means. We develop a model in which a CEO's ownership stake and private benefits have opposite effects on his willingness to … optimally commit to a low monitoring intensity when either CEO ownership is low or private benefits are high. Our model suggests … that the existing cross-section evidence on the correlation between board composition and CEO ownership and tenure needs re …

In this paper, we show that ownership structures vary considerably across Europe, and that the dominant form of … ownership is not necessarily the most efficient one. These findings are in contradiction to similar research based on US samples … base our analysis on a new and unique dataset of uniform ownership data of the largest 100 firms in the five major European …

We analyze the structure and evolution of the allocation of decision and control rights in venture capital contracts by … of control and decisions rights along three time dimensions: the point in time when the contract was signed, the expected … duration of the contract and the actual duration of the relationship. We show that contracts are not static but that control …

This paper studies the effect of managerial ownership on performance and the determinants of managerial ownership for … for the years 1997-2000. Managerial ownership up to around 80 per cent has a positive impact on firm performance … signalling of firm quality leads to a non-linear relationship between managerial ownership and the risk exposure of a firm. The …

We study the relationship between liquid asset holding and the pattern of share ownership and control structures within … institutions of control oriented finance. The data include information on ownership concentration, voting alliances, managerial … strongly control oriented as evidenced by the very high levels of observed ownership concentration and the prevalence of …

dividends paid across varying corporate ownership struc- tures—concentration, type, and domicile of ownership—we quantify these … effects and reveal that they are substantial. We find that the target payout ratio for firms with majority ownership is low … Republic for the period 1996-2003 permits us to take account of the endogeneity of ownership. …