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 …

Many governance reform proposals are based on the view that boards have been too friendly to executives, for example …, by awarding them excessive pay. Although boards are often on friendly terms with executives, it is less clear that they … of boards that takes into account how firms provide incentives for their Chief Executive Officer's (CEOs) through other …

This paper analyzes the interaction between legal shareholder protection, managerial incentives, and outside ownership … of this latter e¤ect and its repercussion on managerial incentives, outside ownership concentration and legal shareholder … large and small shareholders. In the extended framework with monetary incentives, ownership is fully dispersed when legal …

simple ownership contracts over ratings implement this optimal solution. We place ourselves in a setting where the decision …

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 … ownership, membership in family groups, institutional cross-share holdings, and coordination centers which under Belgian law …