shareholders from the complex, pyramidal, and often obscure corporate structures. First, we show that there are large differences …

This paper studies the corporate governance and asset pricing implications of investors owning blocks in multiple firms …. Common wisdom is that multi-firm ownership weakens governance because the blockholder is spread too thinly. We show that this … governance. On the other hand, governance can be stronger, because selling one firm and not the other is a powerful signal of …

This paper examines the extent to which the corporate governance structure of a firm arises endogenously in response to … special meetings and to propose and pass governance measures that are contrary to shareholder interests (based on IRRC … classification). These results are driven primarily by firms that are characterized as having poor governance according to either the …

with theory of the firm based on conflicts of interests between shareholders and stakeholders, we find that establishments … of firms that experience an increase in ownership by larger and more concentrated institutional shareholders have lower … local labor markets, and for dedicated and activist institutional shareholders. The labor losses are accompanied by higher …

Passively managed funds have grown to become some of the largest shareholders in publicly traded companies, but there … is considerable debate about the effects of this growth on corporate governance. The goal of this paper is to review the … literature on the governance implications of passive fund growth and discuss directions for future research. In particular, we …

German system of codetermination,' a governance system under which employees are allocated some control rights over corporate … the unification of East Germany and West Germany, a shock that may have caused employees in the former West to resist … restructuring; the more so in codetermined firms. We also examine whether shareholders respond to codetermination with more …

investment, and for contesting corporate governance. In Germany, where the stock market has historically been small, banks hold …

. In some cases shareholders are pushing companies to take actions that may reduce market value. It is hard to understand … this behavior using the dominant corporate governance paradigm based on shareholder value maximization. We explain how …

This paper, which introduces the special issue on corporate governance co-sponsored by the Review of Financial Studies … and the National Bureau of Economic Research (NBER), reviews and comments on the state of corporate governance research …. The special issue features seven papers on corporate governance that were presented in a meeting of the NBER's corporate …