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Corporate Governance Implications of the Growth in Indexing
Brav, Alon; Malenko, Nadya; Malenko, Andrey - National Bureau of Economic Research - 2022
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...
Persistent link: https://www.econbiz.de/10013477210
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Shareholder Power and the Decline of Labor
Falato, Antonio; Kim, Hyunseob; Wachter, Till von - National Bureau of Economic Research - 2022
Shareholder power in the US grew over recent decades due to a steep rise in concentrated institutional ownership. Using … shareholder returns but no improvements in labor productivity, suggesting that shareholder power mainly reallocates rents away …
Persistent link: https://www.econbiz.de/10013334421
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A Shared Interest : Do Bonds Strengthen Equity Monitoring?
Gormley, Todd A.; Jha, Manish - National Bureau of Economic Research - 2024
Institutional investors conduct more governance research and are less likely to follow proxy advisor vote recommendations when a company's bonds comprise a larger share of their assets. These findings are driven by bond holdings, shareholder proposals, and companies where fixed-income managers...
Persistent link: https://www.econbiz.de/10014544807
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Benefits of Control, Managerial Ownership, and the Stock Returns of Acquiring Firms
Hubbard, R. Glenn - 1995
This paper examines the effect of the benefits of corporate control to managers on the relationship between managerial ownership and the stock returns of acquiring firms in corporate control transactions. At low levels of managerial ownership, agency costs of equity (such as perquisite...
Persistent link: https://www.econbiz.de/10012473808
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The Great Pyramids of America : A Revised History of US Business Groups, Corporate Ownership and Regulation, 1930-1950
Kandel, Eugene - 2013
Most listed firms are freestanding in the U.S, while listed firms in other countries often belong to business groups: lasting structures in which listed firms control other listed firms. Hand-collected historical data illuminate how the present ownership structure of the United States arose: (1)...
Persistent link: https://www.econbiz.de/10012458971
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Custom Proxy Voting Advice
Hu, Edwin; Malenko, Nadya; Zytnick, Jonathon - National Bureau of Economic Research - 2024
This paper studies institutional investors' decision-making using novel data from a major proxy advisor. We highlight the significant role of customized proxy advice in shaping shareholders' voting decisions. About 80% of funds receive customized advice, and custom recommendations differ...
Persistent link: https://www.econbiz.de/10014576588
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Power in a Theory of the Firm
Rajan, Raghuram G. - 1997
investments power. Past literature emphasizes the allocation of ownership as the" primary mechanism by which the firm does this …. Within the contractibility assumptions of this" literature, we identify a potentially superior mechanism, the regulation of … access to critical resources. " Access can be better than ownership because: i) the power agents get from access is more …
Persistent link: https://www.econbiz.de/10012472538
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Information Flows, Organizational Structure, and Corporate Governance
Malenko, Nadya - National Bureau of Economic Research - 2023
This survey provides an overview of theoretical and empirical research on information flows in corporations. It highlights key frictions preventing effective information flows and discusses how organizational structure and corporate governance can alleviate these frictions, focusing on three...
Persistent link: https://www.econbiz.de/10014287310
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The Voting Premium
Levit, Doron Y.; Malenko, Nadya; Maug, Ernst G. - National Bureau of Economic Research - 2023
voting premium do not reflect the value of voting rights or voting power. A negative voting premium results from free …
Persistent link: https://www.econbiz.de/10014437023
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Endogenous Presidentialism
Robinson, James A. - 2008
system, and second, that presidents have more power with respect to their own coalition than prime ministers do. These … setting power to another group. We argue that the model is consistent with a great deal of qualitative information about …
Persistent link: https://www.econbiz.de/10012464044