a more concentrated ownership structure. To test for the direction of the effect, we use a large dataset of U.S. firms … markets information. We find that a large fraction of aggregated block ownership negatively affects Tobin's Q. The negative … impact is larger if blockowners are more dispersed, suggesting that a concentrated ownership structure is to be preferred on …

In this paper we analyze an entrepreneur /manager's choice between private and public ownership in a setting in which …, private ownership can provide management the desired autonomy due to the possibility of precisely-calibrated private … contracting. The disadvantage of private ownership (relative to public ownership) is that it imposes a cost of illiquidity on …

Boards of directors face the twin task of disciplining and screening executives. To perform these tasks directors do … failure of initiated strategies, reorganizations, mergers etc. We analyse the nature of (implicit) retention contracts boards … active to show their credentials; that the link between bad performance and dismissal is weak; and that boards occasionally …

An interlock between two firms occurs if the firms share one or more directors in their boards of directors. We explore …

This paper uses a unified treatment of real options and game theory to examine value appropriation in takeovers within …