shareholders) engage in corporate governance. In classical models, blockholders exert governance through direct intervention in a … consequences of activism. More recent models show that blockholders can govern through the alternative mechanism of “exit … governance by extracting private benefits of control or pursuing objectives other than firm value maximization. I highlight the …

We shed new light on the corporate governance role of institutional investors in markets where concentrated ownership … shareholders, can play only a limited role in corporate governance. Moreover, the presence of powerful families who control many … governance, what matters most is not the legal power granted to minority shareholders but rather the absence of conflicts of …

exploit exogenous variation due to the staggered adoption of corporate governance laws in formerly Communist countries coupled … that they are incompetent and when board power has increased following corporate governance reforms. In contrast, CEOs are …

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 … need not be the case. In a single-firm benchmark, the blockholder governs through exit, selling her stake if the firm …