. Common wisdom is that multi-firm ownership weakens governance because the blockholder is spread too thinly. We show that this … underperformance. Common ownership leads to firms' stock prices being correlated, even if their fundamentals are uncorrelated. We …

In a study of the ownership of German corporations, we find a strong relation between board turnover and corporate … performance, little association between concentrations of ownership with managerial disciplining and only limited evidence that … pyramid structures can be used for control purposes. The static relation of ownership to control in Germany is therefore …

corporations. We investigate this question by tracing the ownership and board composition of firms incorporated in around 1900 over … the subsequent 100 years, and comparing the pattern of ownership and control with a sample incorporated around 1960. We … outside equity finance, and there was rapid dispersion of ownership even in the absence of investor protection. The …

trading of ownership and control in a private information setting. The model provides a novel explanation for the prevalence … and persistence of the separation of ownership from control in modern corporations: efficiency in the market for corporate … control is more easily achieved when ownership is not concentrated in the hands of the manager. The central reason is that low …

We analyse the effect of ownership on post-privatization performance in a virtually complete population of medium and … ownership improves economic performance, but domestic private ownership does not, relative to state-owned firms. Foreign firms … increasing profit. Ownership concentration is associated with superior performance, thus providing support to the agency theory …

. Boards of publicly traded companies with dispersed ownership, we argue, cannot be expected to bargain at arm’s length with …