We show how temporary ownership by private equity firms affects industry structure, competition and welfare. Temporary … ownership leads to strong investment incentives because equilibrium resale prices are determined by buyers incentives to block …

Seminal theories of the firm posit that firm ownership is allocated to minimize contractual inefficiencies. Yet, it … remains unclear how much the optimal ownership choice affects firm performance in practice. This paper provides a first … quantification of the gains from optimal ownership within multinational firms, by exploiting a major liberalization of China's policy …

We analyze the optimal ownership, delegation and compensation structures when a manager is hired to run a firm and to … choice. Optimality would require a large ownership stake for monitoring but a small stake for not interfering with managerial …. The large shareholder retains full ownership of the firm but monitoring, and the resulting firing policy, are distorted …

In this paper we compare the profitability of a merger to the profitability of a partial ownership arrangement and find … that partial ownership arrangements can be more profitable for the acquiring and acquired firm because they can result in a … ; corporate control ; financial control …

The question of whether and how partial common-ownership links between strategically interacting firms affect firm … asset-management industry has led to more pronounced common ownership concentration (CoOCo). Moreover, recent empirical …

ultimate control rights measures are adequate on their own, suggesting that further work on ownership structure and pyramids is …The paper argues that the weakest link principle, which has been widely used as a measure of ultimate owners' control … rights, has a number of serious problems. A theoretically more satisfactory method of measuring control rights, based on …

factors: family ownership and source of the competitive pressure. A novel aspect of our paper is that we rely on two …

severe if firms have a more dispersed ownership structure. Empirically, using a large panel of European firm-level data, we …