and creditors, are protected by law from expropriation by the managers and controlling shareholders of firms. We describe … suggest that there is a common element to the explanations of these differences, namely how well investors, both shareholders …

We present a model of the effects of legal protection of minority shareholders and of cash flow ownership by a … minority shareholders, and weaker evidence of the benefits of higher cash flow ownership by controlling shareholders for …

managers make. Our agency-costs analysis shows that index fund managers have strong incentives to (i) underinvest in … stewardship and (ii) defer excessively to the preferences and positions of corporate managers. We also undertake an empirical …

consistent with the views that expropriation of minority shareholders is important internationally, that laws can restrain this …

This paper examines legal rules covering protection of corporate shareholders and creditors, the origin of these rules … related to investor protections, consistent with the hypothesis that small, diversified shareholders are unlikely to be …

Understanding how differences in management "best practices" affect organizational outcomes has been a focus of both … theoretical and empirical work in the fields of management, sociology, economics and public policy. The World Management Survey … (WMS) project was born almost two decades ago with the main goal of developing a new systematic measure of management …

Over the last decade the World Management Survey (WMS) has collected firm-level management practices data across … recent work on management practices. Our preliminary results suggest that about a quarter of cross-country and within …-country TFP gaps can be accounted for by management practices. Management seems to matter both qualitatively and quantitatively …