We propose a model where investors hire fund managers to invest either in risky bonds or in riskless assets. Some … managers have superior information on the default probability. Looking at the past performance, investors update beliefs on … their managers and make firing decisions. This leads to career concerns which affect investment decisions, generating a …

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 …

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 …