, we constructed a unique data set of family trees and business groups for nearly 100 of the largest business families in … Thailand. We find a strong positive association between family size and family involvement in the ownership and control of the … family business. The sons of the founders play a central role in both ownership and board membership, especially when the …

diversified and family controlled; but the others were tightly focused and had widely held apex firms; (3) US business groups …

We examine the interaction between three kinds of concentrated owners commonly found in an emerging market: family …

devices, a family can control corporations without making a commensurate capital investment. In many countries, such families …

control rights and involvement of the owning family and founder: CEOs of firms with greater family involvement have more … also see their role as maintaining the status quo rather than bringing about change. In contrast, professional CEOs of non-family … arrangements in how intensively family members are involved in management …

acquisition premium. At sufficiently high levels of managerial ownership, managers value a reduction in the risk of their …This paper examines the effect of the benefits of corporate control to managers on the relationship between managerial … the acquiring firm increases, the interests of managers are more closely aligned with those of shareholders, reducing the …

Are fluctuations in firms' profitability risk a major cause of regular business cycles? We study this question within … such a model, surprise increases of risk lead to a wait-and-see policy for investment at the firm level and a decrease in … the size of firm-level risk fluctuations. We find that time-varying firm-level risk on its own is unlikely to be a major …

the firm's exposure to IST shocks and risk premia. Our calibrated model replicates: i) the predictability of returns by … returns by aggregate investment and valuation ratios; and v) a downward sloping term structure of risk premia for dividend …

of increased uncertainty and decreased growth opportunities was stronger than that of the credit contraction per se. From …