in Europe and Latin America, where several governments are large shareholders in a variety of public firms. In a sense …, the subprime crisis induced these governments to behave as active large shareholders. This paper uses a sample of public … firms in Brazil to show that government activism lowers the value of minority shareholders' voting rights. While the …

-hostile,” protectionist national regulations, opt-out rules protecting shareholders vis-à-vis managers’ and dominant shareholders’ opportunism …This paper argues that in revising the Takeover Bid Directive, EU policymakers should adopt a neutral approach toward … kind. Unfortunately, takeover rules cannot be crafted so as to hinder all the bad takeovers while at the same time …

This paper presents a simple model for dual-class stock shares, in which common shareholders receive both public and … private cash flows (i.e. dividends and any private benefit of holding voting rights) and preferred shareholders only receive … rights. We find a negative relation between the value of the voting right and the preferred shareholders' wealth for …

We test under what circumstances boards discipline managers and whether such interventions improve performance. We … are considerably more likely to eventually sell them at a profit. -- Corporate Governance ; Large Shareholders ; Boards of …