A large number of empirical studies have examined the question of the divorce between ownership and control as to either its extent (following Berle and Means (1932) or its implications for behaviour (following Marris (1964)). These studies have used different samples, different variables and...

An increasing trend in functional MRI experiments involves discriminating between experimental conditions on the basis of fine-grained spatial patterns extending across many voxels. Typically, these approaches have used randomized resampling to derive inferences. Here, we introduce an analytical...

An exercise in the empirical use of voting power indices from cooperative game theory applied to ownership data for large companies, this paper contributes in two areas : (1) the analysis of company control based on shareholder voting power, and (2) the empirical use of power indices and...

The relationship between shareholding concentration and shareholder voting power and the question of corporate control has long been recognised as being of central importance in the economies of the firm and has given rise to a large literature. Despite this, however, and the fact that quite...

Berle and Means' classic study of the separation of ownership and control remains authoritative and influential despite having been criticised on various grounds by a number of authors. This paper argues that, firstly, the Berle and Means approach to determining company control implicitly...

Capital market constraints on the firm are traditionally described as working through two mutually reinforcing mechanisms. Firct, a direct limitation on management discretion operates through accountability to shareholders. Larger shareholders are assumed continuously to monitor company...

The weighted voting system used by the International Monetary Fund creates problems of democratic legitimacy since each member's influence or voting power is not in general equal to its voting weight. Using voting power analysis to analyse both the Board of Governors and the Executive Board, we...

We discuss the reform of the voting rules at the heart of the governance of the IMF and World Bank (the BWIs) in terms of three principles that we suggest ought to be fundamental: simplicity, transparency and democratic legitimacy. By simplicity we mean that the rules should make sense in terms...