this phenomenon on the basis of percentage limits which require share-holders to hold a minimum amount of shares in order … to bring a lawsuit. We show that, under this legal regime, managers will collude with large shareholders by means of … settlements or bribes that impose a negative externality on small shareholders. Contrary to conventional agency models, we find …

shareholders is required to reach an absolute majority of voting rights. Even though the average firm has a dispersed ownership … example, has an important impact on the ownership structure. In about 4% of sample companies, corporate shareholders hold just … under 30 per cent of the shares. Second, institutional investors are the most important category of shareholders. However …

mandates all shareholders with holdings of 5 percent or more in Dutch companies to disclose their holdings. Our analysis shows … that the average ownership stakes of the largest and the three largest shareholders are 27% and 41%, respectively. The …

2000. Our main findings are as follows. First, controlling shareholders offset the dilution of voting rights they incurred … suggests that marginal voting rights are important to controlling shareholders even beyond the 50% threshold. Second, share … unifications were not associated with much change in the identity of controlling shareholders. Third, the proportion of firms …

equity trap. In the first of these, all cash paid to the shareholders is taxed as dividends, in the second, shareholders are …

This essay discusses the corporate governance of banks. Bank managers must balance competing demands from shareholders … third section then spells out a recommendation for a logically consistent regime in which shareholders (equity governance …

investors. In a famous study by La Porta et al. (1998) it is concluded that the rights of shareholders are more advanced in … for equal treatment of shareholders. Moreover, we review the spezial rules of minority protection in our Companies Act to … provide a broader view of the legal landscape that Finnish minority shareholders inhabit. In passing, we make some comparisons …

identity of shareholders. Robustness tests provide support for the hypothesis that less diversified shareholders tend to trade …