We find that the presence of independent directors who are blockholders (IDBs) in firms promotes better CEO contracting and monitoring, and higher firm valuation. Using a panel of about 11,500 firm-years with a unique, hand-collected dataset on IDB-identity and a novel instrument, we find that...

This study investigates the valuation effect of concentrated ownership in a typical frontier market. Using an extensive sample of Vietnamese publicly listed firms, we find that the valuation effect is inconclusive before combined equity holdings reach a certain threshold beyond which market...

We find a highly significant hump shaped relation between Tobin's Q and CEO share ownership for firms under weak external governance (EG), but find no relation for firms under strong EG. These relations illustrate the substitution effect of EG and CEO ownership in mitigating agency problems at...

The paper presents the results of a survey of business valuation practice in Poland. The aim of this study was to assess the premium for control as well as discounts for minority interests by practitioners involved in the valuation of companies in Poland. The survey was conducted on a sample of...

In the 1980s, stock exchanges and eventually the SEC took actions that affected the eligibility of listed firms to adopt dual-class shares with differential voting rights. We find that risk-adjusted stock returns increase (decrease) in reaction to regulatory events that decrease (increase) the...

The question of whether the CEO should also serve as chairman of the board is one of the most hotly debated issues in the recent corporate governance discussion. While agencytheoretic arguments advocate a separation of decision and control functions, the empirical evidence focusing on U.S....

This paper analyzes the legal rules governing the sale of corporate control in the specific case of going private transactions and examines whether a controlling shareholder must share the premium associated with a sale-of-control. The paper is based on the framework developed in Bebchuk (1994)...