Motivated by a growing interest in the governance role of large shareholders with diversified equity portfolios, we examine the effect of diversified large shareholders on voluntary corporate disclosures. With substantial equity stakes, large shareholders generally have more access to private...

In most countries, many of the largest corporations are controlled by large shareholders. We show that, under reasonable assumptions, this stylized fact implies that portfolio holdings of U.S. investors should exhibit a home bias in equilibrium. We construct an estimate of the world portfolio of...

In most countries, many of the largest corporations are controlled by large shareholders. We show that, under reasonable assumptions, this stylized fact implies that portfolio holdings of U.S. investors should exhibit a home bias in equilibrium. We construct an estimate of the world portfolio of...