Exit theory predicts a governance role of outside blockholders' exit threats; but this role could be ineffective if managers' potential private benefits exceed their loss in stock-price declines caused by outside blockholders' exit. We test this prediction using the Split-Share Structure Reform...

Most universities in Germany are public firms but they have many properties of co-operatives. The most important thereof are described and analysed together with the characteristics of state-sponsorship. The real companions of the university as a co-operation are its professors. The same is true...