We analyze the distributional properties of ownership concentration measures and find that measures come from different underlying statistical distributions. Consistent with theory, some measures that are classified to represent a monitoring dimension have a positive influence on firm performance;...

We examine how owners’ portfolio diversification influences their firms’ financial decision-making and performance. We find that firms with high local ownership use less leverage, but firms with local ownership by locally biased owners use higher debt levels relative to firms with...

We examine the relationship between managerial myopia and three governance mechanisms: ownership concentration, short-term incentive plans and the market for corporate control. We first examine a number of measures for longterm investments in physical assets and show that the net depreciation...

We analyze the economic issue raised when financial intermediaries refuse to supply credit to a borrower even at a higher rate than that posted by lenders. We suggest that patent-backed loans can be used as a contracting device to reduce credit rationing in loan markets characterized by...