control. In the optimal ownership structure, the more efficient blockholder will hold just enough shares to gain control, but …

ownership and control of companies. Then, we apply it to a dataset of 53.5 million of companies operating in 208 countries …

participate in a takeover transaction at equal terms – affects target announcement returns. I use a difference …

This paper explores the potential role of anti-takeover provisions (ATPs) in long-term value creation. Using multiple … research designs, we find that long-term focused (innovative) firms benefit from takeover protection. We also find that the …

, delegated management, and investor ownership. The major agency problems that attend the corporate form and that, therefore, must … forces shaping the development of corporate law, including evolving patterns of share ownership, are examined …

decades has led to higher levels of common ownership and increased attention on the topic by academic researchers. A consensus … has yet to emerge from the literature regarding the consequences of increased common ownership on firm behavior and market … provides an overview of the theoretical underpinnings of common ownership and critically reviews the empirical literature …

bailouts. But these concerns are usually exaggerated. Some have also argued that decisions on takeovers should not be left to …