We measure the sensitivity of investment to changes in investment opportunities in the shipping industry and test whether this relation is moderated by ownership concentration. For a sample of 126 globally listed shipping firms, we find that investment in commercial shipping follows freight...

This working paper documents the trends in the ownership structures of listed companies around the world and the rise in ownership concentration. It identifies three major trends in corporate ownership: the dominance of company group structures, in particular in a number of emerging markets; the...

A sizable literature on media bias suggests that media coverage is frequently biased towards certain political and economic positions. However, we know little about what drives variation in political and ideological bias in news coverage across countries. In this paper, we argue that...

We analyze the effects of different types and concentration of ownership on performance using a population of firms in a model transition economy after mass privatization. Specifications based on first-differences and unusual instrumental variables show that contrary to conventional wisdom, the...