We investigate dividend smoothing behaviors of approximately 6,000 firms from 28 countries. The data find a wide variation in the extent of dividend smoothing across countries, while US firms smooth dividends the most. Firms with a concentrated ownership structure adjust their dividends quickly,...

We investigate the dividend smoothing behavior of firms using a large sample of firms covering 28 countries. Our results show that the levels of dividend smoothing in the firms vary substantially across countries. This finding confirms and extends the findings of previous research that the...

We derive and develop a simple and intuitive model that shines fresh light on the relentless debate over whether corporate ownership converges to the Berle-Means modern corporation with high stock ownership dispersion. Our model takes into account the importance of both protective legal...

Using newly collected data on the ultimate ownership structure of publicly traded firms in nine East Asian economies, we find that family control is negatively related to the dividend payout ratio. Family firms are less (more) likely to increase (omit) dividends than non-family firms. These...

In a “perfect” market, Miller and Modigliani's celebrated dividend irrelevance argument holds, whereby a dividend payment or omission is identical in impact to changes in a firm's share structure. Consequently, the dividend payment itself is irrelevant to valuation; what matters is the...

Recent events, most notably the Global Financial Crisis and the COVID-19 pandemic, have made it increasingly apparent that liquidity is synonymous with corporate survival. In this paper, we explore how governments can fulfill an important need as suppliers of liquidity. Building on the financing...

We analyze the relation between capital structure, ownership structure, and corporate value for a sample of 1,216 firms from 15 European countries. Our results stress two different conflicts of interest and show the differential role played by the mechanisms of corporate control depending on the...

This study seeks to regress the forward P/Es on firms' fundamentals as measured on global market basis. Starting from theoretical premises (DDM), the paper develops a linear multivariate model in order to capture (for US, Australia / New Zeland / Canada, Europe, Japan and Emerging Markets quoted...

This study investigates the association between ownership concentration and firm innovation using a large data sample of small and medium-sized enterprises (SMEs) spanning 93 countries from 2011 to 2018. We find that higher ownership concentration is associated with a lower likelihood of...

This chapter documents the evolution of ownership and control of firms around the world over a hundred year period from the beginning of the 20th century to today. It records the substantial changes that have taken place in the nature of stock markets and contrasts these with the persistent...