In addition to initial financing, venture capital (VC) firms also provide other value-added contributions. Many VC firms and their portfolio companies consider these value-added contributions the most significant contributions VC firms make. The value-added contributions have been found to be...

Based on a two-million-observation panel dataset that matches public firms with detailed data on their employees, we find that entrenched managers pay their workers more. For example, our estimates show that CEOs with more control rights (votes) than all other blockholders together, pay their...

We study changes in the design of CEO contracts when firms transition from being public with dispersedshareholders to having strong principals in the form of private equity sponsors. These principals redesignsome, but far from all, contract characteristics. There is no evidence that they reduce...

Large shareholders may play an important role for firm performance and policies, butidentifying this empirically presents a challenge due to the endogeneity of ownershipstructures. We develop and test an empirical framework which allows us to separateselection from treatment effects of large...