This paper investigates whether shareholder lockup agreements in France and Germany mitigate problems of agency and asymmetric information. Despite minimum requirements in terms of the length and percentage of shares locked up, lockup agreements are not only highly diverse across firms but also...

A change in the index selection rules of Deutsche Börse provides a unique opportunity to investigate the drivers behind the decision to abolish dual-class shares. As of June 2002, selection is based on the market capitalization of the free-float of the more liquid share class rather than the...

We explore differences in the levels of dispersed ownership that lead to a second returns-based free float hedging factor, which augments the capital asset pricing model (CAPM) in explaining the cross-section of stock returns. Using a comprehensive sample of stocks from Japan and the...

Sustainable corporate governance has been defined as corporate governance that ensures corporations are run in such a way that they are sustainable over the long term. Note that for corporations to be sustainable in the long run, they need to ensure the preservation, as well as possibly the...

This important book presents a new original study of the German and UK financial markets. It addresses the relationship between corporate governance, ownership and financial performance in German and UK firms floated during the 1980s. Marc Goergen uses detailed company micro-data to examine the...

Utilizing the patterns in settlement of Scots-Irish in the United States, this study examines the effects of honor culture on corporate control contests. This culture is characterized by the importance of building a personal reputation and maintaining this reputation at all cost. We find that...