policies affects the quality of firm governance. We find that a 2003 reform that empowered shareholders to approve or reject …

channels through which controlling shareholders expropriate minority shareholders by adopting a policy of excess leverage. We … found that firms with more excess control rights also have more excess leverage and the controlling shareholders of these …'s tunneling behavior. We argue that in emerging markets when legal protection for both creditors and shareholders is weak …

In his article, Controlling Family Shareholders in Developing Countries: Anchoring Relational Exchange, Professor … shareholders nonetheless have so many minority shareholders through new equity issuances? (“Gilson's riddle”); and (2) if laws are … inefficient and do not protect investors, as the conventional view explains, why do minority shareholders still invest their money …

generally create wealth, as shareholders at best realize modest gains and at worst break even …

We investigate whether and how major shareholders influence M&A wealth effects for listed acquirers in Europe. To that … strong connections of family owners with management in family-controlled firms. Next, large institutional shareholders all … overconfidence. As to the division of M&A gains, we find that regardless of their identity, large acquirer shareholders tend to put …