This study analyses the factors influencing institutional ownership in the largest non-financial companies listed in five major European countries from 2010 to 2015. Consistently with previous empirical literature, both country-level and firm-level variables result to be relevant. As for country...

Failure in bank corporate governance has been seen as a contributing factor to excessive risk-taking pre-crisis with devastating implications as risks realised during the financial crisis. Unfortunately, the empirical evidence on the impact of managerial incentives on bank crisis performance is...

We examine the competitive effects of a passive partial ownership (PPO) when it serves as an instrument for the acquirer firm to learn the merger synergies with the target firm in advance. The realization of a synergy is uncertain ex ante, so that a direct merger exhibits a downside risk not...