We present a mechanism based on managerial incentives through which common
ownership affects product market outcomes. Firm-level variation in common ownership …

Firms have inefficiently low incentives to innovate when other firms benefit from their
inventions and the innovating firm therefore does not capture the full surplus of its …

We provide a comprehensive overview of the role of institutional investors in corporate
governance with three main components. First, we establish new stylized facts documenting …

I document large variation in empirical methodology in corporate finance regressions in top
finance journals. Although methodological variation allows for customization of empirical …

This research employs a difference-in-differences framework to study the impact of major
board reforms on the performance of mergers and acquisitions (M&As). Using an …

We develop a dynamic model of board decision-making akin to dynamic voting models in
the political economy literature. We show a board could retain a policy all directors agree is …

This paper analyzes how trading after shareholder meetings changes the composition of the
shareholder base. Analyzing daily trades, we find that mutual funds reduce their holdings if …

We study blockholder presence in a large panel and document substantial heterogeneity in
holding periods, position sizes, and positions taken across blockholder types. Nonfinancial …

Using a sample of Chinese listed firms from 2001 to 2017, this study investigates the impact
of multiple large shareholders (MLS) on cost stickiness from the agency costs perspective …

Traditionally, family firm studies have assumed there is a single family behind the firm. We
challenge this assumption and argue that the distinction between multi-founding family firms …