This paper studies the corporate governance and asset pricing implications of investors owning blocks in multiple firms. Common wisdom is that multi-firm ownership weakens governance because the block
ABSTRACT This paper investigates the moderating effect of economic instability in the relationship between the concentration of control and market value of firms. For this purpose, we built an unbalan
The principal-agent model of executive compensation is of central importance to the modern theory of the firm and corporate governance, yet the existing empirical evidence supporting it is quite weak.
