This paper reviews the theoretical and empirical literature on the role of blockholders (large
shareholders) in corporate governance. We start with the underlying property rights of public …

This paper reviews the theoretical and empirical literature on the channels through which
blockholders (large shareholders) engage in corporate governance. In classical models …

Abstract The announcement of Timothy Geithner as nominee for Treasury Secretary in
November 2008 produced a cumulative abnormal return for financial firms with which he …

Unprecedented street protests brought down Mubarak's government and ushered in an era
of competition between three rival political groups in Egypt. Using daily variation in the …

We summarize and synthesize the results from 73 studies that examine the consequences of
shareholder activism for targeted firms, and draw two primary conclusions. First, activism that …

For the last forty years, the problem of agency costs has dominated the study of corporate
law and governance. 1 Agency costs result from the separation of control and ownership that …

This is the long-awaited third edition of this highly regarded comparative overview of
corporate law. This edition has been comprehensively revised and updated to reflect the …

We investigate the economic role of proxy advisors (PAs) in the context of mandatory “say on
pay” votes, a novel and complex item requiring significant firm‐specific analysis. PAs are …

We study the real effects of environmental activist investing. Using plant-level data, we find
that targeted firms reduce their toxic releases, greenhouse gas emissions, and cancer …

Some firms claim to be socially responsible. We confront these claims with data based on
the most notable recent proclamation, the Business Roundtable's 2019 “Statement on the …