equilibrium. We construct an estimate of the world portfolio of shares available to investors who are not controlling shareholders …In most countries, many of the largest corporations are controlled by large shareholders. We show that, under …. This available world portfolio differs sharply from the world market portfolio. In regressions explaining the portfolio …

GIM Index or the proportion of activist shareholders. Following these special meetings, we find that the next quarter …

Large shareholders may play an important role for firm performance and policies, but identifying this empirically … to separate selection from treatment effects of large shareholders. Individual blockholders tend to hold blocks in public …. These shareholders have a large impact on firms, controlling for selection effects …

shareholders. Rather, at many nineteenth-century corporations, common shareholders were also customers and shareholding offered … shareholders (those more concerned with access to loans) and negatively to large-block institutional investors (those more …'s loans, which reduced the bank's ability to extend credit to other shareholders …

interest appear to be less constrained than managers of diffusely held firms, yet their power to harm minority shareholders … a majority shareholders -- capital market activity -- also appears to be no different from firms with diffuse ownership … that the law constrains managerial majority shareholders, both in their day-to-day management and when they redeem the …

important in curbing these private benefits. A high degree of statutory protection of minority shareholders and high degree of …

development around the world today (La Porta et al, 1998, 1999 and passim). This paper examines the persistence of the effects of … variation observed in financial development around the world today is likely a product of events of the twentieth century rather …