This paper measures the value of shareholder activism focusing on outside block holders who switch their investment purpose from passive to active. Unlike the usual 5% ownership disclosure, switch does not necessarily involve additional share purchase and thus provides a cleaner test in...

According to the prior literature, family executives of family-controlled firms receive lower compensation than non-family executives. One of the key driving forces behind this is the existence of family members who are not involved in management, but own significant fraction of shares and...

The paper investigates whether free capital mobility leads a government to tighten its budget deficit for fear of being penalized from the international capital market. The author tests the hypothesis using three-stage least squares (3SLS), which can control for the endogenous nature of capital...