This survey gives an overview of the current state of knowledge on the question of whether corporate-governance structures worldwide are determinants of differences in economic performance. We look at the identities of owners, monitoring boards, and legal systems and find that some, though not...

This article makes two important contributions to the literature on the incentive effects of insider ownership. First, it presents a clean method for separating the positive wealth effect of insider ownership from the negative entrenchment effect, which can be applied to samples of companies...

Many studies of the determinants of investment use Tobin’s T to control for the investment opportunities of a firm. Tobin’s T roughly measures the average return on a firm’s capital anticipated by the market. More relevant for investment decisions, however, is the marginal return on...

This paper applies an intuitive approach based on stock market data to a unique dataset of large concentrations during the period 1990-2002 to assess the effectiveness of European merger control. The basic idea is to relate announcement and decision abnormal returns. Under a set of four...