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 …

This study empirically investigates two effects of alternative data availability: stock price
informativeness and its disciplining effect on managers' actions. Recent computing …

This paper examines the impact of stock liquidity on firm bankruptcy risk. Using the
Securities and Exchange Commission decimalization regulation as a shock to stock liquidity …

Based on a large international sample, we examine the effects of CSR on the cost of equity
under different levels of investor protection. In countries where investor protection is strong …

Modern information technologies have fundamentally changed how information is
disseminated in financial markets. Using the staggered implementation of the EDGAR …

The way in which securities are traded is very different from the idealized picture of a
frictionless and self-equilibrating market offered by the typical finance textbook. In Market …

I demonstrate an important tension between acquiring information and incorporating it into
asset prices. As a salient case, I analyze algorithmic trading (AT), which is typically …

We examine how financial statement informativeness, analyst following, and news relate to
the information asymmetry between insiders and outsiders. Corporations' timely disclosures …

Traditional theories argue that governance is strongest under a single large blockholder, as
she has high incentives to undertake value-enhancing interventions. However, most firms …