Guided by the observation that ownership in large U.S. corporations is dispersed rather than concentrated in blocks of control (Berle and Means, 1932) and Jensen and Meckling's (1976) seminal principal-agent theory, much ...
In four self-contained essays, this thesis aims at empirically exploring phenomena which emerge as a result of the asymmetric information stemming from the separation of ownership and control. Chapter 1 deals with the ...