• Publications
  • Influence
Inside the Family Firm: The Role of Families in Succession Decisions and Performance
This paper uses a unique dataset from Denmark to investigate the impact of family characteristics in corporate decision making and the consequences of these decisions on firm performance. We focus onExpand
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The balance of power in closely held corporations
We analyze a closely held corporation characterized by the absence of a resale market for its shares. We show that the founder of the firm can optimally choose an ownership structure with severalExpand
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Incentive and entrenchment effects in European ownership
In a large sample of European firms we analyze the value discount associated with disproportional ownership structures first documented by Claessens et al. (2002). Consistent with a theoretical modelExpand
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The causal effect of board size in the performance of small and medium-sized firms
Empirical studies of large publicly traded firms have shown a robust negative relationship between board size and firm performance. The evidence on small and medium-sized firms is less clear; we showExpand
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The Value of Local Political Connections in a Low-Corruption Environment
We use exogenous changes in Danish local municipality sizes to identify a large positive effect of political power on the profitability of firms related by family to local politicians. OurExpand
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Informational Lobbying and Political Contributions
Interest groups can potentially influence political decision-makers by offering contributions and by providing relevant information that sways the decision in the group's favor. What mix of these twoExpand
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The Principle of Proportional Ownership, Investor Protection and Firm Value in Western Europe
Previous research initiated by Claessens et al. (2002) has established a value discount of disproportional ownership structures. Due to omitted variables problems it is difficult to provide a causalExpand
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Do Ceos Matter?
Estimating the value of top managerial talent is a central topic of research that has attracted widespread attention from academics and practitioners. Yet, studying the impact of managers on firmExpand
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The Family behind the Family Firm: Evidence from CEO Transitions
Economists have long acknowledged that the structure of the family (number of offspring, marital status, etc.) plays a crucial role in important economic decisions (e.g., labor supply, demandExpand
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The Impact of a Break-Through Rule on European Firms
We analyze the impact of a 75 pct. Break-Through rule on 1,035 European firms with dual class shares. In 3–5 pct. of the firms the controlling owners incur a direct loss of control, while in anotherExpand
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