Mario Daniele Amore, Riccardo Marzano, 27 October 2019

Family firms account for a significant fraction of businesses worldwide. This column analyses how family ownership shapes the likelihood of being involved in antitrust indictments. Family-owned firms are less likely than non-family firms to commit antitrust violations, but they also tend to curb equity financing and invest less aggressively after antitrust investigations. This suggests that family control wards off reputational damages but at the same time it weakens their ability to keep up with fiercer competition following the dismantlement of an anticompetitive practice.

Rajna Gibson Brandon , Matthias Sohn, Carmen Tanner, Alexander Wagner, 05 November 2018

Corporate fraud and managerial deception have been pervasive and value-destroying in recent decades. This column analyses whether investors form views about a CEO’s honesty based on his or her previous actions, and how this affects investment decisions. A CEO who has resisted, at personal cost, engaging in earnings management is perceived as being more committed to honesty, which appeals to pro­-social investors. Pro-self investors, on the other hand, value honesty when it comes to information regarding investment returns.

Ian Tonks, 06 May 2012

As companies come under the strain from growing pension liabilities, how are they likely to respond? This column looks at hundreds of the largest public companies in the UK and finds that these firms tend to make up their funding shortfalls by paying lower dividends to shareholders, rather than cutting back on investments.

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