The DOI matches its Crossref record; 9 of the 9 references it cites were found in a registry or an index.
Extreme Governance: An Analysis of Dual-Class Firms in the United States
Abstract
We construct a comprehensive list of dual-class firms in the United States and use this list to analyze the relationship between insider ownership and firm value. Our data have two useful features. First, since dual-class stock separates cash-flow rights from voting rights, we can separately identify the impact of each. Second, we address endogeneity concerns by using exogenous predictors of dual-class status as instruments. In single-stage regressions, we find strong evidence that firm value is increasing in insiders’ cash-flow rights and decreasing in insider voting rights. In instrumental variable regressions, the point estimates are similar but the significance levels are lower.
Overview
The claims and statistics of this paper haven’t been checked yet.
Run the check — free, no account needed. It reads the open-access text and checks the sources it cites.
Integrity signals
Registry
Cites
Statistics
Verification
Claims the paper makes
The claims and statistics of this paper haven’t been checked yet.
Run the check — free, no account needed. It reads the open-access text and checks the sources it cites.
Self-check
Percentages, sums and reported differences re-computed from the paper’s own numbers.
The self-check needs the paper’s full text.
Citations
Cites
Sample Selection Bias as a Specification Error
Heckman, J. J. (1979) · Econometrica · doi:10.2307/1912352 · Cited by 28,779
Common risk factors in the returns on stocks and bonds
Fama, E. F., & French, K. R. (1993) · Journal of Financial Economics · doi:10.1016/0304-405x(93)90023-5 · Cited by 25,754
On Persistence in Mutual Fund Performance
Carhart, M. M. (1997) · The Journal of Finance · doi:10.1111/j.1540-6261.1997.tb03808.x · Cited by 17,283
Corporate Governance and Equity Prices
Gompers, P., Ishii, J., & Metrick, A. (2003) · The Quarterly Journal of Economics · doi:10.1162/00335530360535162 · Cited by 6,120
Self-citationInstrumental Variables Regression with Weak Instruments
Staiger, D., & Stock, J. (1994) · doi:10.3386/t0151 · Cited by 5,302
What Matters in Corporate Governance?
Bebchuk, L., Cohen, A., & Ferrell, A. (2009) · Review of Financial Studies · doi:10.1093/rfs/hhn099 · Cited by 2,906
Managerial control of voting rights
Stulz, R. (1988) · Journal of Financial Economics · doi:10.1016/0304-405x(88)90039-6 · Cited by 2,429
Testing for Weak Instruments in Linear IV Regression
Stock, J., & Yogo, M. (2002) · doi:10.3386/t0284 · Cited by 1,842
The Case against Board Veto in Corporate Takeovers
Bebchuk, L. A. (2002) · The University of Chicago Law Review · doi:10.2307/1600639 · Cited by 42
Cited by
The colors of investors’ money: The role of institutional investors around the world
Ferreira, M. A., & Matos, P. (2008) · Journal of Financial Economics · doi:10.1016/j.jfineco.2007.07.003 · Cited by 1,975
Passive investors, not passive owners
Appel, I. R., Gormley, T. A., & Keim, D. B. (2016) · Journal of Financial Economics · doi:10.1016/j.jfineco.2016.03.003 · Cited by 965
Do independent directors cause improvements in firm transparency?
Armstrong, C. S., Core, J. E., & Guay, W. R. (2014) · Journal of Financial Economics · doi:10.1016/j.jfineco.2014.05.009 · Cited by 470
The State of Corporate Governance Research
Bebchuk, L. A., & Weisbach, M. S. (2010) · Review of Financial Studies · doi:10.1093/rfs/hhp121 · Cited by 435
Board reforms and firm value: worldwide evidence
Fauver, L., Hung, M., Li, X., & Taboada, A. G. (2017) · Journal of Financial Economics · doi:10.1016/j.jfineco.2017.04.010 · Cited by 407
Metadata
- Authors
- Gompers, P. A., Ishii, J., & Metrick, A.
- Venue
- Review of Financial Studies
- Publisher
- Oxford University Press (OUP)
- Published
- 2009-05-02
- Volume
- 23
- Issue
- 3
- Pages
- 1051-1088
- ISSN
- 0893-9454 (ISSN-L)
- 1465-7368
- OpenAlex
- W2163506883
- Cited by
- 670
- References
- 9
- FWCI
- 157.94
- Type
- journal article
- Language
- en
- Open access
- closed
About these checks
Registry, retraction, Cites and statistics results are computed, not judged, with one exception: a printed reference that no index lists is read once by a model before it counts as a citation error. Claims are extracted by a model and kept only when their quote appears verbatim in the text; each cited source is then checked, with a model’s help, for whether it says what the claim relies on. Those verdicts can be wrong — read the claim’s quote and the cited source before relying on one.
Statistics and arithmetic are recomputed, not judged.
Confidence bands are shown only for fields calibrated on our annotated test set. None is calibrated yet, so no band is shown.
What counts as a claim ›How we measure confidence ›How we check this ›
Are you an author, or do you see a problem with this page? Request a review
How to cite
Cite CoChat for the checks on this page, and the paper for its own findings.
- This page
- CoChat. (2026). Citation check: Extreme Governance: An Analysis of Dual-Class Firms in the United States. https://app.cochat.ai/papers/10.1093/rfs/hhp024
- The paper
- Gompers, P. A., Ishii, J., & Metrick, A. (2010). Extreme Governance: An Analysis of Dual-Class Firms in the United States. Review of Financial Studies. https://doi.org/10.1093/rfs/hhp024
Data sources
Bibliographic data: Semantic Scholar, OpenAlex, Crossref.
Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
