The cost of multiple large shareholders

Previous research argues that large non-controlling shareholders enhance firm value because they deter expropriation by the controlling shareholder. We propose that the conflicting incentives faced by large shareholders may induce a nonlinear relationship between the relative size of large shareholdings and firm value. Consistent with this prediction, we present evidence that there are costs of having a second (and third) largest shareholder, especially when the largest shareholdings are similar in size. Our results are robust to various relative size proxies, firm performance measures, model specifications, and potential endogeneity issues.

Search/ing for missing people: families living with ambiguous absence

Families of missing people are often understood as inhabiting a particular space of ambiguity, captured in the phrase ‘living in limbo’ (Holmes, 2008). To explore this uncertain ground, we interviewed 25 family members to consider how human absence is acted upon and not just felt within this space ‘in between’ grief and loss (Wayland, 2007). In the paper, we represent families as active agents in spatial stories of ‘living in limbo’, and we provide insights into the diverse strategies of search/ing (technical, physical and emotional) in which they engage to locate either their missing member or news of them. Responses to absence are shown to be intimately bound up with unstable spatial knowledges of the missing person and emotional actions that are subject to change over time. We suggest that practices of search are not just locative actions, but act as transformative processes providing insights into how families inhabit emotional dynamism and transition in response to the on-going ‘missing situation’ and ambiguous loss (Boss, 1999, 2013).