University of Oxford: Concentrated Equity Ownership Theory

This research piece was written at the invitation of the Business Law group at the University of Oxford.

Concentrated equity ownership (CEO) theory explains the rapid rise of founder-run companies over the last decade. This work also reveals theoretical continuity in the seemingly disparate investment styles of Jorge Paulo Lemann with 3G Capital, William Ackman with Pershing Square Capital Management, and Warren Buffett with Berkshire Hathaway.

In identifying hidden economic efficiencies powering the world’s largest corporations from Apple to Facebook, Google, and Amazon, while paralleling that discovery alongside other economic phenomena under a new theory of the firm, this work displaces the fulcrum of the dominant paradigms in corporate governance theory.

The original contribution can be found here.