Working Paper
Agency Problems of Corporate Philanthropy
Evaluating agency theory and optimal contracting theory of corporate philanthropic activities, we find that as firms contribute more, corporate cash...
Read morePrivate Benefits of Corporate Philanthropy and Distortions to Corporate Financing and Investment Decisions
We find that corporate giving represents a private benefit of control that distorts corporate investment and financing activity, consistent with free...
Read moreWhy Have M&A Contracts Grown? Evidence from Twenty Years of Deals
Over 20 years, M&A contracts have more than doubled in size ? from 35 to 88 single-spaced pages in this paper?s font. They have also grown...
Read moreMandatory Governance Reform and Corporate Risk Management
Using the Sarbanes-Oxley Act of 2002 as a quasi-natural experiment to identify the impact of corporate governance reform on foreign exchange risk...
Read moreControlling Shareholders in the Twenty-First Century: Complicating Corporate Governance Beyond Agency Costs
By the end of the twentieth century, the then-dominant literature on “law and finance” assumed that concentrated ownership was a product of...
Read moreThe Family Behind the Family Firm Premium: Agency Conflicts and Personal Financial Constraints
We relate the personal characteristics of the controlling family to the difference between the return on assets of all Norwegian family firms and...
Read moreMobility Restrictions and Risk-Related Agency Conflicts
Stricter enforcement of post-employment restrictions that strengthens trade secrets protection also limits CEOs’ alternative employment...
Read moreSocially Responsible Firms
In the corporate finance tradition, starting with Berle and Means (1932), corporations should generally be run to maximize shareholder value. The...
Read more