Working Paper
The Real Costs of Financial Efficiency When Some Information Is Soft
This paper shows that improving financial efficiency may reduce real efficiency. While the former depends on the total amount of information...
Read moreVenture Capital 2.0: From Venturing to Partnering
Against the backdrop of an ever-changing financial landscape sometimes characterized by an abundance of funding and start-up opportunities, but...
Read moreLiability for Non-Disclosure in Equity Financing
This paper analyzes the effects of holding firms liable for non-disclosure of material information when raising capital. A privately-informed...
Read moreInternational Evidence on Cash Holdings and Expected Managerial Agency Problems
This paper uses managerial control rights data for over 5000 firms from 31 countries to examine the net costs and benefits of cash holdings. We find that...
Read morePrivate Equity and the Resolution of Financial Distress
We examine the role private equity (PE) firms play in the resolution of financial distress using a sample of 2,151 firms that borrow in the leveraged loan...
Read moreMarket Efficiency after the Financial Crisis: It?s Still a Matter of Information Costs
Compared to the worldwide financial carnage that followed the Subprime Crisis of 2007-2008, it may seem of small consequence that it is also said to have...
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