Cash Flow Rights

What Determines the Ownership Structure of Business Conglomerates? On the Cash Flow Rights of Korea's Chaebol

Is the American Public Corporation in Trouble?

We examine the current state of the American public corporation and how it has evolved over the last forty years. There are fewer public corporations now...

Venture Capital Meets Contract Theory: Risky Claims or Formal Control?

This paper develops a theory of the joint allocation of control and cash-flow rights in venture capital deals. When the need for VC advice and support...

Signaling Safety

Contrary to signaling models’ central predictions, changes in the level of cash flows do not empirically follow changes in dividends. We use the...

Tunneling Through Group Trademarks

This study documents how group trademarks, comprising the business group’s name and logo, can be used for the benefit of controlling families at the...

Executive Compensation: When a Firm is a Business Group Member

This paper examines how executive pay is set when a firm is a business group member. Using Korea as a laboratory setting, we find that member firm?s cash...