Working Paper
Director Liability Protection and the Quality of Outside Directors
We investigate how state Universal Demand statutes (UD) that lower the risk of shareholder derivative lawsuits affect recruiting and retention of...
Read moreThe Rise of Dual-Class Stock IPOs
We create a novel dataset to examine the recent rise in dual-class IPOs. We document that dual-class firms have different types of controlling...
Read moreHow are U.S. Family Firms Controlled?
In large U.S. corporations, founding families are the only blockholders whose control rights on average exceed their cash flow rights. We analyze how...
Read moreBolstering Family Control: Evidence from Loyalty Shares
We study the introduction of a new control-enhancing mechanism in Italy, a country characterized by family-controlled firms and growing...
Read moreCorporate Groups: Corporate Law, Private Contracting and Equal Ownership
In this paper we provide a simple and general framework that explains the nature of groups, their corporate governance problems and their ownership...
Read moreOne Share, One Vote: The Empirical Evidence
We survey the empirical literature on disproportional ownership, i.e. the use of mechanisms that separate voting rights from cash flow rights in...
Read moreThe End of “Corporate” Governance (Hello “Platform” Governance)
In a technology-driven, digital world, many of the largest and most successful businesses now operate as “platforms.” Such firms leverage...
Read moreDisclosure Regulation and Corporate Acquisitions
This paper examines the effect of disclosure regulation on the takeover market. We study the implementation of a recent European regulation that...
Read moreThe Dark Side of Stakeholder Influence: The Surprising Effect of Customer Fraud on Suppliers
We show that influential stakeholders distort corporate policies when they cannot commit to a long-term relationship. Following the revelation of...
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