Working Paper
Shareholder activism in Germany
Shareholder activism by hedge funds has taken hold in Germany in spite of large ownership concentration. This essay uses the example of Stada...
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Dividend Payouts and Information Shocks
We examine changes in firms? dividend payouts following an exogenous shock to the information asymmetry problem between managers and investors....
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Rights Offers and Delaware Law
Under Delaware law, a securities issuance in which all existing investors may participate pro rata (a “rights offer”) is often seen as treating...
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Insider Trading and Networked Directors
We analyze the relation between insider trading and the networks of executive and non-executive directors in UK listed companies. While most existing...
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Insider Trading and Financing Constraints
Insider trading may alleviate financing constraints by conveying value-relevant information to the market (the information effect) or may...
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Organized Labor and Managerial Opportunism
This study examines whether organized labor plays a role in deterring managerial opportunistic behavior. Results suggest that firms with organized...
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The Central Role of Myth in Corporate Law
This Article shows that a variety of fundamental rules of corporate law are based on a set of myths. The Article explains that these myths play an important...
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Understanding Bank Payouts During the Crisis of 2007-2009
We study U.S. banks’ payout policy in 2007-2008. We benchmark these payouts against payouts before the crisis, measure stock price reactions to...
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Insider Trading, News Releases and Ownership Concentration
This paper investigates the market's reaction to UK insider transactions and analyzes whether the reaction depends on the firm's ownership. There are...
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Comparing Insider Trading in the United States and in the European Union: History and Recent Developments
In the European Union insider trading has been regulated much more recently than in the United States, and it can be argued that, at least traditionally,...
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