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...
Read moreMapping the Future of Insider Trading Law: Of Boundaries, Gaps, and Strategies
The current law on insider trading is arbitrary and unrationalized in its limited scope in a number of respects. For example, if a thief breaks into your...
Read moreRights 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...
Read moreInsider 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...
Read moreComparing 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,...
Read moreOrganized Labor and Managerial Opportunism
This study examines whether organized labor plays a role in deterring managerial opportunistic behavior. Results suggest that firms with organized...
Read moreA Theory of Income Smoothing When Insiders Know More Than Outsiders
We develop a theory of income and payout smoothing by firms when insiders know more about income than outside shareholders, but property rights ensure...
Read moreThe 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...
Read moreInsider 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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