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 moreDividend Payouts and Information Shocks
We examine changes in firms? dividend payouts following an exogenous shock to the information asymmetry problem between managers and investors....
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 moreInsider Trading and Financing Constraints
Insider trading may alleviate financing constraints by conveying value-relevant information to the market (the information effect) or may...
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 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 moreUnderstanding 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...
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...
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,...
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