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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Mapping 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...
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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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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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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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A 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...
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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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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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