Working Paper
The Role of "Expert Reviewers" in Private Capital Markets
We study initial coin offerings (ICOs) to understand how an unregulated market overcomes information frictions and...
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Contracting About Private Benefits of Control
The separation of control and ownership ? the ability of a small group effectively to control a company though holding a minority of its cash flow rights ?...
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A Primer on the Uncorporation
More and more companies appear with strange abbreviations behind their business name. Consider Chrysler Group LLC (instead of Inc.) or LVMH Montres and...
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Paid Leave Pays Off: The Effects of Paid Family Leave on Firm Performance
Using the staggered adoption of US state-level Paid Family Leave (PFL) acts, we find that lowering labor market frictions for female workers leads to...
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The Blurring Lines between Private and Public Ownership
As companies choose to stay private longer, they increasingly resemble their public counterparts. Along multiple dimensions, the shift from private...
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Is it Worthwhile to Augment the Legal Protection of Public Debt Placed by Privately Held Companies?
We examine the effects of a law amendment in Israel in 2011 that imposes a set of minimum corporate governance standards on privately held firms that issue...
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A Survey of Research on the Corporate Governance of Korean Firms
This article reviews research conducted from 2011-2020 on the corporate governance of Korean firms. The purpose is to promote academic...
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Financial Dependence and Innovation: The Case of Public versus Private Firms
In this paper, we examine the relation between innovation and a firm's financial dependence using a sample of privately-held and publicly-traded U.S....
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The Persistent Ownership Structure of Private Firms
We find that ownership changes much less over time in private firms than in public firms. The average largest shareholder in private (public) Norwegian...
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