Prizes

Managers, Workers, and Corporate Control

If management has high private benefits and a small equity stake, managers and workers are natural allies against takeover threats. Two forces are at...

How Do Legal Rules Evolve? Evidence From a Cross-Country Comparison of Shareholder, Creditor and Worker Protection

Much attention has been devoted in recent literature to the claim that a country’s ‘legal origin’ may make a difference to its pattern of financial...

Different Approaches to Corporate Reporting Regulation: How Jurisdictions Differ and Why

This paper discusses differences in countries’ approaches to reporting regulation and explores the reasons why they exist in the first place as well...

Agency Conflicts, Investment, and Asset Pricing

The separation of ownership and control allows controlling shareholders to pursue private benefits. We develop an analytically tractable dynamic...

Fiduciary Duties and Equity-Debtholder Conflicts

We use an important legal event as a natural experiment to examine the effect of management fiduciary duties on equity-debt conflicts. A 1991 Delaware...

The Promise and Peril of Corporate Governance Indices

Financial economists and commercial providers of governance services have in recent years created measures of the quality of firms' corporate...

Subprime Crisis and Board (In-)Competence: Private vs. Public Banks in Germany

We examine evidence for a systematic underperformance of Germany's state-owned banks in the current financial crisis and study if the bank losses can be...

Structural Corporate Degradation Due to Too-Big-to-Fail Finance

Corporate governance incentives at too-big-to-fail financial firms deserve systematic examination. For industrial conglomerates that have grown...

Controlling Shareholders and Corporate Governance: Complicating the Comparative Taxonomy

The focus of comparative corporate governance scholarship is shifting from takeovers to controlling shareholders in recognition of the fact that...

Pay for Short-Term Performance: Executive Compensation in Speculative Markets

We argue that the root cause behind the recent corporate scandals associated with CEO pay is the technology bubble of the latter half of the 1990s. Far from...

Private Equity Takeovers and Employment in the UK: some Empirical Evidence

This study investigates the employment consequences of private equity acquisitions, in particular institutional buy-outs (IBOs), in the UK. It...

Tender Offers and Leverage