Working Paper
The New Mechanisms of Market Inefficiency
Mechanisms of market inefficiency are some of the most important and least understood institutions in financial markets today. A growing body of...
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China and the Rise of Law-Proof Insiders
Alibaba, the e-commerce giant that completed a record-setting IPO in the United States in 2014 and was valued at over $700 billion in early 2021, is one of...
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Board Structure and Price Informativeness
We develop and test the hypothesis that private information incorporated into stock prices (price informativeness) affects the structure of...
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Cost-Benefit Analysis of Financial Regulation: Case Studies and Implications
Some members of Congress, the D.C. Circuit, and legal academia are promoting a particular, abstract form of cost-benefit analysis for financial...
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Mutual Fund Stewardship and the Empty Voting Problem
When Roberta Karmel wrote the articles that are the subject of this symposium, she was skeptical of both the potential value of shareholder voting and the...
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Firm-Level Corporate Governance in Emerging Markets: A Case Study of India
We provide an overview of Indian corporate governance practices, based primarily on responses to a 2006 survey of 370 Indian public companies....
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Challenges of the market for initial coin offerings
This article analyzes the main problems and the solutions adopted in the market for Initial Coin Offerings (ICO), to...
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The Power of the Narrative in Corporate Lawmaking
The notion of stock-market-driven short-termism relentlessly whittling away at the American economy’s foundations is widely accepted and highly...
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U.S. Securities Regulation in a World of Global Exchanges
Recently there has been a dramatic change in the organizational structure of exchanges as they have demutualized and converted into for-profit...
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The Twilight Zone: OTC Regulatory Regimes and Market Quality
We analyze a comprehensive sample of more than 10,000 U.S. stocks in the OTC market. As little is known about this market, we first characterize OTC firms...
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