Working Paper
The Relation between Firm-Level Corporate Governance and Market Value: A Study of India
Relatively little is known about the corporate governance practice of firms in emerging markets. We provide a detailed overview of the practices of...
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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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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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Risk-shifting through Issuer Liability and Corporate Monitoring
This article explores how issuer liability reallocates fraud risk and how risk allocation may reduce the incidence of fraud. In the US, the apparent...
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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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Capital-Market Effects of Securities Regulation: Prior Conditions, Implementation, and Enforcement
This paper examines the economic effects of changes in securities regulation. We analyze two key directives in the European Union (EU) that tightened...
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