Working Paper
The Economics of Higher Purpose
We develop a theory of how the intersection of business goals and the pursuit of ?higher purpose?? something that produces a non-pecuniary social...
Read more
Does Diversification of Share Classes Increase Firm Value?
Firms can issue stocks classified in many ways. They can be classified in respect to voting rights, dividend rights, redemption rights, conversion...
Read more
Which Firms Require More Governance? Evidence from Mutual Funds' Revealed Preferences
This paper estimates mutual funds’ preferences for governance structures, using data on proxy vote records. I elicit funds’ revealed preferences...
Read more
Subverting Shareholder Rights: Lessons from News Corp.'s Migration to Delaware
News Corp. is currently at the centre of a major corporate crisis, which began in the U.K. with the notorious phone hacking scandals, but is now spreading...
Read more
Should Shareholders Have a Say on Acquisitions?
Shareholders of U.S. corporations have lost billions of dollars in acquisitions they never approved. In the United Kingdom the listing...
Read more
Did Corporate Governance 'Fail' During the 2008 Stock Market Meltdown? The Case of the S&P 500
In 2008, share prices on U.S. stock markets fell further than they had during any one year since the 1930s. Does this mean corporate governance...
Read more
Corporate Governance in Europe: A Critical Review of the European Commission?s Initiatives on Corporate Law and Corporate Governance
European corporate law and corporate governance are moving ahead beyond expectation. Some British voices called this ?a renaissance in the past...
Read more
Shareholder Protection and Stock Market Development: An Empirical Test of the Legal Origins Hypothesis
We test the 'law matters' and 'legal origin' claims using a newly created panel dataset measuring legal change over time in a sample of developed and...
Read more
How Useful are Commercial Corporate Governance Ratings in Emerging Markets?
A central issue in evaluating the effects of corporate governance (CG) is how to measure it. Some researchers measure firm-level CG using...
Read more
Can Strong Corporate Governance Selectively Mitigate the Negative Influence of 'Special Interest' Shareholder Activists? Evidence from the Labor Market for Directors
Union and public pension funds, the most prolific institutional activists employing low-cost targeting methods, are often accused of pursuing...
Read more