The Law and Finance of Anti-Takeover Statutes
Lawyers and financial economists have fundamentally different views of anti-takeover statutes. While corporate lawyers and academics generally...
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The Life-Cycle of Dual Class Firm Valuation
We examine U.S. dual and single class firms in 1980-2019 and document their valuation differences over their corporate life cycle. At the IPO, dual class...
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Stop Blaming Milton Friedman!
A 1970 New York Times essay on corporate social responsibility by Milton Friedman is often said to have launched a shareholder-focused reorientation of...
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Rethinking Acting in Concert: Activist ESG Stewardship is Shareholder Democracy
In May 2021, Engine No. 1, an investment fund, was lauded by the responsible investment community for successfully placing three dissident independent...
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Markup Pricing Revisited
We examine whether pre-bid target stock price runups lower bidder takeover gains and deter short-term toehold purchases in the runup period. A dollar...
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Directors: Older and Wiser, or Too Old to Govern?
Directors: Older and Wiser, or Too Old to Govern?
The past two decades have witnessed dramatic changes to the boards of directors of U.S. public corporations. Several recent governance reforms (...Read more
How Much Should We Trust Empirical Estimates of State Corporate Law Effects?
How Much Should We Trust Empirical Estimates of State Corporate Law Effects?
A large empirical literature studies the effects of U.S. states’ corporate law statutes on corporate actions and performance at the firm level....Read more
Does Revlon Matter? An Empirical and Theoretical Study
Does Revlon Matter? An Empirical and Theoretical Study
In Does Revlon Matter: An Empirical and Theoretical Study, available...Read more
The Market for Non-Executive Directors: Does Acquisition Performance Influence Future Board Seats?
The Market for Non-Executive Directors: Does Acquisition Performance Influence Future Board Seats?
Starting with the 1992 Cadbury Report, successive UK codes of best practice in corporate governance have emphasised the key role that non-...Read more
Disclosure Regulation and Corporate Acquisitions
Disclosure Regulation and Corporate Acquisitions
While disclosure regulation is often viewed as critical in promoting capital formation and the well-functioning of capital markets, tightening...Read more
Activism and Takeovers
Activism and Takeovers
Hostile takeovers have long been considered the quintessential disciplinary governance mechanism, but a similarly confrontational strategy has...Read more