Working Paper
Trading and Shareholder Democracy
We study shareholder voting in a model in which trading affects the composition of the shareholder base. Trading and voting are complementary, which...
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Bonus Schemes and Trading Activity
Little is known about how different bonus schemes affect traders' propensity to trade and which bonus schemes improve traders' performance. We study...
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When Shareholders Disagree: Trading After Shareholder Meetings
This paper analyzes how trading after shareholder meetings changes the composition of the shareholder base. Analyzing daily trades, we find that...
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Competition Theory of Risk Management Failures
We study a model in which firms compete preemptively for trading opportunities and risk management introduces latency in trading. As the time pressure...
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Lehman Brothers: Did Markets Know?
On September 15, 2008, Lehman Brothers Inc. announced their filing for bankruptcy. This announcement did take markets by surprise causing widespread...
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Conflict of Interest, Secrecy and Insider Information of Directors - A Comparative Analysis
The duty of loyalty is highly developed in Anglo-American countries, while in continental European countries it has only received more hesitant...
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Smart Buyers
We study transactions in which sellers fears being underpaid because their outside option is better known to the buyer. We rationalize various observed...
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Weak Governance by Informed Active Shareholders
Do informed shareholders who can influence corporate decisions improve governance? We demonstrate this may not be generally true in a model of...
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