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...
Read moreTrading Rules, Competition for Order Flow and Market Fragmentation
We investigate competition between traditional stock exchanges and new ?dark? trading venues using an important difference in regulatory...
Read moreWhen 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...
Read moreWeak 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...
Read moreCompetition 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...
Read moreLehman 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...
Read moreConflict 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...
Read moreBonus 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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