How do Executives Exercise Their Stock Options?
We analyze how 14,000 US top executives exercise their stock options. Factors suggested by existing theories have low or moderate explanatory power....
Read moreWorking Paper
The Federal Reserve and the 2020 Economic and Financial Crisis
This Article provides a comprehensive legal analysis of the Federal Reserve’s response to the 2020 economic and financial crisis. First, it examines...
Read more
Disclosure of Inside Information
The disclosure of inside information is a core component of EU capital market regulation. It underpins the market abuse regime, providing information...
Read more
Power and Statistical Significance in Securities Fraud Litigation
Event studies, a half-century-old approach to measuring the effect of events on stock prices, are now ubiquitous in securities fraud litigation. In...
Read more
OOPs! The Inherent Ambiguity of Out-of-Pocket Damages in Securities Fraud Class Actions
Most securities fraud class actions under SEC Rule 10b-5 involve revelation of negative information about the defendant company that should have been...
Read more
Dispersed ownership and asset pricing: An unpriced premium associated with free float
We explore differences in the levels of dispersed ownership that lead to a second returns-based free float hedging factor, which augments the capital...
Read more
Abuse of Companies Through Choice of Incorporation?
This paper explores the concept of abuse of law in the context of the choice of the state or country of incorporation: Can the choice of a particular...
Read more
Regulatory Measures to Dismantle Pyramidal Business Groups: Evidence from the United States, Japan, Korea and Israel
Large business enterprises, from the railroad barons of nineteenth century America to Amazon and Google today, are often perceived as important for...
Read more
Does Revlon Matter? An Empirical and Theoretical Study
We empirically examine whether and how the doctrine of enhanced judicial scrutiny that emerged from Revlon and its progeny actually affects M&A...
Read more
For Whom is the Corporation Managed in 2020?: The Debate over Corporate Purpose
A high profile public debate is taking place over one of the oldest questions in corporate law, namely, “For whom is the corporation managed?” In...
Read more
The Origins of a Capital Market Union in the United States
EU policy-makers have focused on the creation of a “Capital Market Union” to advance the economic vitality of the EU in the aftermath of the Global...
Read more
The Law and Practice of Shareholder Inspection Rights: A Comparative Analysis of China and the U.S.
Shareholder inspection rights allow a shareholder to access the relevant documents of the company in which they hold an interest, so as to address the...
Read more