US

Social Responsibility and Bank Resiliency

We provide transatlantic evidence about the relation between social responsibility and resiliency in the banking industry. We analyse various...

Why Do Firms Go Dark? Causes and Economic Consequences of Voluntary SEC Deregistrations

The Corporate Pyramid Fable

In many parts of the world, it is commonplace for wealthy families and successful entrepreneurs to parlay a relatively small financial investment into...

Cost of Capital Effects and Changes in Growth Expectations around U.S. Cross-Listings

Uncertainty, Access to Debt, and Firm Precautionary Behavior

Better access to debt markets mitigates the effects of uncertainty on corporate policies. We establish this result using the staggered introduction of...

The Great Pyramids of America: A Revised History of US Business Groups, Corporate Ownership and Regulation, 1930-1950

Most listed firms are freestanding in the U.S, while listed firms in other countries often belong to business groups: lasting structures in which listed...

Is Delaware Losing Its Cases?

Delaware’s expert courts are seen as an integral part of the state’s success in attracting incorporation by public companies. However, the benefit...

Attracting the Sharks: Corporate Innovation and Securities Class Action Lawsuits

This paper provides novel evidence suggesting that securities class action lawsuits, a central pillar of the U.S. litigation and corporate...

The Structure of the Board of Directors: Boards and Governance Strategies in the US, the UK and Germany

The chapter continues and advances our earlier research on ‘Board Models in Europe’.** We explore ‘The Structure of the Board of Directors’...

Differences in Governance Practices between U.S. and Foreign Firms: Measurement, Causes, and Consequences

We construct a firm-level governance index that increases with minority shareholder protection. Compared to U.S. matching firms, only 12.68% of...

Equity Cross-Listings in the U.S. and the Price of Debt

Codetermination: A Poor Fit for U.S. Corporations

The idea that a corporation’s employees should be allowed to elect some of the corporation’s board members, a system known as codetermination, has...