Working Paper
The Intangibles Song in Takeover Announcements: Good Tempo, Hollow Tune
Mergers and acquisitions are often motivated by the intention of creating value from intangible assets. We develop a novel word list of intangibles and...
Read moreLegal Perception and Finance: The Case of IPO Firm Value
In this paper, we contribute to the literature on institutional determinants of IPO valuation. We introduce the concept of ‘legal signaling,’...
Read moreCorporate Governance and Regulation: Can There be too Much of a Good Thing?
We investigate how company-level corporate governance practices and country-level legal investor protection jointly affect company performance....
Read moreChanging Corporate Governance Norms: Evidence from Dual Class Shares in the U.K.
In the U.K., between 1955 and 1970, dual class shares quickly lost popularity without any regulatory intervention. The decline in the use of dual class...
Read moreMay the Force be With You: Investor Power and Company Valuations
This paper re-examines the role of investor power in a model of staged equity financing. It shows how the usual effect where market power reduces...
Read moreCorporate Control, Dual Class, and the Limits of Judicial Review
Companies with a dual-class structure have increasingly been involved in highprofile battles over the reallocation of control rights. Google, for...
Read moreStakeholder Capitalism, Corporate Governance and Firm Value
In countries such as Germany, the legal system ensures that firms are stakeholder oriented. In others, like Japan, social norms achieve a similar...
Read moreActivism Pressure and the Market for Corporate Assets
We show that the majority of hedge fund activism campaigns occur in clusters by industry and time. Activism waves are explained by poor and deteriorating...
Read moreHave exchange-listed firms become less important for the economy?
The firms listed on the stock market in aggregate contribute less to total non-farm employment and GDP now than in the 1970s. A major reason for this...
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