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Corporate Sustainability Due Diligence

On the necessary adoption of the CSDDD by the EU Council

The informative value of future sustainability reporting and the overarching objectives of climate neutrality and strengthening human rights in the EU would be at risk without the CSDDD....

Dual Class

Dual-class shares for low-carbon innovation

By Alessio Pacces....

Corporate Purpose

Corporate purpose beyond borders: A key to saving our planet or...

By Roza Nurgozhayeva & Dan W. Puchniak. Friedman’s world, in which corporate purpose was assumed to solely be determined within jurisdictional borders, if it ever existed at all, is now dead....

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Latest Working papers

25 February 2024

Appropriate Entrepreneurship? The Rise of China and the Developing World

Global innovation and entrepreneurship has traditionally been dominated by a handful of high-income countries, especially the US. This paper investigates the international consequences of the rise of a new hub for innovation,...

Josh Lerner | Junxi Liu | Jacob Moscona | David Y. Yang
25 February 2024

Supply Chain within Business Groups: Do Families Prefer Upstream or Downstream Firms?

This study investigates how the intra-group supply chain may affect controlling families’ direct ownership in business group member firms. Previous literature suggests that profitable firms are directly owned by the controlling...

Jieun Im | Woojin Kim
11 February 2024

The Performance Puzzle in Venture Capital and Private Equity Style Drifts

Prior research shows directly conflicting evidence on the performance implications of style drift in venture capital and private equity, which represents an unresolved puzzle. In this paper, we identify one compelling source for...

Douglas Cumming | Armin Schwienbacher | Yelin Zhang
11 February 2024

Leading by Example: Can One Universal Shareholder’s Voting Pre-Disclosure Influence Voting Outcomes?

We analyze the impact of a large shareholder disclosing its voting decisions prior to shareholder meetings on final vote outcomes for management and shareholder proposals. We find that pre-disclosures of against votes lead to an...

Ruediger Fahlenbrach | Nicolas Rudolf | Alexis Wegerich
09 February 2024

Retail Investors and Corporate Governance: Evidence from Zero-Commission Trading

We examine the effects of the sudden abolition of trading commissions by major online brokerages in 2019, which lowered stock market entry costs for retail investors, on corporate governance. Firms already popular with retail...

Dhruv Aggarwal | Albert H. Choi | Yoon-Ho Alex Lee
09 February 2024

Syndicated Equity Crowdfunding and the Collective Action Problem

Collective action problems arise in equity crowdfunding (ECF) markets due to coordination failures linked to the free rider problem and due to the costs of undertaking due diligence and monitoring. ECF platforms have responded to this...

Jerry Coakley | Douglas Cumming | Aristogenis Lazos | Silvio Vismara