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Latest Working papers

08 June 2021

The False Hope of Stewardship in the Context of Controlling Shareholders: Making Sense Out of the Global Transplant of a Legal Misfit

In 2010, the United Kingdom issued the world’s first stewardship code. Since then, stewardship codes have been issued in many of the world’s leading economies and now exist in 20 jurisdictions on six continents, with more...

Dan Puchniak
04 June 2021

Boosting International Investment: The Role of Expert Assessments of Corporate Governance

Global investors often demand independent assessments of firms’ governance mechanisms. However, the supply of such evaluations is subject to two important limitations: assessment error and lack of coverage in certain regions....

Pietro Bonetti | Gaizka Ormazabal
03 June 2021

Investors’ Response to the #MeToo Movement: Does Corporate Culture Matter?

This paper provides evidence that the #MeToo movement revised investors’ beliefs about the costs (benefits) of fostering an exclusive (inclusive) culture, as reflected by the absence (presence of a critical mass) of women...

Mary Brooke Bilings | April Klein | Yanting (Crystal) Shi
30 May 2021

Phantom of the Opera: ETF Shorting and Shareholder Voting

The short-selling of exchange-traded funds (ETFs) creates “phantom” ETF shares, trading at ETF market prices, with cash flows rights but no associated voting rights. Unlike regular ETF shares backed by the ETF’s underlying...

Richard B. Evans | Oğuzhan Karakaş | Rabih Moussawi | Michael Young
28 May 2021

Legal 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,’ which focuses on the perception of the quality of law and thus complements the existing...

Gerhard Schnyder | Anna Grosman | Kun Fu | Mathias Siems | Ruth V. Aguilera
25 May 2021

When trust is not enough : Bank resolution, SPE, Ring-fencing and group support

This discussion paper investigates the differences existing between the Single Point of Entry and the Multiple Point of Entry resolution models and links this question to the issue of support that bank subsidiaries can expect from...

Mathias Dewatripont | Marie Montigny | Gregory Nguyen
18 May 2021

Does Socially Responsible Investing Change Firm Behavior?

Socially responsible investment (SRI) funds are increasing in popularity. Yet, it is unclear if these funds improve corporate behavior. Using novel micro-level data, we find that SRI funds select firms with higher...

Davidson Heath | Daniele Macciocchi | Roni Michaely | Matthew C. Ringgenberg