Working Paper

29 January 2019

Shareholder Wealth Consequences of Insider Pledging of Company Stock as Collateral for Personal Loans

We study a wide-spread yet unexplored corporate governance phenomenon: the pledging of company stock by insiders as collateral for personal bank loans. Utilizing a regulatory change that exogenously decreases pledging, we document...

Ronald Masulis | Ying Dou | Jason Zein
26 August 2020

Corporate Governance in the Presence of Active and Passive Delegated Investment

We examine the governance role of delegated portfolio managers. In our model, investors decide how to allocate their wealth between passive funds, active funds, and private savings, and fund fees are endogenously...

Adrian Aycan Corum | Andrey Malenko | Nadya Malenko