Working Paper
Venture Capital Meets Contract Theory: Risky Claims or Formal Control?
This paper develops a theory of the joint allocation of control and cash-flow rights in venture capital deals. When the need for VC advice and support...
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Uncertainty, Contracting, and Beliefs in Organizations
We examine a multidivisional firm with headquarters exposed to moral hazard by division managers under uncertainty. We show the...
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Contracting With Synergies
This paper studies multi-agent optimal contracting with cost synergies. We model synergies as the extent to which effort by one agent reduces his...
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Governance by Contract: The Implications for Corporate Bylaws
Boards and shareholders are increasing using charter and bylaw provisions to customize their corporate governance. Recent examples include forum...
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Will Tenure Voting Give Corporate Managers Lifetime Tenure?
Dual-class voting systems have been widely employed in recent initial public offerings by large tech companies, but have been roundly condemned by...
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Contracts with (Social) Benefits: The Implementation of Impact Investing
We draw on new data and theory to examine how private market contracts adapt to serve multiple goals, particularly the social-benefit goals that impact...
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Why Have M&A Contracts Grown? Evidence from Twenty Years of Deals
Over 20 years, M&A contracts have more than doubled in size ? from 35 to 88 single-spaced pages in this paper?s font. They have also grown...
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Corporate Technologies and the Tech Nirvana Fallacy
This article introduces the term Corporate Technologies (“CorpTech”) to refer to the use of distributed ledgers, smart contracts, Big Data...
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