A stylized fact that lurks in the background of the recent literature on common ownership is the parallel increase in the profitability of oligopolistic...
The traditional focus of corporate law is on aligning managers’ preferences with the interests of shareholders. We show that this view is premised on...
We show that investors with more dollar amount allocated to private equity conduct more thorough due diligence and have different investment criteria....
Does earnings management, even though legal, hinder investor trust in reported earnings? Or do investors regard earnings management as a way for firms...
Using a novel text-based measure of top management team diversity, covering over 70,000 top executives in over 6,500 U.S. firms from 1999 to 2014, we show...
Passively managed index funds now hold over 30% of U.S. equity fund assets; this shift raises fundamental questions about monitoring and governance. We...
We use the enactment of limited liability legislation across Canadian provinces to examine the effect of the change in liability status on firm outcomes...