Investment Decisions

Working Paper

14 March 2021

Does Limited Liability Matter? Evidence from a Quasi-Natural Experiment

We use the enactment of limited liability legislation across Canadian provinces to examine the effect of the change in liability status on firm outcomes for a group of public firms known as income trusts. We show that the switch from...

Yrjö Koskinen | Nga Nguyen | J. Ari Pandes
25 February 2020

The Future or Fancy? An Empirical Study of Public Benefit Corporations

The public benefit corporation (“PBC”) is one of the most hyped developments in corporate law, due to the PBC’s unique social purpose. Unlike the traditional corporation, directors of PBCs are required under their fiduciary...

Michael B. Dorff | James Hicks | Steven Davidoff Solomon
16 March 2020

Digital Transformation in the Hedge Fund and Private Equity Industry

The digital transformation is disrupting the financial sector. Venture capital, private equity and hedge funds are also affected. We see more and more firms implement emerging technologies in their investment process. There are...

Omololu Bajulaiye | Mark Fenwick | Ivona Skultetyova | Erik Vermeulen
04 February 2021

Wage gap and stock returns: Do investors dislike pay inequality?

Recent research shows that a high wage gap between managers and workers identifies better-performing firms, but the stock market does not seem to price this information. In this paper, we show that not all investors neglect pay...

Ingolf Dittmann | Maurizio Montone | Yuhao Zhu