Working Paper

01 April 2014

Top Management Ties with Board Members: How They Affect Pay-Performance Sensitivity and IPO Performance

This paper is the first study on the effects of pay-performance sensitivity (PPS) on the performance of initial public offerings (IPOs) in the presence of social ties and family ties of the top managers with board members. We...

Salim Chahine | Marc Goergen
01 January 2015

Law, Politics and the Rise and Fall of German Stock Market Development, 1870-1938

Law and politics had a significant impact on stock market development in Germany between 1870 and the beginning of World War II. IPOs can be a bellwether for stock market development and nearly 1100 were carried out on the Berlin Stock...

Carsten Burhop | David Chambers | Brian Cheffins
20 July 2017

Prospectus Liability and the Role of Gatekeepers as Informational Intermediaries: An Empirical Analysis of the Impact of the Statutory Provisions on Italian IPOs

This Article analyzes market reaction to the introduction into Italian legislation of a statutory system of (IPO) prospectus civil liability enacted in April 2007 on the basis of Directive 2003/71/EC. In particular, we study the...

Dmitri Boreiko | Stefano Lombardo
16 August 2017

Why Do Family Business Groups Expand by Creating New Public Firms? The Role of Internal Capital Markets

We document a new channel through which a family business group's internal capital market supports its members. Using data from 44 countries, we provide evidence that groups use internal capital to incubate difficult-to-finance...

Ronald Masulis | Peter Kien Pham | Jason Zein
22 January 2018

Eclipse of the Public Corporation or Eclipse of the Public Markets?

Since reaching a peak in 1997, the number of listed firms in the U.S. has fallen in every year but one. During this same period, public firms have been net purchasersof $3.6 trillion of equity (in 2015 dollars) rather than net issuers....

Craig Doidge | Kathleen Kahle | Andrew Karolyi | René Stulz