The Politics of Capital Markets Union
EU policymakers are currently implementing the capital markets union (CMU) agenda—a collection of individual steps that, taken together, should...
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The Future of the Corporation and the Economics of Purpose
This article examines the economic underpinnings of the concept of corporate purpose, which has gained increasing attention from business academics,...
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Banning Cassandra from the Market? An Empirical Analysis of Short-Selling Bans during the Covid 19 Crisis
During the recent COVID-19 pandemic crisis, stock markets around the world have witnessed an abrupt decline in security prices and an unprecedented...
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The Rise of International Corporate Law
Comparative corporate governance has focused either on prevailing differences across legal systems, or on spontaneous legal transplants of foreign...
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Closing the Gap: Gender Quotas and Corporate Board Composition
We study the impact of board gender quotas on firms’ hiring and retention practices. We find that female director tenure significantly increases...
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Managerial Trustworthiness and Buybacks
CEO trustworthiness is positively related to long-term excess returns after buyback announcements. When the CEO is trustworthy, statements that the...
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Marketplace Lending, Information Aggregation and Liquidity
We address a puzzle whereby lending marketplaces, aimed at directly connecting retail lenders and borrowers, retreat from auctions and take on the role...
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Disclosure Regulation and Corporate Acquisitions
This paper examines the effect of disclosure regulation on the takeover market. We study the implementation of a recent European regulation that...
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Indirect Investor Protection: The Investment Ecosystem and Its Legal Underpinnings
This paper argues that the key mechanisms protecting retail investors’ financial stake in their portfolio investments are indirect. They do...
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Investing in Managerial Honesty
Investing in Managerial Honesty
Two laboratory experiments show that investors perceive a CEO to be more committed to honesty when the CEO resisted, at a personal cost, engaging...Read more
Disclosure Regulation and Corporate Acquisitions
Disclosure Regulation and Corporate Acquisitions
While disclosure regulation is often viewed as critical in promoting capital formation and the well-functioning of capital markets, tightening...Read more
The Politics of Capital Markets Union
The Politics of Capital Markets Union
The European Capital Markets Union is an ambitious project with a well-established economic rationale. Less well explored is the political side of...Read more