Markets

Working Paper

Asking the Right Question: The Statutory Right of Appraisal and Efficient Markets

In this Article, we make several contributions to the literature on appraisal rights and similar cases in which courts assign values to a company’s shares in the litigation context. First, we applaud the recent trend in Delaware cases to focus on...Read more

Jonathan Macey
Joshua Mitts
22 December 2018

The Incredible Shrinking Stock Market: On the Political Economy Consequences of Excessive Delistings

Over the past two decades, the U.S. stock market has halved in size as the "public firm model" has begun to fall out of favor. We develop a political economy model of delistings from the stock market to study the wider economic consequences of...Read more

Alexander Ljungqvist
01 January 2016

Smart Buyers

We study transactions in which sellers fears being underpaid because their outside option is better known to the buyer. We rationalize various observed contracts as solutions to such smart buyer problems. Key to these solutions is granting the...Read more

Mike Burkart
Samuel Lee
01 January 2012

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