We use an important legal event as a natural experiment to examine the effect of management fiduciary duties on equity-debt conflicts. A 1991 Delaware...
We study when firms choose to install boards and their roles in a historical setting where neither boards nor their duties are mandated by law. Boards arise in firms...
This paper develops the building blocks for a legal theory of finance. LTF holds that financial markets are legally constructed and as such occupy an...
Economic nationalism has played a major, but overlooked, role in the evolution of corporate law around the world. The historical experiences of several...
This paper analyzes the consequences of the board's dual role as an advisor as well as a monitor of management. As a result of this dual role, the CEO faces a...
We analyze the design of recommendations (available to all shareholders) and research reports (available only to subscribers) by a proxy advisor, who...