Working Paper

Uncertainty, Access to Debt, and Firm Precautionary Behavior

Better access to debt markets mitigates the effects of uncertainty on corporate policies. We establish this result using the staggered introduction of anti-recharacterization laws in U.S. states. These laws enhanced firms’ ability to borrow by...Read more

Giovanni Favara
Janet Gao
Mariassunta Giannetti
19 June 2020

The Great Pyramids of America: A Revised History of US Business Groups, Corporate Ownership and Regulation, 1930-1950

Most listed firms are freestanding in the U.S, while listed firms in other countries often belong to business groups: lasting structures in which listed firms control other listed firms. Hand-collected historical data illuminate how the present...Read more

Eugene Kandel
Randall Morck
Yishay Yafeh
01 April 2015

Comparing Insider Trading in the United States and in the European Union: History and Recent Developments

In the European Union insider trading has been regulated much more recently than in the United States, and it can be argued that, at least traditionally, it has been more
aggressively and successfully enforced in the United States than in...Read more

Marco Ventoruzzo
01 May 2014

Comparing CEO Employment Contract Provisions: Differences between Australia and the U.S.

This study compares CEO employment contracts across two common law countries: the United States and Australia. Although the regulatory regimes of these jurisdictions enjoy many comparable features, there are also some important institutional...Read more

Jennifer Hill
Ronald Masulis
Randall Thomas
01 October 2010

Regulatory Dualism as a Development Strategy: Corporate Reform in Brazil, the U.S., and the EU

Countries pursuing economic development confront a fundamental obstacle. Reforms that increase the size of the overall pie are blocked by powerful interests that are threatened by the growth-inducing changes. This problem is conspicuous in...Read more

Ronald Gilson
Henry Hansmann
Mariana Pargendler
01 April 2010