In appraisal cases, shareholders have the right to have a judge determine the “fair value” of their shares. These cases bring economic analysis...Read more
Large investors often have market power in private equity markets, such as in venture capital, growth capital, or private placements. The...Read more
Stock-market-driven short-termism is crippling the American economy, according to legal, judicial, and media analyses. Firms forgo the R&D...Read more
IPOs of dual class shares have become popular in the recent decade, following the lead of some technological "superstars", e.g. Google...Read more
Most investors have a single goal: to earn the highest financial return. These socially-neutral investors maximize their risk-adjusted returns...Read more
In the absence of agency conflict and market frictions, it is beneficial to allow greater freedom to firms in their choice of corporate financial...Read more
Whether antitakeover defenses are beneficial or inimical to shareholder interests is the subject of a perennial debate in the corporate finance...Read more
Takeovers are major corporate actions; they significantly impact the future of the acquiring company. A successful acquisition requires a...Read more
We usually compare the market price of different companies thinking we are comparing their fundamental values. Following this practice, financial...Read more
Throughout history, economic activities have been fundamentally shaped by ideology. Scholars usually consider ideology as a set of ethical ideas,...Read more
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
A board gender quota reduces firm value if it forces the appointment of under-qualified female directors.