Working Paper

09 July 2020

Value Creation in Shareholder Activism: A Structural Approach

We model an investor’s choice between filing Schedules 13D and 13G and use the model to estimate expected returns to activist and passive investing. Using the model, we decompose average Schedule 13D filing announcement returns into...

Rui Albuquerque | Vyacheslav Fos | Enrique Schroth
30 November 2019

Growing Up Under Mao and Deng: On the Ideological Determinants of Corporate Policies

Historically, economic activities have been organized around certain ideologies. We investigate the impact of politicians’ ideology on corporate policies by exploring a unique setting of ideological change—China from Mao to...

Hao Liang | Rong Wang | Haikun Zhu
02 September 2019

Value of Politically Connected Independent Directors: Evidence from the Anti-Corruption Campaign in China

A new regulation issued in the end of 2013 as part of the anti-corruption campaign in China leads to a wave of resignation of politically connected independent directors (PCID). I find while firms with PCIDs have...Read more

Chang Zhang