The paper provides an empirical investigation of directors' ownership in the mutual fund industry. Our results show that, contrary to anecdotal evidence, a significant portion of directors hold shares in the funds they oversee. Moreover, ownership patterns are broadly consistent with the an...

This paper evaluates the effects of policy interventions on sectoral labour markets and the aggregate economy in a business cycle model with search and matching frictions. We extend the canonical model by including capital-skill complementarity in production, labour markets with skilled and...

The purpose of this study is to explore the impact of third-party relational governance on the performance of collaborative innovation in China. By integrating the relational view and innovation appropriation perspectives, this paper analyses the effects of three mechanisms of third-party...

Using mutual fund redemptions as an instrument for price changes, we identify a strong effect of market prices on takeover activity (the quot;trigger effectquot;). An inter-quartile decrease in valuation leads to a 7 percentage point increase in acquisition likelihood, relative to a 6%...