This paper investigates empirically the illiquidity of majority blocks of shares in the context of a search model of block trades. The search model incorporates two aspects of illiquidity, or search frictions. First, upon a liquidity shock, the incumbent blockholders may be forced to sell to a...

This paper investigates empirically the illiquidity of majority blocks of shares in the context of a search model of block trades. The search model incorporates two aspects of illiquidity, or search frictions. First, upon a liquidity shock, the incumbent blockholders may be forced to sell to a...

This paper investigates empirically the illiquidity of majority blocks of shares in the context of a search model of block trades. The search model incorporates two aspects of illiquidity, or search frictions. First, upon a liquidity shock, the incumbent blockholders may be forced to sell to a...

We study the determinants of private benefits of control using data on negotiated block transactions. We estimate structurally the block pricing model in Burkart, Gromb, and Panunzi (JF, 2000), acknowledging the significant presence of both block premia and block discounts in our sample. The...

We develop and test the hypothesis that foreign direct investment promotes corporate governance spillovers in the host country. Using firm-level data on cross-border mergers and acquisitions (M&A) and corporate governance in 22 countries, we find that cross-border M&As are associated with...

This paper estimates the issuers' demand for the banker's underwriting service across different varieties of equity-linked securities.

This paper shows how this becomes an informational first-mover advantage that turns innovators into the market leader.

This paper shows how a financial institution can profit from the development of financial products even if they are unpatentable.