generate sales that are nearly 30% higher and are sold by higher quality sellers. The market design implication is that …

We examine six molecules facing initial loss of US exclusivity (LOE, from patent expiration or challenges) between June … total molecule sales (brand plus generic) following LOE is an increasingly common phenomenon compared with earlier eras. The …

We determine firms' equity ownership structures and provide a theory of hostile takeovers by distinguishing the roles …-cost free' capital is scarce. We investigate the allocation of this scarce resource. A hostile takeover is the consequence of a …. Institutional investors instead are either permanent blockholding monitors or facilitate takeovers by selling blocks to rich …

larger in size (measured as sales, total assets and employment), relative to matched non-acquired U.S. firms before the … acquisition year. In the years following the acquisition, sales and employment decline while profitability rises, suggesting …

Family ownership was rapidly diluted in the twentieth century in Britain. The main cause was equity issued in the … acquisitions facilitated the growth of family controlled firms in the first half of the century, they also diluted their ownership …

ownership and the stock returns of acquiring firms in corporate control transactions. At low levels of managerial ownership … acquisition premium. At sufficiently high levels of managerial ownership, managers value a reduction in the risk of their … nondiversified financial portfolio. However, managers enjoy nonassignable private benefits of control at high levels of ownership …

of the developing world introduces patent protection for new drug products. This may lead to more research on drugs to … those already offering such protection the situation offers a unique opportunity to examine the incentive role of patent … provides a baseline' against which future research activity can be compared once the new global patent regime is fully …

bodies and private firms. One little-explored empirical testing ground is the patent system. This paper examines the … administrative practices of patent offices in sixty countries over a 150-year period. I show that the usage of patent renewal fees … economies, and those where international trade is more important-incorporate discretionary features into their patent systems …