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Bris, Arturo; Welch, Ivo; Zhu, Ning - School of Management, Yale University - 2005

Our paper explores a comprehensive sample of small and large corporate bankruptcies in Arizona and New York from 1995-2001. We find that bankruptcy costs are very heterogeneous and sensitive to measurement method. Still, Chapter 7 liquidations appear no faster or cheaper (in terms of direct...

Persistent link: https://www.econbiz.de/10008854021

Buyouts in Large Companies

Hermalin, Benjamin E.; Schwartz, Alan - School of Management, Yale University - 1998

We consider legal rules that determine the price at which minority shareholders can be excluded from the corporate enterprise after a change in control. These rules affect investment after such a change as well as the probability of the change itself. Our principal results are that minority...

Persistent link: https://www.econbiz.de/10005586960

Corporate Law and Corporate Governance

Romano, Roberta - School of Management, Yale University - 1998

-management shareholders; and the choice of law governing shareholder-manager relations, referred to in the literature as state competition for …

Persistent link: https://www.econbiz.de/10005587029

Priority Contracts and Priority in Bankruptcy

Schwartz, Alan - School of Management, Yale University - 1997

Parties to lending agreements can create priority rankings in two ways: by securing a lender or by protecting the lender's debt with financial covenants. Protected debt turns into high priority debt because the early lender will permit covenant violations only if a later lender agrees to...

Persistent link: https://www.econbiz.de/10005587076

Event Studies and the Law: Part II - Empirical Studies of Corporate Law

Romano, Roberta; Bhagat, Sanjai - School of Management, Yale University - 2001

This paper is the second part of a review of the event study methodology, which has proved to be one of the most successful uses of econometrics in policy analysis. In this part we focus on the methodology's application to corporate law and corporate governance issues. Event studies have played...

Persistent link: https://www.econbiz.de/10005587157

Privacy in E-Commerce: Development of Reporting Standards, Disclosure and Assurance Services in an Unregulated Market

Sunder, Shyam NMI; Jamal, Karim; Maier, Michael S. - School of Management, Yale University - 2002

Government regulation of financial reporting by publicly listed firms, coupled with a punitive regime for violation of Generally Accepted Accounting Principles (GAAP) has been in place in the United States for seven decades. Whether this regime is effective or useful is an open question,...

Persistent link: https://www.econbiz.de/10005587165

Section 365, Mandatory Bankruptcy Rules and Inefficient Continuance

Che, Yeon-Koo; Schwartz, Alan - School of Management, Yale University - 1998

Section 365 of the Bankruptcy Code prohibits enforcement of the once common "ipso facto" clause." The clause excuses the solvent party from performance of the contract when the other party becomes insolvent. We show that the ability of insolvent firms to continue bad projects is enhanced by the...

Persistent link: https://www.econbiz.de/10005147075

The States as a Laboratory: Legal Innovation and State Competition for Corporate Charters

Romano, Roberta - School of Management, Yale University - 2005

Corporate law is an arena in which the metaphor of the states as a laboratory describes actual practice, and, for the most part, this is a laboratory that has worked reasonably well. The goal of this paper is to map out over time the diffusion of corporate law reforms across the states. The...

Persistent link: https://www.econbiz.de/10008853014

The Sarbanes-Oxley Act and the Making of Quack Corporate Governance

Romano, Roberta - School of Management, Yale University - 2004

This paper provides an evaluation of the substantive corporate governance mandates of the Sarbanes-Oxley Act of 2002 that is informed by the relevant empirical accounting and finance literature and the political dynamics that produced the mandates. The empirical literature provides a metric for...

Persistent link: https://www.econbiz.de/10008853020

Is Regulatory Competition a Problem or Irrelevant for Corporate Governance?

Romano, Roberta - School of Management, Yale University - 2005

This article provides an analysis of why regulatory competition in corporate law has operated, for the most part … state competition. The article begins by setting out the context in which regulatory competition has been most recently … the problematic features of that legislative response underscore the benefits of regulatory competition. It then evaluates …

Persistent link: https://www.econbiz.de/10008853021