It has long been recognized that the quality of property rights greatly impacts the economic development of a country and the use of its natural resources. Since Long (1975), the conventional wisdom has been that ownership risk induces a firm to overuse the stock of a resource. However, the...

Using internal data of a leasing company in Germany, we examine the determinants of the probability and use of leasing by small firms. We find that small and young firms are likely to be constrained on the leasing market but use leasing to increase their debt capacity. Beyond contract- and...

Using internal data of a leasing company in Germany, we examine the determinants of the probability and use of leasing by small firms. We find that small and young firms are likely to be constrained on the leasing market but use leasing to increase their debt capacity. Beyond contract- and...

I empirically show that the time delay firms face in raising outside capital affects cash holdings. I exploit the 2005 Securities Offering Reform (the Reform) as a quasi-natural experiment. For a subset of large public US firms, the Reform relaxed the requirement to undergo the standard review...

We empirically show that the time delay for raising debt in public markets has a pronounced impact on firms' switching to private placement. We exploit the 2005 Security Offerings Reform as a quasi-natural experiment where for a subset of large U.S. firms the regulatory delay (1-1.5 month)...

We provide empirical evidence on how delay in raising outside capital affects firms' financing decisions. We exploit the 2005 Security Offerings Reform as a quasi-natural experiment where for a subset of large US firms the regulatory delay (1-1.5 months) associated with raising public debt is...

Could a new “discourse theory” of the firm provide a better way than existing corporate law principles to understand the evolving nature of the firm and the role shareholders should play in corporate governance? Two recent developments provide a special urgency for considering the question....

Leasing is one of the most important sources of external finance to corporate firms. This paper develops a dynamic model to investigate the role of uncertainty and financial constraint in understanding the leasing decisions of corporate firms. The model predicts that firms with high uncertainty...

Gaining access to technologies, competencies, and knowledge is observed as one of the major motives for corporate mergers and acquisitions. In this paper we show that a knowledge-based firm's probability of being a takeover target is influenced by whether relevant specific human capital aimed...

Transfer fees in European football have experienced a rapid increase in the past years. Simultaneously, an increasing number of domestic and recently foreign investors - who are assumed to further increase team spending in European football - have entered the football market by becoming club...