Using securities lawsuits related to M&A as an industry shock, we examine whether litigation risk acts as an external governance mechanism by disciplining managers' investment decisions. In the two years following an M&A lawsuit (a lawsuit where plaintiffs allege that the firm hid poor...

Over thirty years, privatization of public enterprises was in the air. Before and during this period of neo-liberalism, and since the 2008 crisis, public enterprises were nonetheless created: they did what they were set up for and they frequently managed to get interesting results, as much on...