In 2003, a new law required that 40 percent of Norwegian firms' directors be women ndash; at the time only nine percent of directors were women. We use the pre-quota cross-sectional variation in female board representation to instrument for exogenous changes to corporate boards following the...

In contrast to the widely held belief that targets capture the lion's share of merger gains, I document considerable variation in the division of dollar gains in mergers and find that the gains to targets are only modestly more than the gains to acquirers. I present empirical evidence in support...

The anomalies literature suggests that pricing is biased systematically for securities grouped by certain characteristics. If these characteristics are related to selection in an event study sample, imprecise predictions of an event study method may produce erroneous results. This paper performs...

This paper applies the qminus;theory of investment to corporate acquisitions to explain target choice and acquirer returns. The theory predicts that larger acquirers optimally choose larger targets, but of smaller relative size. Dollar gains increase, but percentage returns decrease as acquirers...

Though common stocks are one of the most important assets in an economy, little is known about their demand curves. I estimate demand curves for 144 NYSE stocks using a unique data set of all orders, including off-equilibrium orders, during three months in 1990 and 1991. Connecting asset pricing...

The anomalies literature suggests that pricing is biased systematically for securities grouped by certain characteristics. If these characteristics are related to selection in an event study sample, imprecise predictions of an event study method may produce erroneous results. This paper performs...

In contrast to the widely held belief that targets capture the lion's share of merger gains, I show that the average dollar gains to targets are only modestly more than the dollar gains to acquirers. To help explain the variation in merger outcomes, I present empirical evidence in support of a...