Evidence suggests that asset pledgeability, debt complexity, and valuable control rights of dispersed debt influence distress resolution. We model how courts' imperfect verifiability of assets and valuable control of misaligned creditors shape firms' debt structure and create coordination...

As climate change increasingly challenges business models, the disclosure of firm environmental performance casts growing attention by corporate stakeholders. This creates wider opportunities and incentives for greenwash behaviours. We propose a novel measure of greenwashing and investigate its...

Part A – Accounting and Financial Reporting -- Chapter 1: Introduction to Accounting for Inter-Corporate Investments -- Chapter 2: Main Issues in Purchase Accounting -- Chapter 3: More Issues in Purchase Accounting -- Chapter 4: Spin-Offs and Equity Carve-Outs -- Chapter 5: Special Purpose...

Executive ownership addresses agency problems by aligning the financial goals of management and shareholders. We explore whether executive ownership fosters a non-financial sustainability footprint as well. We find that executive ownership is negatively associated with US firms’ environmental...

This paper provides evidence of the effect of age at school entry on college admission and earnings. It does so by exploiting a number of features in the application process to one of the major flagship universities in Brazil. By comparing applicants with different ages at school entry depending...

Can the risk of losses upon premature liquidation produce bank runs? We show how a unique run equilibrium driven by asset liquidity risk arises even under minimal fundamental risk. To study the role of illiquidity we introduce realistic norms on bank default, such that mandatory stay is...