We examine how waiving managers’ duty of loyalty affects the discharge of their duty of care in view of firms’ acquisition decisions. Exploiting the staggered introduction of Corporate Opportunity Waivers (COWs) that allow boards to waive their managers’ duty of loyalty, in a...

We revisit the research question centering around the impact of the market for corporate control on stock price crash risk. Using a newly-developed takeover index from Cain, McKeon, and Solomon (2017) that comprehensively considers existing state takeover laws, federal statutes, and state court...

Despite an emerging literature on the advancement of regulatory technology (RegTech), this paper unveils one of its unintended consequences in the market of corporate control: crowding in uniformed investors and crowding out managerial learning. Exploiting the staggered implementation of the...

We revisit the research question centering around the impact of the market for corporate control on stock price crash risk. Using a newly-developed takeover index from Cain, McKeon, and Solomon (2017) that comprehensively considers existing state takeover laws, federal statutes, and state court...

The Belt and Road Initiative was introduced by President Xi in an attempt to further economic connections with partner countries and foster development within China. We examine the effect of the Initiative on Chinese cross-border M&As. We find that the Initiative significantly increases the...