In several recent cases, the Delaware Chancery Court has emphasized that where a conflict of interest exists between holders of a company's common stock and holders of its preferred stock, the standard of conduct for directors requires that they strive to maximize the value of the corporation...

There is a dearth of British tech-companies listing on the London Stock Exchange (LSE), and the LSE lacks a large, innovative tech-company such as Google. The UK-Government, concerned as to the loss of UK tech-companies to foreign acquirors, views the encouragement of UK tech-firm listings as a...

This paper examines the impact of takeover law enforcement on corporate acquisitions. We use the European Takeover Directive as a natural experiment, which harmonizes takeover law across countries, while leaving its enforcement to the discretion of individual countries. We exploit this...

We examine the capital market consequences of a regulatory intervention aimed at generalizing tenure voting in French public companies. The 2014 Florange Act departs from the ‘one share one vote' principle by automatically granting double voting rights (DVR) to shares held for at least two...

The debate over whether dual class of shares increases or decreases share value, should be prohibited or not, should be subjected to mandatory sunset provisions, and so on has been heating up over the last few years. This paper reviews the pros and cons of dual class of shares in light of more...

Based on a unique arrangement of trading and disclosure times around earnings announcements in the Chinese stock market, we provide evidence of a striking overnight-intraday disparity in terms of the reaction to earnings news. Specifically, we find that the overnight period exhibits a strong and...

This paper is the first long-run historical analysis of stock market development and minority shareholder protection in France (1852-2007). For this purpose, we constructed a unique time series of shareholder protection indices (anti-director rights and securities law) and relied on triangulated...

Prior research finds that when investors receive credible bad news about a firm, they revise their valuations of that firm downward. We examine a setting where investors receive bad news about a firm and revise their valuations of that firm upward. Specifically, we find that when activist...