This paper investigates the effects of going public on innovation by comparing the innovative activity of firms that went public with firms that withdrew their IPO filing and remained private. NASDAQ fluctuations during the book-building phase are used as an instrument for IPO completion. Using...

Using data on anti-takeover provisions (ATPs) and top management characteristics hand-collected from IPO prospectuses, we analyze the effect of the pre-IPO innovativeness and the top management quality of private firms on the number and strength of ATPs in IPO firm charters. We test the...

Investor confidence in financial markets depends in large part on the existence of an accurate disclosure and reporting regime that provides transparency in the beneficial ownership and control structures of publicly listed companies. Today, a common post-financial crisis regulatory reform theme...

The contractual theory of the firm predicts that companies adopt charters that maximise firm value, regardless of the default rule. We test this proposition around an exogenous switch of the default from one share-one vote to tenure voting following a law reform in France. In initial public...

Corporate governance reform has been one of the central issues in the "third arrow" of the Abe administration's economic revival program. The Japanese Stewardship Code was introduced in 2014, followed by the Corporate Governance Code in 2015. This study quantifies how the reform changed the...

The study focuses on the impact of COVID-19 on stock market in Asian region highlighting the impact on stock returns of 15 Asian stock markets while observing the relationship between confirmed COVID-19 cases and stock return. In this regard, daily closing price indices during the period of 1st...

This paper examines how private equity buyouts affect export activity among target firms around the Brexit period. Using data on UK firms for 2012-2019 and difference-in-differences estimations for matched target versus non-target firms, we assess how the unprecedented Leave vote affects...

We investigate the impact of workers' exposure to unemployment risk on CEO incentive compensation. Exploiting state-level changes in unemployment benefits as a source of variation in workers' unemployment costs, we find that after unemployment insurance benefits become more generous boards...