Firms operating in innovative, technology-based environments account for an increasingly significant portion of all recent dual-class IPOs. Shedding new light on the determinants of dual-class structure among such firms, this article contributes to the long-standing debate over the desirability...

Labor unions played an historic role creating the occupational pension system in the private and public sectors in the post-World War II era. That system, which was dominated by defined benefit pension plans, is in decline. The transition to a new system is economically and socially painful, and...

We examine the stock returns implications of the corporate defined benefit pension plans in R&D portfolio specifications. Pensions are one of the most significant off-balance-sheet items and liabilities arising from pensions are extensive. In our sample, firms with pension plans are 38% more...