Theories of delegated monitoring predict that when public disclosure is costly, monitoring by a large investor leads management to supply more private information to that investor, and less public disclosure to other similarly aligned investors who free-ride off the monitor. We test this...

We analyze the relationship between board-level codetermination and shareholder value. We use a unique dataset of listed German companies that enables us to identify heterogeneous aspects of codetermination and overcome otherwise common identification issues. We find that codetermination reduces...

This article shows that corporate social responsibility (CSR) is positively related to firm value, given firms have shareholders who reveal a corresponding preference for social or environmental performance, as proxied by their quantifiable investment habits. I suspect that this corresponds to...

We explore the importance of cash for shaping rivalry outside the product domain by studying its implications for firms defending against patent litigation by rivals. War chests of cash can make firms more formidable targets, reducing rivals' expected gains from litigation. However, cash...

This research examines the relation between shareholder litigation and corporate social responsibility (CSR). Exploiting exogenous changes in shareholder litigation rights following the staggered adoption of universal demand laws by U.S. states and the Ninth Circuit Court of Appeals' ruling on...

Despite differences of opinion regarding what to include as a “top risk” today, many executives agree that 2021 and beyond will likely be a period of uncommonly broad-based risks. Given the breadth of potential exposures, an alternative way to strategically approach both the challenges and...

Although empirical studies show that common shareholding affects corporate conduct and that common horizontal shareholding lessens competition, critics have argued that the law should not take any action until we have clearer proof on the causal mechanisms. I show that we actually have ample...

This study examines the contribution of fundamental financial information to shareholders value in Egypt stock exchange. The sample consists of the thirty one non financial firms included in the stock market index CASE50. The results indicate that certain financial fundamentals are quite...

We reexamine the negative relation between firm value and the number of antitakeover provisions a firm has in place. We document that firms with characteristics indicating low power to bargain for favorable terms in a takeover, but also indicating high potential agency costs, have more...

This study examines the importance of the self-selection problem when evaluating returns to bidder firms around announcement events. Takeover announcements are not random because managers decide rationally whether to bid or not, this indicates announcements are timed; consequently, in the presence...