Since the global financial crisis, alternative finance — which includes financial instruments and distributive channels that emerge outside of the traditional financial system – has thrived in the U.S., the U.K. and Continental Europe. In particular, online alternative finance, from...

We examine the effect of board interlocks on patenting and R&D spending for publicly traded companies in India. We exploit a corporate governance reform to address the endogeneity of board interlocks through exogenous changes mandated by the reform requiring a subset of firms to adjust their...

We document how firms participating in corporate transactions, classified in four types of corporate events (seasoned equity offerings, stock and cash-financed mergers, and share repurchases) within waves differ in predictable patterns from firms that engage in event activity outside waves....

We show that the characteristics of serial acquirers are very different from those studied in prior research. Specifically, we find four major types of acquirers common in the data – loners, occasional acquirers, sprinters, and marathoners. Importantly, these acquirers can be distinguished on...

Serial acquirers conduct the vast majority of acquisitions in the U.S. Serial acquirers appear to strategically shift between methods of payment based on changes in their own characteristics, using overvalued stock in stock-financed acquisitions during short windows of opportunity. Acquirer...

Dual-class share unifications have typically been argued to be beneficial for voting shareholders. In the unification, voting shareholders are usually compensated for the loss of their superior voting privilege. However, no covenants exist that make this compensation mandatory for voting...

Using a unique hand-collected sample of crowdfunding volume obtained by surveying over 2,200 crowdfunding platforms worldwide, I show that the introduction of explicit legal regulation appears to significantly increase crowdfunding volume. The effect appears to be at least partly causal....

Using comprehensive bank-loan contract information, we show that the power of a firm relative to its suppliers eases its terms of bank financing, specifically through lower loan prices and less restrictive non-price contract terms. Our results are robust to controlling for product-market...

In this paper, we examine the impact of NASD Rule 2711, NYSE Rule 472, and the Global Research Settlement on the recommendation performance of independent, affiliated, and unaffiliated analysts. We find that analysts from all three types of institutions issued fewer strong buys following these...

We examine the ex ante ability of investors to identify superior mutual fund managers among the investor set likely most able, and with the greatest incentive to do so, their rivals. Identifying actual copycat funds via comparisons of trading in consecutive periods, we find little evidence to...