The increasing adoption of dual-class shares (DCS)—an ownership structure that gives corporate insiders greater voting power than other shareholders—among newly listed companies has raised significant governance concerns. We investigate the decision to adopt the DCS structure and its value...

The herbicide market is growing rapidly, as weed control is a significant challenge in agriculture. Many studies have reported the toxicity of herbicides to non-target organisms. Dinitramine is a dinitroaniline herbicide that is particularly toxic to aquatic organisms; furthermore, dinitramine...

This study examines the effect of CEO-connected directors on firm value. Empirical analyses are conducted on US firms between 1999 and 2016 using a local supply of directors as an instrumental variable. CEO-connected directors contribute to the firm by resolving information asymmetry. I find...

We study the impact of succession tournaments on risk-taking in family firms. More sons (less daughters) in controlling families are associated with higher income volatility and lower performance – especially, in opaque private firms with pyramidal ownership structure. Contestants exhibit...

This is the online appendix for 'Family Feud: Succession Tournaments and Risk-taking in Family Firms' available at http://ssrn.com/abstract=2703571.We identify succession as a novel determinant of risk-taking in family firms. We find significantly higher risk-taking (M&A and cash flow...