Shadow Banks on the Rise: Evidence Across Market Segments
This paper uses credit bureau data on 648 million retail loans in India to examine the comparative advantages of shadow banks across market segments...
The Structure of Leveraged Buyouts and the Free-Rider Problem
We study the structure of public firm buyouts in a model that features both the Berle-Means problem (lack of incentives) and the Grossman-Hart problem...
Research highlight
Dynamic Coordination and Bankruptcy Regulations
The Review of Financial Studies, 39 (4), 1116 - 1176
Polarization, Purpose and Profit
We present a model in which firms compete for workers who value nonpecuniary job attributes, such as purpose, sustainability, political stances, or...
The surprising leadership effect accelerators have on startup employees
Entrepreneurship training programs across the world aim at boosting the success of startups. But even when startups fail, these programs bring...
When Private Firms Provide Public Goods: The Allocation of CSR Spending
This paper studies how firms allocate their Corporate Social Responsibility (CSR) expenditures to inform the welfare effects of corporate...
Corporate Social Responsibility Committee: International Evidence
We provide worldwide large-sample evidence of a recent innovation in corporate governance: the voluntary creation of a separate board committee to...
Managerial Response to Shareholder Empowerment: Evidence from Majority-Voting Legislation Changes
Journal of Financial and Quantitative Analysis, 60 (5), 2500 - 2525
Is the market about to sort?
The anti-ESG backlash could have an unexpected upside for European index fund managers.
Coordinated Engagements
We study coordinated engagements by a prominent international network of long-term shareholders cooperating to influence firms on environmental and...
Sustainable Investing in Practice: Objectives, Constraints, and Limits to Impact
We survey 509 equity portfolio managers from both traditional and sustainable funds on whether, why, and how they incorporate firms’ environmental and...
The Evolution of the Market for Corporate Control
In a canonical takeover model we let informed large shareholders choose between making a bid and initiating a sale to another acquirer. Such takeover...
