Blog posts

2020

How Merger Control Impedes an Efficient Market for Corporate Control

3 minute read

Published at: Oxford Business Law Blog

Recent deliberations among antitrust enforcers about the pros and cons of breaking up BigTech have put the effectiveness of competition policy center stage. In our recent article in the Journal of Corporate Finance, we shed novel light on some unintended consequences of competition policy. Specifically, the article shows that, while attempting to prevent anti-competitive business combinations, an unintended and harmful byproduct of European merger control is that it impedes an efficient market for corporate control. Read more

Do Institutional Investors Prevent The Market For Tokenized Assets From Failing?

3 minute read

Published at: Duke Law School FinReg Blog

Given the absence of an institutional framework for the ICO market that could effectively mitigate the moral hazard in signaling, we ask, in a recent Journal of Corporate Finance publication, whether the ICO market is able to efficiently cope with this problem on its own. Specifically, we study whether institutional investors, such as Venture Capital (VC) funds, can extract economic rents associated with market-wide services such as rigorous due diligence and certification of high-quality start-ups. Read more

How do CEO emotions impact firm value?

3 minute read

Published at: Strategic Management Society (SMS) Blog

Why are CEOs coached for many hours in preparation for important public announcements, such as their presentations at annual meetings? The extensive preparation is because CEOs know that shareholders, the media, and other stakeholders will pay close attention not only to what they present but to how they present. How CEOs are perceived when they confer information may provide important clues as to how CEOs interpret the information themselves. Read more

2019