Boards of Banks
Bank board directors are highly independent but possess limited prior banking experience. Using a sample of banks from 90 countries between 2000 and...
Behind the Corporate Veil: How Business Groups Arbitrage ESG Disclosure Mandates
We examine how ESG disclosure mandates introduced in the headquarters countries of business groups affect the ESG performance of both parent companies...
The Tragedy of Complexity
Complexity can create value. At the same time, understanding more complex goods requires more of an agent’s attention. We show that equilibrium...
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...
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...
Private Companies: The Missing Link on The Path to Net Zero
A global consensus is growing on the contribution that corporations and finance must make towards the net-zero transition in line with the Paris...
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...
