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Department of Finance, LSE
      
            Professor of Finance and Head of Department
      
      Tel
          +44 (0)20 7107 5049
              Email
          
      Finance Faculty
      
      Publications
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...
 DP 933
      
      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...
 DP 919
      
      Research highlight
Why Do Boards Exist? Governance Design in the Absence of Corporate Law
Review of Financial Studies, 36 (5),1788–1836
Competition for Flow and Short-Termism in Activism
The Review of Corporate Finance Studies, 10(1), 44–81
Activist Funds, Leverage, and Procyclicality
We develop a dual-layered agency model to study blockholder monitoring by activist funds that compete for investor flow. Competition for flow affects...
