Image
Department of Finance, LSE
Professor of Finance
Tel
+44 (0)20 7107 5049
Email
Finance Faculty
Publications
Why Do Boards Exist? Governance Design in the Absence of Corporate Law
Review of Financial Studies, 36 (5),1788–1836
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...
Signalling to Dispersed Shareholders and Corporate Control
The Review of Economic Studies, 82 (3), 922–962.
Performance Pay, CEO Dismissal, and the Dual Role of Takeovers
Review of Finance, 19 (4), 1383–1414.
Activist Funds, Leverage, and Procyclicality
We provide a theoretical framework to study blockholder activism by funds who compete for investor flow. In our model, activists are intrinsically...
DP 733
Smart Buyers
In many bilateral transactions, the seller fears being underpaid because its outside option is better known to the buyer. We rationalize a variety of...
DP 696