Category Archives: Uncategorized

Business Succession Planning Using a Purpose Trust

By | December 13, 2023

With nearly 2.7 million U.S. businesses owned by baby boomers,1 succession planning for these businesses has become critically important. For some owners, the next generation of the family has both the interest and the ability to continue to manage the business. For other owners, the sale of the business to a third party will be… Read More »

Are public health policies associated with corporate innovation? Evidence from U.S. nonsmoking laws 

By | December 12, 2023

Fostering a culture of innovation is paramount for the sustained growth of the global economy. Achieving innovative outcomes, however, is not easy. Prior research has extensively examined the effect of various regulations, firm characteristics, and incentive structures that are designed to increase innovation, many of which have limited effect. We add to this research by… Read More »

After the “Partner Run”: the Dewey & LeBoeuf Diaspora 

By | December 11, 2023

Law firms are distinctive creatures. The worker-owned governance structure, mandated by law’s professional responsibility rules, accidentally enables a distinctive type of business collapse known as a “partner run.” Partner runs are total liquidations, never reorganizations, and deeply feared by any law firm of scale. In my recent paper, I test whether a partner run can… Read More »

Antitakeover Regulation in China: Shortcomings and the Urgency for Reform 

By | November 30, 2023

China’s meteoric rise as a global economic powerhouse has thrown its financial market regulations into sharp focus. In particular, the country’s antitakeover laws have been the subject of intense scrutiny. My recent paper  examines these laws and the issues surrounding them, highlighting their shortcomings and underscoring the pressing need for reforms. Furthermore, it provides comprehensive… Read More »

Does Monetary Policy Shape the Path to Carbon Neutrality? 

By | November 29, 2023

Recent years have seen a growing divergence in how central banks approach climate change. For instance, while Jerome Powell, Chairman of the Federal Reserve System, underscores that the Fed doesn’t view itself as a “climate policymaker,” the Bank of England and the European Central Bank have been more proactive, advocating for an economy-wide transition to… Read More »

Call Me Maybe? Bondholder Relationships and Corporate Call Policy  

By | November 28, 2023

Corporate bonds are a significant source of funding for US firms. In fact, between 2000 and 2022, US firms issued almost six times more in non-convertible bonds than they did in equity. A common feature in these bonds allows issuers to repurchase them before their due date at a set price – this is known… Read More »

Cross-Border Investments in Private Firms: The Benefits of Comparability for Foreign Investors 

By | November 27, 2023

The harmonization of reporting standards has come a long way since the mandatory adoption of International Financial Reporting Standards (IFRS) for public firms in the European Union (EU) and other countries in 2005. In our recent paper, we focus on private firms and examine whether an increase in accounting comparability of local financial reporting practices… Read More »

Balancing Act: Regulators’ Dilemma in Climate-Related Disclosures 

By | November 2, 2023

Climate change is undeniably a significant and looming threat, impacting both the global environment and  the stability of our economies and financial sector. There is an immediate and pressing need to comprehensively assess and effectively manage this multifaceted risk. Recently, we’ve seen a proactive response from regulatory bodies and standard-setting organizations worldwide, as they’ve taken… Read More »

Climate change, tax avoidance, and shareholder value: Evidence from the Paris Agreement 

By | October 31, 2023

Climate change is undeniably one of the most pressing challenges of our era. The scientific consensus regarding the urgency of addressing climate change has spurred international efforts to combat its effects. Central to this endeavor is the Paris Agreement, a historic international climate accord signed by 196 countries in 2015. This agreement aims to mitigate… Read More »

Uncle Sam’s Stimulus and Crypto Boom 

By | October 26, 2023

On July 9, 2020, a criminal complaint was filed against Joshua Thomas Argires, a Houston business owner, for submitting materially false loan applications to obtain and misuse funds from the Paycheck Protection Program (PPP).  Around May 2020, Mr. Argires opened an account in the name of Texas Barbecue at Coinbase and began trading crypto, ultimately… Read More »