Tag Archives: Corporate Governance

Communicating Corporate Culture in Labor Markets  

By | December 6, 2022

Finding the right talent for a position is not easy. These days, enticing a good candidate goes far beyond the typical promise of career advancement and a competitive salary. Now, particularly in the aftermath of the COVID-19 pandemic and major movements like Black Lives Matter and the Great Resignation, job seekers are increasingly looking at… Read More »

Forecasting the How and Why of Corporate Crime’s Demise 

By | December 2, 2022

How would our world function if corporate criminal liability ceased to exist? This was the provocative question posed to the participants in the Journal of Corporation Law’s recently published symposium issue on corporate crime. Several of my colleagues argue for or against corporate crime’s end or survey the aftermath of such an implosion. My contribution… Read More »

The Corporate Design of Investments in Startups: A European Experience 

By | December 1, 2022

In our new paper, we conducted extensive empirical research on more than 5,000 corporate charters of new Italian companies. We aimed to test whether the law reforms of 2012-2017, mainly addressed at the LLC/GmbH-type, were successful in making Italian corporate law more amicable towards startups and venture capital contracting techniques. Our article is part of… Read More »

Sovereign Wealth Fund Investment in Venture Capital, Private Equity, and Real Asset Funds

By | November 30, 2022

In a new paper, we show with a large sample of international data that sovereign wealth funds (SWFs) earn lower returns and are slower to fully liquidate their positions relative to other types of institutional investors. The data comprise 538 SWF investments in venture capital, private equity, and real asset funds from 52 countries from… Read More »

Toxic Emissions and Corporate Green Innovation 

By | November 29, 2022

One negative consequences of industrialization has been the generation and release of toxic chemicals, which have detrimental effects on the environment, climate, and public health. As the world grapples with environmental and climate change challenges, these byproducts are becoming an important issue drawing the attention of investors, scholars, and governments. For instance, toxic emissions are… Read More »

The Value of Privacy and the Choice of Limited Partners by Venture Capitalists

By | November 23, 2022

Venture capital (VC) firms are notoriously secretive. In a recent paper, we examined the causes and consequences of that preference for secrecy using late-2002 court rulings that forced some of the largest public limited partners (LPs) who invest in VC funds to disclose formerly confidential return information. We show that in response to these rulings,… Read More »

Corporate Social Responsibility in the Digital Era

By | October 25, 2022

Many of today’s most popular firms are selling products that exhibit network effects; that is, the value created by the product increases with the number of users adopting it. Examples include social media platforms (e.g., Twitter and LinkedIn), information technology providers (e.g., Apple and Huawei), and video game companies. Firms selling these network products can… Read More »

Finance without Law: The Case of China  

By | September 29, 2022

Can there be a highly developed financial market without the legal protection of investors and creditors? The law and finance literature is built on the premise that legal protection is essential to the development of a financial market. In the 17th century, for example, the English monarch was able to borrow money whereas his French… Read More »

Does Sensationalism Affect Executive Compensation? Evidence from Pay Ratio Disclosure Reform

By | September 28, 2022

A rise in chief executive officer (CEO) compensation in recent decades has attracted intense criticism from the media and public, with a frequent focus on excessive levels of executive compensation relative to rank-and-file employees. In response to such criticism, Congress passed Section 953(b) of the Dodd–Frank Act (hereafter, the pay ratio disclosure mandate) on July… Read More »

The Pollution Premium

By | September 22, 2022

While industrial pollution is widespread in the modern world and affects everyone’s life, whether it influences the returns on stock investors is an important yet underexplored issue. In our recent paper, we attempt to examine why and how industrial pollution affects expected stock returns using both modeling and empirical approaches. Polluting firms may save costs… Read More »